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30 Jan 2024

New data from market research firm Mintel suggests the UK bicycle market could on the road to recovery, with sales of new bikes set to reach almost £1 billion this year.
Mintel...

25 Jan 2024

With more than 500 cycle businesses having now signed up to its campaign for change to the Cycle to Work scheme, a delegation from the Association of Cycle Traders has met with All Party...

24 Jan 2024

The Office for Product Safety and Standards (OPSS) is taking enforcement action and warning consumers about a brand of e-bike battery – UPP – that has been linked to a number of...

16 Jan 2024

Walton Street Cycles, one of Oxford’s oldest bike shops, has been trading in the city since 1975.
 

16 Jan 2024

ACT Gold Member ICE Trikes has announced a new partnership announcement with British Cycling’s Limitless disability and para-cycling programme. This partnership will help to support the...

15 Jan 2024

An interesting article has appeared in Forbes reflecting many of the issues that ACT members will be experiencing – the challenges and opportunities that are currently...

15 Jan 2024

The Guardian has reported that ministers decided to prioritise driving over active travel because of worries about “15-minute cities”.

15 Jan 2024

Go Outdoors, which operates 75 stores across the UK, has announced an apprenticeship scheme involving Cytech training with the aim of addressing what it terms a nationwide shortage of...

3 Jan 2024

gogeta, the new tax-free cycling platform that offers a better deal for retailers and bigger savings for customers, has published further details of its new Flexi Voucher, an industry first...

3 Jan 2024

Bike for Good, the Glasgow-based cycling charity and social enterprise, which delivers Cytech training in Scotland, has announced a Young Bike Mechanic Programme designed to create opportunities...

Recovery incoming? UK bike sales expected to reach £1 billion in 2024.

Posted on in Business News , Cycles News

New data from market research firm Mintel suggests the UK bicycle market could on the road to recovery, with sales of new bikes set to reach almost £1 billion this year.
Mintel forecasts new bicycle sales will climb 12% in 2024, with Britons set to buy 2.1 million bikes.

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Last year, bike sales fell by 11% to an estimated 1.9 million, down 42% from a record high in 2020 of 3.3 million, according to Mintel.

However, 2024 looks set to be more prosperous for the UK bike industry, particularly thanks to the rising popularity of electric bikes.

The cost-of-living crisis has had varying impacts on the cycling industry.

Mintel’s leisure research category director Paul Davies says: “Rising living costs have severely impacted demand for new bikes and ebikes, which had already been suffering due to COVID-19 related supply-side issues.”

Despite the decrease in sales, Mintel says the increased cost of living has also spurred an uptake in cycling. Mintel says 34% of Britons are cycling more than they did a year ago to reduce spending on fuel or public transport.

Mintel says it is only now inflation has begun to ease and there have been signs of wage growth that recovery in demand for new bikes is under way.

Mintel previously revealed electric bike sales accounted for 23% of bicycle sales in the UK in 2020.

Based on a survey of 2,000 people, Mintel predicts electric bikes will be the most popular type of bike cyclists plan to buy in 2024, even if they account for a slightly smaller proportion of the market.
“Nearly a fifth (19%) of those who plan to purchase a bicycle for themselves in the next 12 months plan to buy an ebike,” Mintel says.

Mintel has also found 49% of current and potential cyclists agree they are more likely to buy a second-hand bike than a year ago.

Mintel says the increase in cycling during the Covid-19 pandemic has “done nothing to narrow the long-standing gender imbalance in participation” in cycling, with 41% of men currently cycling compared to 22% of women.

However, there is now notable interest in cycling among women aged 16 to 64 years old. Interest peaks at just over 40% among women under 45 but is also high among 45 to 64 years old at 34%, according to Mintel.

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