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Pedal Power - US - February 2009

This report explores the bicycle market in the U.S. It provides insight into the external and internal factors affecting bike sales, consumption and ridership trends, and what they mean for future sales, promotional campaigns and industry innovations. Specific questions that are answered in this report include, but are not limited to, the following:

  • What effects do rising gasoline costs and the economic downturn have on the overall market?
  • How can bike companies use the “green” movement to increase sales and ridership rates?
  • What segments of the bicycle market are stagnating, and what can be done to increase activity?
  • What companies are innovating their segments, and how can others learn from their success?
  • How can bike manufacturers partner with municipalities and other industries to boost bike awareness and sales?
  • How are the increases in raw material, shipping and labor costs contributing to future growth?
  • How can bike manufacturers take advantage of the economic downturn to appeal to consumers seeking budget-conscious entertainment and fitness options?
  • What media are industry leaders using to deliver effective marketing campaigns, and what actions need to be taken to improve visibility?

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Table of contents

  1. Scope and Themes

    • What you need to know
      • Definition
        • Data sources
          • Sales data
            • Consumer survey data
              • Abbreviations and terms
                • Abbreviations
                • Executive Summary

                  • Domestic bicycling market impacted by rising prices, higher costs
                    • Mountain bikes represent nearly a third of total unit bike sales
                      • Innovation driving certain segments, lacking in others
                        • Hybrid bikes connecting with commuting trends
                          • Sporting goods stores dominate bicycles, parts, and accessories
                            • Dependence on imports, rising labor costs driving up prices
                              • Consolidation impacts manufacturer, retail sectors
                                • Mass-market retailers heat up competition, bank on bicycling growth
                                  • Bicycle ownership
                                    • Brand preference
                                      • Bicycle usage
                                        • Bicycling habits
                                        • Insights and Opportunities

                                          • Promote environmentally friendly benefits of bicycling
                                            • Destination music festivals create chance to target multiple generations
                                              • Bike sharing can be positioned to address urban congestion, cost
                                              • Inspire Insights

                                                  • Trend 1: Authenticity
                                                    • The renewed search for authenticity of meaning in our lives
                                                      • Participating in the world increasingly means interacting digitally
                                                        • Bicycles put consumers into the world, not observing it virtually
                                                          • Trend 2: Handled With Care
                                                            • Feel-Anthropy: The return of the philanthropic feelgood factor
                                                              • Bicycling: Not just good for you, it’s good for everyone
                                                              • Market Size and Forecast

                                                                • Key points
                                                                  • Total sales and forecast of U.S. bicycle market
                                                                    • Figure 1: U.S. sales of bicycles, at current prices, 2003-13
                                                                    • Figure 2: Total U.S. sales of bicycles, at inflation-adjusted prices, 2003-13
                                                                  • Total U.S. sales and forecast of bicycles, parts, and accessories
                                                                    • Figure 3: U.S. sales of bicycles, parts and accessories, at current prices, 2003-13
                                                                    • Figure 4: U.S. sales of bicycles, parts and accessories, at inflation-adjusted prices, 2003-13
                                                                  • Total unit sales of U.S. bicycle market
                                                                    • Figure 5: Total bicycle units sold and average price per unit, 2003-08
                                                                • Competitive Context

                                                                  • Bike co-ops, sharing programs may negatively impact new bike purchases
                                                                    • Two-wheel scooter sales experience explosive growth
                                                                      • Hyundai promises one-year refund guarantee on new car purchases
                                                                      • Segment Performance

                                                                        • Key points
                                                                          • Hybrid, comfort and cruiser bikes increasing market share
                                                                            • Mountain, road bikes suffer declines of differing magnitudes
                                                                              • Multiple bike segments on target to grow in future
                                                                                • Figure 6: U.S. unit sales of bicycles through specialty retailers, by segment, 2005 and 2007
                                                                                • Figure 7: Average price of bicyles sold at specialty retailers in 2004
                                                                            • Segment Performance—Mountain

                                                                              • Key points
                                                                                • Market growth flat but relatively stable
                                                                                  • Mountain bikes losing traction to hybrid, cruiser sectors
                                                                                    • Retailer expansion into other bike sectors undercuts mountain popularity
                                                                                      • Unit sales of mountain bikes
                                                                                        • Figure 8: U.S. unit sales of mountain bikes through specialty retailers, 2005-07
                                                                                    • Segment Performance—Hybrid

                                                                                      • Key points
                                                                                        • Popularity continues to soar
                                                                                          • Hybrid bikes benefit from cheaper costs, general utility functions
                                                                                            • Bright prospects for future growth
                                                                                              • Figure 9: U.S. unit sales of hybrid bikes through specialty retailers, 2005-07
                                                                                          • Segment Performance—Youth

                                                                                            • Key points
                                                                                              • Youth bikes facing serious competition from other bike sectors
                                                                                                • Dangerous obesity levels, loss of playtime hampers youth biking
                                                                                                  • Segment stabilization may prove precarious
                                                                                                    • Figure 10: U.S. unit sales of youth bikes through specialty retailers, 2005-07
                                                                                                • Segment Performance—Comfort

                                                                                                  • Key points
                                                                                                    • Ease, luxury put comfort bikes in sight of older and casual riders
                                                                                                      • Comfort bikes set to weather recession
                                                                                                        • Figure 11: U.S. unit sales of comfort bikes through specialty retailers, 2005-07
                                                                                                    • Segment Performance—Road

                                                                                                      • Key points
                                                                                                        • Comfort, hybrid styles and economic downturn thwart road bike growth
                                                                                                          • Road bikes particularly susceptible to rising material costs
                                                                                                            • Reliance on traditional images, sponsored races limits expansion
                                                                                                              • Figure 12: U.S. estimated unit sales of road bikes through specialty retailers, 2005-07
                                                                                                          • Segment Performance—Cruiser

                                                                                                            • Key points
                                                                                                              • Cruiser bikes tap overlooked consumer base: style-conscious urbanites
                                                                                                                • Hip appeal, nostalgia, pragmatism position cruisers for expansive growth
                                                                                                                  • Cross-branding, alternate retailers drive sales
                                                                                                                    • Figure 13: U.S. unit sales of cruiser bikes through specialty retailers, 2005-07
                                                                                                                • Segment Performance—Other

                                                                                                                  • Key points
                                                                                                                    • High costs, competition keep “other” bikes as a niche field—for now
                                                                                                                      • Sales of electric, folding bikes predicted to surge in immediate future
                                                                                                                        • New innovations provide additional push
                                                                                                                          • Figure 14: U.S. unit sales of other bikes through specialty retailers, 2005-07
                                                                                                                      • Retail Channels

                                                                                                                        • Key points
                                                                                                                          • Sales in all bicycle retail sectors to collectively decline by 3.5%
                                                                                                                            • Sporting goods stores dominate, retain leadership position
                                                                                                                              • Mass merchants selling more bikes, but discounts undercut revenue
                                                                                                                                • Figure 15: U.S. sales of bicycles, parts, and accessories, by retail channel, 2006 and 2008
                                                                                                                            • Retail Channels—Sporting Goods Stores

                                                                                                                              • Key points
                                                                                                                                • Sporting goods stores control majority of market sales
                                                                                                                                  • Sporting goods stores sell the most expensive bikes on the market
                                                                                                                                    • Decline in locations offset by expanded volume, variety of brands
                                                                                                                                      • Figure 16: Number of U.S. specialty bicycle retail locations, 2000-07
                                                                                                                                    • Leading sporting goods store chains offer improved bike selection
                                                                                                                                        • Figure 17: U.S. sporting goods stores’ sales of bicycles, parts, and accessories, at current and inflation-adjusted 2008 prices, 2003-08
                                                                                                                                    • Retail Channels—Supercenters, Discount Dept. Stores, and Warehouse Clubs

                                                                                                                                      • Key points
                                                                                                                                        • Mass-market retailers sell most bikes but trail in overall revenue
                                                                                                                                          • Mass merchants investing resources to expand electric bicycles
                                                                                                                                            • Mass-market stores selling moderate, upscale bikes
                                                                                                                                              • “The Big Four” retailers control channel
                                                                                                                                                • Wal-Mart
                                                                                                                                                  • Kmart
                                                                                                                                                    • Target
                                                                                                                                                      • Toys “R” Us
                                                                                                                                                        • Mass merchants’ sales of bicycles, parts, and accessories
                                                                                                                                                          • Figure 18: U.S. mass merchants’ sales of bicycles, parts, and accessories’ at current and inflation-adjusted prices, 2003-08
                                                                                                                                                      • Retail Channels—Other

                                                                                                                                                        • Key points
                                                                                                                                                          • Other retailers sell niche bicycles, limited by seasonal sales
                                                                                                                                                            • Hardware stores cater to repairs but face new competition
                                                                                                                                                              • Other store sales of bicycles, parts, and accessories
                                                                                                                                                                • Figure 19: U.S. other sales of bicycles, parts, and accessories, at current and inflation-adjusted 2008 prices, 2003-08
                                                                                                                                                            • Market Drivers

                                                                                                                                                              • Decreases in driving habits prompt consumers to embrace alternatives
                                                                                                                                                                • What it means
                                                                                                                                                                  • Gas hikes spur consumer embrace of bike repair, transportation bikes
                                                                                                                                                                      • Figure 20: Average gas price at U.S. sellers, by month, 2006-08 *
                                                                                                                                                                    • Rising supply, production and labor costs driving up bike prices
                                                                                                                                                                      • Excess inventory, early next year model introductions keep prices high
                                                                                                                                                                        • Municipal efforts, federal legislation providing incentives to bike to work
                                                                                                                                                                          • Bike lanes pop up across country
                                                                                                                                                                            • Competitive cycling clubs, races, participation increasing in popularity
                                                                                                                                                                              • Recession threatens corporate sponsorships of competitive cycling
                                                                                                                                                                              • Leading Companies

                                                                                                                                                                                • Key points
                                                                                                                                                                                  • Consolidation bolstering industry leaders
                                                                                                                                                                                    • Dorel Industries shaking up the market
                                                                                                                                                                                      • Huffy struggling to revamp brands
                                                                                                                                                                                        • Three quarters of volume sales controlled by 10 market leaders
                                                                                                                                                                                          • Giant Bicycle Inc.
                                                                                                                                                                                            • Trek Bicycle Corporation
                                                                                                                                                                                              • Specialized Bicycle Components, Inc.
                                                                                                                                                                                                • Schwinn Bicycle Company
                                                                                                                                                                                                  • Raleigh America, Inc.
                                                                                                                                                                                                    • Cannondale Bicycle Corp.
                                                                                                                                                                                                      • Fuji Bikes
                                                                                                                                                                                                        • U.S. bike sales by brand, through specialty retailers
                                                                                                                                                                                                          • Figure 21: Estimated unit volume of bicycles sold, by brand, specialty retail only, 2007 *
                                                                                                                                                                                                      • Brand Qualities

                                                                                                                                                                                                        • Trek Madone capitalizes on Lance Armstrong, revolutionizes technology
                                                                                                                                                                                                          • What did Trek do to ensure the success of the Madone?
                                                                                                                                                                                                            • Electra targets non-traditional riders using whimsical design, cultural cool
                                                                                                                                                                                                            • Innovation and Innovators

                                                                                                                                                                                                              • Boutique manufacturers drive sales through local production, workmanship
                                                                                                                                                                                                                • Bike demo programs create brand awareness, expand dealer roles
                                                                                                                                                                                                                  • Trek introduces belt drives to replace chains
                                                                                                                                                                                                                    • Orbea creates mystique with concept store
                                                                                                                                                                                                                      • Bike companies offer innovative financing programs, rebates to spur sales
                                                                                                                                                                                                                      • Advertising and Promotion

                                                                                                                                                                                                                        • Overview
                                                                                                                                                                                                                          • Print magazines where bicycling companies advertise
                                                                                                                                                                                                                            • Advocacy groups stress good health, community, nostalgia
                                                                                                                                                                                                                              • Wellness, conservation replacing athleticism, competition
                                                                                                                                                                                                                                • Online targets non-cyclists by appealing to ease, comfort, fun
                                                                                                                                                                                                                                  • Women emerging as target of online campaigns
                                                                                                                                                                                                                                    • Positive pop culture portrayals outside bike market drive awareness
                                                                                                                                                                                                                                      • Television spots remain regional, driven by store sales, not products
                                                                                                                                                                                                                                        • Figure 22: Penn Cycle & Fitness Spring ad, 2008
                                                                                                                                                                                                                                        • Figure 23: Penn Cycle & Fitness Anniversary ad, 2008
                                                                                                                                                                                                                                      • Portland retailer creates message-oriented TV spots to spur conversation and sales
                                                                                                                                                                                                                                      • Bicycle Ownership—Model

                                                                                                                                                                                                                                        • Key points
                                                                                                                                                                                                                                          • Mountain bikes preferred most by male and female respondents
                                                                                                                                                                                                                                            • Figure 24: Bicycle ownership—type, by gender, November/December 2008
                                                                                                                                                                                                                                          • Bike ownership rates fall in accordance with aging, creating opportunities
                                                                                                                                                                                                                                              • Figure 25: Bicycle ownership—type, by age, November/December 2008
                                                                                                                                                                                                                                            • Southern respondents behind curve in bike ownership
                                                                                                                                                                                                                                                • Figure 26: Bicycle ownership—type, by region, November/December 2008
                                                                                                                                                                                                                                            • Bicycle Ownership—Make

                                                                                                                                                                                                                                              • Key points
                                                                                                                                                                                                                                                • Schwinn, Huffy most popular brands, women leading interest
                                                                                                                                                                                                                                                    • Figure 27: Bicycle ownership—make, by gender, November/December 2008
                                                                                                                                                                                                                                                  • Older riders favor nostalgic brands
                                                                                                                                                                                                                                                      • Figure 28: Bicycle ownership—make, by age, November/December 2008
                                                                                                                                                                                                                                                    • Personal income levels largely independent of make preference
                                                                                                                                                                                                                                                        • Figure 29: Bicycle ownership—make, by household income, November/December 2008
                                                                                                                                                                                                                                                    • Bicycle Usage—Reason for Riding

                                                                                                                                                                                                                                                      • Key points
                                                                                                                                                                                                                                                        • Leisure, fitness are preferred riding activities of males and females
                                                                                                                                                                                                                                                          • Manufacturers need to work harder to attract women
                                                                                                                                                                                                                                                            • Figure 30: Bicycle usage—reason for riding, by gender, November/December 2008
                                                                                                                                                                                                                                                          • Sports biking, commuting primarily the domains of younger riders
                                                                                                                                                                                                                                                              • Figure 31: Bicycle usage—reason for riding, by age, November/December 2008
                                                                                                                                                                                                                                                            • People with higher incomes more prone to use bike for exercise
                                                                                                                                                                                                                                                                • Figure 32: Bicycle usage, by household income, November/December 2008
                                                                                                                                                                                                                                                              • Most riders use their bikes approximately once per week
                                                                                                                                                                                                                                                                  • Figure 33: Frequency of using bicycle, by gender, November/December 2008
                                                                                                                                                                                                                                                                • Discrepancies between occasional, frequent riders transcend age groups
                                                                                                                                                                                                                                                                    • Figure 34: Frequency of using bicycle, by age, November/December 2008
                                                                                                                                                                                                                                                                • Bicycle Purchasing

                                                                                                                                                                                                                                                                  • Key points
                                                                                                                                                                                                                                                                    • Mass merchandiser sales of bikes popular among both genders
                                                                                                                                                                                                                                                                      • Bike purchasing locations loosely tied to gender
                                                                                                                                                                                                                                                                        • Figure 35: Where bicycle was bought, by gender, November/December 2008
                                                                                                                                                                                                                                                                      • Older consumers visiting more specialty bike dealers, other retailers
                                                                                                                                                                                                                                                                        • Hip outdoor retailers begin to capture younger consumer
                                                                                                                                                                                                                                                                          • Figure 36: Where bicycle was bought, by age, November/December 2008
                                                                                                                                                                                                                                                                        • High earners more likely to buy at specialty dealers, sporting goods stores
                                                                                                                                                                                                                                                                          • Lower earners avoid specialty dealers, sporting goods stores
                                                                                                                                                                                                                                                                            • Figure 37: Where bicycle was bought, by household income, November/December 2008
                                                                                                                                                                                                                                                                        • Bicycle Spend

                                                                                                                                                                                                                                                                          • Key points
                                                                                                                                                                                                                                                                            • Nearly half of respondents spent $80-299 on bike purchases
                                                                                                                                                                                                                                                                              • Both genders reluctant to cross $999 mark
                                                                                                                                                                                                                                                                                • Figure 38: Spend on latest bicycle bought for self, by gender, November/December 2008
                                                                                                                                                                                                                                                                              • Pricier bikes the prerogative of $100K+ wage earners
                                                                                                                                                                                                                                                                                • Bike manufacturers would be wise to diversify product offerings
                                                                                                                                                                                                                                                                                  • Figure 39: Spend on latest bicycle bought for self, by household income, November/December 2008
                                                                                                                                                                                                                                                                              • Bicycle Accessories

                                                                                                                                                                                                                                                                                • Key points
                                                                                                                                                                                                                                                                                  • Locks, helmets, pumps drive bike accessory market
                                                                                                                                                                                                                                                                                    • Figure 40: Bicycle accessories purchased, by gender, November/December 2008
                                                                                                                                                                                                                                                                                  • Respondents aged 35-44 purchase highest rates of safety gear
                                                                                                                                                                                                                                                                                    • Figure 41: Bicycle accessories purchased, by age, November/December 2008
                                                                                                                                                                                                                                                                                • Bicycle Enthusiasm

                                                                                                                                                                                                                                                                                  • Key points
                                                                                                                                                                                                                                                                                    • Fitness, health benefits spur cycling, weather prevents it
                                                                                                                                                                                                                                                                                        • Figure 42: Attitudes towards bicycling, by gender, November/December 2008
                                                                                                                                                                                                                                                                                      • Most bike-less households once owned a bike
                                                                                                                                                                                                                                                                                        • Figure 43: Status of households without a bicycle, November/December 2008
                                                                                                                                                                                                                                                                                    • Race and Hispanic Origin

                                                                                                                                                                                                                                                                                      • Key points
                                                                                                                                                                                                                                                                                        • Asians most likely to own a bike and embrace various models
                                                                                                                                                                                                                                                                                            • Figure 44: Bicycle ownership—type, by race/Hispanic origin, November/December 2008
                                                                                                                                                                                                                                                                                          • Whites, blacks most prefer mainstream brands Huffy and Schwinn
                                                                                                                                                                                                                                                                                              • Figure 45: Bicycle ownership—make, by race/Hispanic origin, November/December 2008
                                                                                                                                                                                                                                                                                            • Asians most likely ethnicity to deviate from leisure, fitness riding
                                                                                                                                                                                                                                                                                                • Figure 46: Bicycle usage, by race/Hispanic origin, November/December 2008
                                                                                                                                                                                                                                                                                              • Riding frequency scattered among races, ethnicities
                                                                                                                                                                                                                                                                                                  • Figure 47: Frequency of using bicycle, by region, November/December 2008
                                                                                                                                                                                                                                                                                                • Asian, Hispanic respondents most likely to spend more on bikes
                                                                                                                                                                                                                                                                                                  • Better information, explanations may be needed to grow higher-priced bike segments
                                                                                                                                                                                                                                                                                                      • Figure 48: Spend on latest bicycle bought for self, by race/Hispanic origin, November/December 2008
                                                                                                                                                                                                                                                                                                    • Minority cyclists responding to environmental, energy issues
                                                                                                                                                                                                                                                                                                      • Figure 49: Attitudes towards bicycling, by race/Hispanic origin, November/December 2008
                                                                                                                                                                                                                                                                                                  • Cluster Analysis

                                                                                                                                                                                                                                                                                                      • Leisure Riders
                                                                                                                                                                                                                                                                                                        • Who they are
                                                                                                                                                                                                                                                                                                          • Opportunity
                                                                                                                                                                                                                                                                                                            • Streeters
                                                                                                                                                                                                                                                                                                              • Who they are
                                                                                                                                                                                                                                                                                                                • Opportunity
                                                                                                                                                                                                                                                                                                                  • Racers
                                                                                                                                                                                                                                                                                                                    • Who they are
                                                                                                                                                                                                                                                                                                                      • Opportunity
                                                                                                                                                                                                                                                                                                                        • Cluster characteristics
                                                                                                                                                                                                                                                                                                                          • Figure 50: Pedal power clusters, November 2008
                                                                                                                                                                                                                                                                                                                          • Figure 51: Bicycle ownership—type, by pedal power clusters, November 2008
                                                                                                                                                                                                                                                                                                                          • Figure 52: Bicycle usage, by pedal power clusters, November 2008
                                                                                                                                                                                                                                                                                                                          • Figure 53: Frequency of using bicycle, by pedal power clusters, November 2008
                                                                                                                                                                                                                                                                                                                          • Figure 54: Where bicycle was bought, by pedal power clusters, November 2008
                                                                                                                                                                                                                                                                                                                          • Figure 55: Spend on latest bicycle bought for self, by pedal power clusters, November 2008
                                                                                                                                                                                                                                                                                                                          • Figure 56: Bicycle accessories purchased, by pedal power clusters, November 2008
                                                                                                                                                                                                                                                                                                                          • Figure 57: Attitudes towards bicycling, by pedal power clusters, November 2008
                                                                                                                                                                                                                                                                                                                        • Cluster demographics
                                                                                                                                                                                                                                                                                                                          • Figure 58: Pedal power clusters, by gender, November 2008
                                                                                                                                                                                                                                                                                                                          • Figure 59: Pedal power clusters, by age, November 2008
                                                                                                                                                                                                                                                                                                                          • Figure 60: Pedal power clusters, by household income, November 2008
                                                                                                                                                                                                                                                                                                                          • Figure 61: Pedal power clusters, by race, November 2008
                                                                                                                                                                                                                                                                                                                          • Figure 62: Pedal power clusters, by Hispanic origin, November 2008
                                                                                                                                                                                                                                                                                                                        • Cluster methodology
                                                                                                                                                                                                                                                                                                                        • Appendix—Other Useful Consumer Tables

                                                                                                                                                                                                                                                                                                                          • Bicycle ownership—Model
                                                                                                                                                                                                                                                                                                                            • Figure 63: Bicycle ownership, by household income, November/December 2008
                                                                                                                                                                                                                                                                                                                          • Bicycle ownership—Make
                                                                                                                                                                                                                                                                                                                            • Figure 64: Bicycle ownership—make, by region, November/December 2008
                                                                                                                                                                                                                                                                                                                          • Bicycle frequency
                                                                                                                                                                                                                                                                                                                            • Figure 65: Frequency of using bicycle, by household income, November/December 2008
                                                                                                                                                                                                                                                                                                                            • Figure 66: Frequency of using bicycle, by region, November/December 2008
                                                                                                                                                                                                                                                                                                                          • Bicycle purchasing
                                                                                                                                                                                                                                                                                                                            • Figure 67: Where bicycle was bought, by race/Hispanic origin, November/December 2008
                                                                                                                                                                                                                                                                                                                          • Bicycle spend
                                                                                                                                                                                                                                                                                                                            • Figure 68: Spend on latest bicycle bought for self, by age, November/December 2008
                                                                                                                                                                                                                                                                                                                          • Bicycle enthusiasm
                                                                                                                                                                                                                                                                                                                            • Figure 69: Attitudes towards bicycling, by age, November/December 2008
                                                                                                                                                                                                                                                                                                                          • Household ownership
                                                                                                                                                                                                                                                                                                                            • Figure 70: Status of households without a bicycle, by age, November/December 2008
                                                                                                                                                                                                                                                                                                                          • Bike accessories
                                                                                                                                                                                                                                                                                                                            • Figure 71: Bicycle accessories purchased, by household income, November/December 2008
                                                                                                                                                                                                                                                                                                                        • Appendix—Trade Associations

                                                                                                                                                                                                                                                                                                                          Companies Covered

                                                                                                                                                                                                                                                                                                                          • British Broadcasting Corporation (BBC)
                                                                                                                                                                                                                                                                                                                          • Cannondale Bicycle Corporation
                                                                                                                                                                                                                                                                                                                          • Co-operative Group
                                                                                                                                                                                                                                                                                                                          • Dorel Industries Inc.
                                                                                                                                                                                                                                                                                                                          • Ferrari S.p.A.
                                                                                                                                                                                                                                                                                                                          • Greenfield Online
                                                                                                                                                                                                                                                                                                                          • Huffy Corporation
                                                                                                                                                                                                                                                                                                                          • Hyundai Motor America
                                                                                                                                                                                                                                                                                                                          • K2
                                                                                                                                                                                                                                                                                                                          • MasterCard Incorporated
                                                                                                                                                                                                                                                                                                                          • National Sporting Goods Association
                                                                                                                                                                                                                                                                                                                          • Piaggio SpA
                                                                                                                                                                                                                                                                                                                          • Raleigh UK Ltd
                                                                                                                                                                                                                                                                                                                          • Schwinn Bicycle Company
                                                                                                                                                                                                                                                                                                                          • Sporting Goods Manufacturers Association (SGMA)
                                                                                                                                                                                                                                                                                                                          • Target Corporation
                                                                                                                                                                                                                                                                                                                          • The Sports Authority Inc
                                                                                                                                                                                                                                                                                                                          • Trek Bicycle Corporation
                                                                                                                                                                                                                                                                                                                          • Turner Broadcasting System, Inc.
                                                                                                                                                                                                                                                                                                                          • U.S. Bureau of Labor Statistics
                                                                                                                                                                                                                                                                                                                          • U.S. Department of Transportation
                                                                                                                                                                                                                                                                                                                          • Volkswagen of America, Inc.
                                                                                                                                                                                                                                                                                                                          • Walmart Stores (USA)

                                                                                                                                                                                                                                                                                                                          Pedal Power - US - February 2009

                                                                                                                                                                                                                                                                                                                          £3,277.28 (Excl.Tax)