UK bike sales could drop by a third in 2017
Posted on in Business News , Cycles News
According to data provided by HMRC, the first two quarters of 2017 saw UK bike imports fall dramatically - down 11% in the second quarter alone.
According to Bike Biz, if this decline continues over the full year this could result in just 2.5 million bikes sold in 2017 - one million less than in 2016 - a 17-year low for the UK cycle industry.
Reasons cited for the decline include a Brexit-induced weakness in the pound against major foreign currencies, causing the average price of bikes (which are mainly imports) to rise.
Bike Europe suggest that the UK's big drop in the import of regular bicycles is in line with the decline in exports by Taiwan's bicycle industry. Excluding e-bikes Taiwan's total export of regular bikes dropped by 26% during the first half of 2017. That export to the UK showed a 14% decline.
Despite the declining sales of bikes, e-bikes appear to be the silver lining. E-bike sales are increasing year on year and are estimated to account for over 10% of sales in unit terms and a lot more in terms of revenue.
Away from imports, the UK's bike manufacturing industry seem to be going from strength to strength, with Brompton recently launching its own brand e-bike and Pashley being awarded the contract for London's official bike hire scheme last year.