We’ll all be again shopping for bikes for commuting and recreation in 2024, in accordance with a the newest survery from Mintel, with e-bikes taking centre stage
UK riders will spend almost £1 billion on new bikes in 2024, with e-bikes accounting for almost a fifth of all purchases, and an enormous uptick in ladies driving too. That’s in accordance with the newest research from analysis model Mintel, which predicts there’ll be greater than 2.1 million bikes offered this yr, 12% up over 2023 and reversing the post-pandemic decline.
That might imply we’ll see extra of the finest electrical mountain bikes on the paths in 2024, with demand growing for devoted ladies’s manufacturers like Liv and Juliana.
That’s an enormous about-face for an trade at present struggling after the Covid bike growth. It’s no secret that the worldwide bike trade goes by way of what Shimano describes as a “Frozen winter” of decline. Simply this yr we’ve seen Orange enter administration, whereas in 2023 Chain Response Cycles and many extra succumbed to the identical destiny, coming into authorized limbo to protect themselves from collectors.
In the meantime nearly each model, from Specialised to Big, Trek to Santa Cruz, Shimano to SRAM, has seen gross sales fall, and slashed bike costs in an effort to clear inventory. The Mintel evaluation tallies with this, UK bike gross sales falling by 11% to 1.9 million bikes final yr, down 42% from the file excessive of 2020 the place 3.3 million have been offered.
Frozen winter’s over?
The massive query then, is winter over? Sure, in accordance with the Mintel survey, which requested some 2,000 web customers about their projected bike spending this yr. Practically a fifth (19%) of those that plan to purchase one thing for themselves within the subsequent 12 months will select an e-bike.
And it’s the event of e-bikes that’s driving demand, in accordance with the newest Bicycle in United Kingdom Market Overview 2023-2027, which sees e-bike gross sales rising at a quicker tempo than common bikes, pushed by advances in battery expertise.
There’s extra occurring too than simply cool new e-bikes, in accordance with analysts Mobility Foresights, which sees individuals more and more look to eebs to cut back their carbon footprint, and for leisure functions too.
Maybe the perfect information from the Mintel survey is the curiosity from ladies in biking, with 34% of ladies aged 45-64 fascinated about taking on the game. Slim that down additional, and it’s the youthful technology reporting the curiosity in bikes too, with 40% of ladies beneath 45 planning to get driving.
Are we about to enter a brand new daybreak of mountain biking, with elevated participation, extra ladies and youthful riders coming into the game? There’s definitely a sense contained in the bike trade that that is the case, with a number of manufacturers and distributors anticipating costs to return to regular and demand returning too in 2024 (get these offers when you can!).
So within the phrases of Winston Churchill, “this isn’t the tip. It isn’t even the start of the tip. However it’s, maybe, the tip of the start.”