Mintel: '2010 UK bike market value is £698m'

Global consumer, product and market research firm delivers its verdict on the current state of the UK cycle industry
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Market research giant Mintel has provided BikeBiz with its latest valuation of the UK bike market - placing the 2010 value at £698 million.

The total was part of its latest report on the bicycle market (click here for more).

The valuation is likely to be a subject of controversy, and the research firm conceded that the UK cycle market is tough to value:

"Measuring the UK bicycles market is surprisingly difficult due to a number of factors. Imports fluctuate according to retailer stock levels, and volume sales are difficult to grow due to the lifespan of the typical bicycle and the prevalence of second-hand bikes in the marketplace.

"Taking these trends into account, Mintel has used Coliped’s market estimates and trade feedback to estimate 2010 values at £698 million – eight per cent growth since 2008 – and unit sales at 3.6 million, on a par with 2008 figures and a slight decline on 2009."

The firm also drew attention to the positive effect C2W has had on the industry – an area that has had future doubts cast upon it after HMRC changed the rules of the scheme: "The Cycle to Work scheme has been a huge incentive for consumers to start cycling, and furthermore encourage consumers to spend up to a third more on their purchase. Retail finance schemes have proved valuable in keeping the wheels of commerce turning during the recessionary period.

The report ended with a largely positive forecast for the cycle industry: 'The Cycle to Work scheme has been a huge incentive for consumers to start cycling, and furthermore encourage consumers to spend up to a third more on their purchase. Retail finance schemes have proved valuable in keeping the wheels of commerce turning during the recessionary period."

For more click here.

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