UK Cycling Market Report 2022
£ 2,195 (Excl.Tax)
Description
The UK Cycling industry report identifies consumer attitudes towards cycling participation, bicycle ownership, and retail channels in the UK. This market report covers the bicycle market size, market forecast, bicycle market segmentation and other statistics for the Cycling industry in the UK.
The Bicycle Market Size, Share and Trends
The pandemic has provided a lasting boost to the cycling industry, and consumer demand remains relatively strong.
- Bicycle market growth: 21% of adults cycle at least once a week, a rise of 7 percentage points since January 2019.
- Bicycle market value: Bike sales value dipped only slightly in 2021, totaling an estimated £1.25 billion.
- Bicycle market share: 2020 saw UK e-bike volumes surge by an estimated 70%, reaching around 170,000 units.
Supply chain problems have been the major challenge for the bike industry over the past 12 months, although the severity of these problems should gradually begin to ease during 2022 and beyond. The mounting cost-of-living crisis, exacerbated by the Russian invasion of Ukraine in February 2022, could dampen demand for bicycles and e-bikes over the coming months. The customer base for adult cycling is relatively affluent compared to the population as a whole, which should help to partly mitigate the impact. Kids’ bike sales amongst families on tighter budgets are likely to be the most heavily affected.
Future Market Trends: The Cycling Market
There is significant future potential for an increase in cycling activity supported by the rising public investment in safe-cycling infrastructure. Supply-side problems will remain a possible threat to meeting any future rise in consumer demand, as the cycling industry is heavily reliant on imports.
E-bike ownership has doubled in the past two years, and consumer purchase intentions point to a further doubling in the short to medium term. E-bikes are not yet challenging standard mechanical bikes as the primary purchase choice for cyclists in Britain as they are in other countries. However, there is significant growth potential in the bike market for this high-value category.
‘Sporting Enthusiasts’ were the main driver of cycling market growth prior to the COVID-19 outbreak. They are the most likely group to spend on premium bikes, accessories and clothing and will be key for the post-pandemic bicycle apparel and accessories market growth. Â
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Quickly Understand
- Trends in cycling participation and sales of bikes and e-bikes.
- Bicycle ownership trends and future purchase intentions.
- Main players in the cycling market and retail channels used by cycling consumers.
- Identifying ‘cycling tribes’ (interest in types of cycling in future), and incentives to cycle more.
- Wider macroeconomic, government and social developments impacting on the cycling market.
Covered in this Report
Brands: Halfords, Trek UK, Evans Cycles, Specialized UK, Brompton Bicycle, Raleigh, ZyroFisher, Giant UK, Sigma Sports, WiggleCRC, Amazon, JD Sports, Decathlon, Rutland Cycling, Ribble Cycles, Upgrade Bikes, Insync Bikes, Tandem Group Cycles, Frog Bikes, Islabikes, Pure Electric, The Electric Bike Shop, Fully Charged, Saddleback, H Young Group, Swytch Bukes, Zwift, VanMoof, Focus Bikes, Bike Club, Mate Bike, Garmin Europe, Cyrusher, Vitus Bicycle, Super73, Shimano, Zipp Speed Weaponry, Orro Bikes, Continental Tyre & Rubber Group, Pirelli, Hunt Bike Wheels, Fulcrum Wheels, Leon Cycle, Haibike, Cannondale Bicycle Corporation, Muc-Off.
Expert Analysis from a Specialist in the Field
This report, written by John Worthington, a leading analyst in the Retail sector, delivers in-depth commentary and analysis to highlight current trends and add expert context to the numbers.
Rising petrol prices, and the possibility of a protracted oil crisis as a result of the conflict in Ukraine, could help to ‘nudge’ more people from car travel towards cycling. The impact of these events, along with UK net-zero carbon targets, is likely to strengthen the long-term case for energy security and investment in green transport infrastructure – including bikes and e-bikes.
John Worthington
Senior Analyst
Table of Contents
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Overview
- Key issues covered in this Report
- COVID-19: market context
- Economic and other assumptions
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Executive Summary
- The five-year outlook for cycling
- Figure 1: Category outlook for cycling, 2022-27
- The market
- 2021 was a more challenging year after the heady boom of 2020
- Supply problems have put a major spoke in the wheel
- E-bikes now account for over a quarter of all consumer spending on bikes
- Total cycling market value remains over £2 billion despite volume falls for bikes and other products
- By 2026 total bike/e-bike volumes are forecast to return to 2020 ‘COVID boom’ levels…
- …and total bike/e-bike value is forecast to reach £2.2 billion
- Rising oil prices could be a catalyst for switching from cars to bikes and e-bikes
- Figure 2: Market forecast for UK bicycle volume sales*, 2016-26
- Figure 3: Market forecast for UK bicycle value sales*, 2016-26
- Companies and brands
- Halfords remains the leader in a fragmented market
- Figure 4: Selected leading companies in the UK cycling market, by latest and previous reported revenues, March 2022
- The COVID boom revived local bike shops, but D2C offers a growing challenge
- Cycling tech brands are the leading ad spenders
- The rise of bike subscription models
- The consumer
- Cycling participation has reached its highest level in five years
- Figure 5: Regular participation in cycling (weekly or more often), 2017-21
- British female Olympians have revived interest in BMX
- Cargo kids
- E-bike ownership has doubled over the past two years
- Figure 6: Bicycle ownership, 2020-21
- ‘Specialist’ retailers are still preferred over ‘generalists’
- Figure 7: Cycling retailers used to buy a bicycle, and parts, clothing and accessories, 2021
- Bike purchase intentions remain high
- Figure 8: Future bicycle purchase intentions, 2021
- E-bike ownership is on course to double again
- Figure 9: Intentions to purchase bicycle types, 2021
- Four cycling tribes
- ‘Casual Recreational Riders’ offer the biggest new growth potential
- Figure 10: Interest in types/purposes of cycling, 2021
- Safe cycle lanes and traffic-free streets are the biggest incentives to cycle more in future
- Figure 11: Incentives to start cycling/cycle more in future, 2021
- The five-year outlook for cycling
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Issues and Insights
- Leisure cycling offers the largest post-COVID opportunity…
- …but new work/life patterns will create possibilities for non-leisure cycling
- The cost-of-living crisis could trigger an increase in riding to work
- Hybrid workers can be encouraged to ‘give cycle-commuting a go’ two or three days a week
- The ‘fake cycle-commute’
- Greater homeworking can also encourage local bike usage for other purposes
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Market Size and Performance
- Bike/e-bike sales are estimated to be £400 million higher than before COVID-19
- Volume sales were heavily impacted by supply problems in 2021
- Average prices increased by over 20% for the second year in a row
- Figure 12: Trends in UK bicycle sales*, by volume and value, 2016-21
- E-bikes now account for a quarter of all spending on bikes
- PACs and services also affected by supply issues
- Total cycling market is worth over £2 million
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Market Forecast
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- Figure 13: Category outlook for cycling, 2022-27
- Total bike/e-bike volumes are forecast to return to 2020 ‘COVID boom’ levels by 2026
- Figure 14: Market forecast for UK bicycle volume sales*, 2016-26
- Bike/e-bike market value is forecast to exceed £2 billion by 2026
- Figure 15: Market forecast for UK bicycle value sales*, 2016-26
- Key growth dynamics
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- Figure 16: Key drivers affecting Mintel’s market forecast, 2017-26
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-
Market Drivers
- Leisure cycling levels rose 19% during May 2020-May 2021…
- …but cycle-commuting fell 14% due to increased working from home
- Mintel’s data suggests overall cycling participation remains ahead of the pre-pandemic period
- Figure 17: Adult participation (aged 16+) in leisure/sporting activity in England, May 2016/17-May 2020/21
- Surge in kids’ cycling in 2020 was not maintained in 2021…
- …but rekindling an interest in family cycling remains vital for the future
- Figure 18: Children’s participation (aged 5-16) in cycling in England, autumn term 2018-summer term 2021*
- Active travel investment will be key to growth
- New ‘Ofsted for cycling’
- Highway code changes can help shift attitudes towards road use
- E-scooter legalisation is expected but concerns need to be addressed
- Cost-of-living crisis deepens
- Figure 19: UK CPI 12-month inflation rate, 2021-22
- Households are already feeling the pinch
- Figure 20: Impact of price rises/shortages, 2021-22
- Conflict in Ukraine has added further economic uncertainty
- Figure 21: UK average unleaded 95 Octane petrol price, 2020-22
- Implications of the cost-of-living crisis for cycling sales
- A spike in oil prices could strengthen the case of cycling
- An increased focus on wellness is positive for cycling
- Figure 22: Change in priorities during COVID-19, 2021
- Cycling for mind and body
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Cycling Brands
- Halfords
- Other leading suppliers and retailers
- Trek, Specialized and Giant
- Raleigh and Brompton
- Evans Cycles
- WiggleCRC
- Other suppliers and retailers
- Specialist e-mobility stores
- Figure 23: Selected leading companies in the UK cycling market, by latest and previous reported revenues, March 2022
- Independent bike shops
- Generalist retailers
- Cycling brands’ advertising spend
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- Figure 24: UK above-the-line advertising spend by selected brands in the cycling market, 2019-21
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Launch Activity and Innovation
- Bike subscription services offer new ownership models
- Bike Club
- Brompton
- Cowboy Care
- Other retail trends
- D2C has been given a further boost by Specialized’s move
- Augmented sales
- Cycle-cafés
- Smart security
- Cargo bikes are a growing trend
- Challenge travel trips
-
Cycling Participation
- COVID legacy continues as Mintel’s cycling tracker reaches a five-year high
- Figure 25: Participation in cycling, 2017- 21
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- Figure 26: Regular participation in cycling (weekly or more often), 2017-21
- Cycling’s gender imbalance remains intact…
- Figure 27: Participation in cycling, by gender, 2019- 21
- …but ‘new cycling potentials’ have a strong female bias
-
- Figure 28: Gender and age profile of current and ‘new potential’ cyclists, 2021
- ABs and £50K+ households are significantly represented amongst cycling customers
- Figure 29: Socio-economic profile of ‘regular cyclists’ (once a week or more), versus total GB adult population, 2021
- City dwellers and dads are also more likely to cycle
- COVID legacy continues as Mintel’s cycling tracker reaches a five-year high
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Bicycle Ownership
- MTBs remain the most popular bike
- Team GB’s BMX success can encourage younger female engagement
- Hitting the gravel
- Cargo bikes are a growing category
- E-bike ownership has jumped 5 percentage points
- Figure 30: Bicycle ownership, 2020-21
- Multiple bike ownership has risen
- Figure 31: Number of types of bicycle owned, 2021
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Cycling Retailers
- Cyclists are more likely to shop at specialists than general retailers
- COVID boom has revived many local bike shops
- Figure 32: Cycling retailers used to buy a bicycle, and parts, clothing and accessories, 2021
- Over half of cyclists were affected by supply chain problems in 2021
- Figure 33: Experience of cycling product supply problems, 2021
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Bicycle Purchase Intentions
- Four in 10 current cyclists intend to buy a bike in the next 12 months
- Figure 34: Future bicycle purchase intentions, 2021
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- Figure 35: Bicycle purchase intentions in the next 12 months, by cycling groups, 2021
- Almost half of parents plan to buy a bike for their kids in the next 12 months
- Figure 36: Future children’s bicycle purchase intentions, 2021
- MTBs continue to be the most popular choice
- Figure 37: Intentions to purchase bicycle types, 2021
- 12% of ‘next bike purchases’ could be e-bikes
- Figure 38: Intentions to purchase bicycle types, by timescale, 2021
- Over-45s are likely to drive future e-bike growth
- Four in 10 current cyclists intend to buy a bike in the next 12 months
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Interest in Cycling in Future
- Casual Recreational Riders
- Sporting Enthusiasts
- Holiday Cyclists
- Functional Cyclists
- Changing work patterns will have an impact on cycle-commuting
- The fake cycle-commute
- Greater homeworking can also encourage cycle-shopping and other local ‘trips for a purpose’
- Figure 39: Interest in types/purposes of cycling, 2021
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- Figure 40: Interest in types/purposes of cycling, by gender, 2021
- Figure 41: Interest in types/purposes of cycling, by age, 2021
- Recreational/family cycling offers the biggest potential to enlarge the customer base
- Figure 42: Interest in types/purposes of cycling, current riders versus ‘new potentials’, 2021
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Future Cycling Incentives
- Cycle lanes and traffic-free areas are the biggest incentives to cycle more
- Local group rides offer opportunities for bike shops
- Better storage space is an incentive – especially in London
- Three in 10 of those interested in cycling-commuting see better work facilities as an incentive
- 15% of cyclists want better access to bike/e-bike rental schemes
- Family cyclists are the most interested in bike maintenance classes
- Figure 43: Incentives to start cycling/cycle more in future, 2021
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- Figure 44: Incentives to start cycling/cycle more in future, by age, 2021
- Cycle lanes are seen as especially important by those outside cities
- Figure 45: Those selecting ‘Cycle lanes separated from the road’ as a leading incentive, by area, 2021
- One in four current cyclists are interested in local group rides
- Figure 46: Incentives to start cycling/cycle more in future, current riders versus ‘new potentials’, 2021
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Appendix – Data Sources, Abbreviations and Supporting Information
- Abbreviations
- Consumer research methodology
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Appendix – Forecast Methodology
- Market forecast and prediction intervals
- Figure 47: Lower bound, central and upper bound volume forecast for UK bicycle volume sales*, 2021-26
- Figure 48: Lower bound, central and upper bound value forecast for UK bicycle value sales*, 2021-26
- Market drivers and assumptions
- Forecast methodology
- Market forecast and prediction intervals
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