Sales of bikes in the UK forecast to top £1 billion by 2023

Bike sales could top £1 billion by 2023, according to predictions.

While 32% of people surveyed in February said they already cycle to some extent, a further 32% said they would consider doing so in future, Mintel found.

Six in 10 (59%) of these potential cyclists are women, and 55% are aged under 45, the survey of 2,000 people found.

Around 2.5 million bicycles were sold in the UK in 2019, at a value of £940 million, Mintel said.

It said that following an initial boost to bike sales as a result of the coronavirus lockdown, this is likely to drop off.

This year, people are expected to spend around £842 million on bikes, Mintel said.

But it forecasts that by 2023, the value of sales will top £1 billion as pent-up consumer demand is released.

John Worthington, senior analyst at Mintel, said: “The fact that at the beginning of the year a third of adults who didn’t currently cycle said they would consider doing so in the future suggests there is huge potential to increase cycle participation rates.

“Once spending recovers from the impact of the recession, the long-term market potential is strong.

“Cycling is uniquely placed to benefit from growing health, wellness and environmental trends – all of which may be boosted by the Covid-19 crisis – and a broader urban mobility revolution which includes e-bikes and e-scooters.”

A little less challenging for tired legs, Mintel estimates around 100,000 e-bikes were sold in the UK in 2019, up from about 73,000 in 2018.

Mr Worthington said: “The e-bike market has been growing rapidly over the past two years and consumer interest is high.

“While interest today is strong, e-bike sales could take longer to recover from the impact of the looming recession than standard bikes as they’re significantly more expensive.”