As part of its yearly financial results, Halfords has estimated that the cycling market in the UK is now worth approximately £350 million.
The retail chain added that value and volume of the cycle market had been ‘materially flat’ for the first years of the decade, but Government initiatives and range development have helped to drive the market. Halfords also pointed to Halford's sponsored Team GBs cycling triumphs at the Beijing Olympics and to its Boardman range as major contributors to the growth of the market.
Halfords said that it sees its family leisure category is its strongest in cycling, particularly with its core own brands Apollo and Carrera.
The firm targeted the children's and premium, specialist markets during the course of 2008 - both areas the firm said its share is "significantly lower than the company average".
Licensed childrens's ranges, using brands such as Bob the Builder, Thomas the Tank Engine and Bratz were used to bolster the firm's share of the market, and the Apollo brand: "The only children's cycle range designed to comply fully with the stringent European Cycle Safety Standards."
Halfords saw gains in the premium sector with the Boardman range, cycles from the likes of Pashley and Van Nicholas, accessories from Rock Shok and clothing ranges from Gore, according to the firm.
Halfords' Bike Care Plan, providing customers with labour free repairs for a year, saw sales increase by 80 per cent over the year.