UK market hits ‘lowest level in 20 years’

Sales data collected from UK e-bike and bicycle retailers show that the market has taken a huge drop in 2022. With e-bike sales plateauing and regular bike sales dropping 22%, the country’s Bicycle Association is calling for action as the market hits a 20-year low.

The Bicycle Association’s Market Data Service covers 70% of total UK bike market sales by turnover. The sales data is polled, anonymously, direct from participating retailers with a compatible till system (Abacus, Ascend, Citrus Lime, Cybertill and Seanic). This data has been compiled in the association’s annual report, Riding out the Storm.

“The market faces a turbulent and challenging year ahead,” says John Worthington, report author and Bicycle Association’s Head of Insights. Once overall supply and demand return to a better equilibrium, and the economic environment improves, longer-term prospects for the cycling market are positive. But for the next 12 months the industry will need to weather a difficult storm.”

E-bike market growth stunted

And the storm in the UK bike market is clearly evident. Bike sales have reached their lowest level in two decades, according to the BA data. The traditional bike sales volume has fallen 22% to an estimated 1.88 million units in 2022. This is 27% below pre-COVID levels in 2019. Also the kids bike market has dropped 28% to below pre-Covid levels with an estimated sales total of 700,000 units.

The UK has lagged behind mature e-bike markets like Netherlands and Germany where market shares are reaching 50% of the sales volume. Although e-bike sales have risen sharply since Covid, the sale volume has plateaued since 2020. According to data from Market Intelligence and Research Agency, Mintel, e-bike sales dropped to 155,000 units in 2022 from 160,000 in 2021. Cross referenced with Bicycle Association data that would give e-bikes a market share of just 7.6% in the UK. In 2020, the market share was around 5%.

Sales value takes sharp downturn

Following five consecutive years of growth, e-bikes volume sales slowed in 2022. Although the value of the e-bike sector almost doubled between 2019 and 2020, from £150 million to £290 million, the overall cycling market has entered a sharp downturn over the past 18 months, data from Mintel reveals. Driven by falling consumer demand and exacerbated by ongoing supply chain problems, the sales value of e-bikes hit an estimated £310 million in 2022, down from £330 million in 2021. Although sales are set to temporarily slow between 2022 and 2023, Mintel predicts faster growth to return to the e-bike market from 2024 onwards.