UK e-bike sales decline despite five year growth
Market research firm Mintel cites declining consumer demand, supply chain issues, and increased prices as factors for downturn
After five years of growth, UK e-bike sales have declined, according to market research firm, Mintel.
Mintel says that e-bike sales increased from 55,000 in 2017 to 160,000 in 2021, though it is estimated to have dropped to 155,000 in 2022.
The value of the market also increased from £65m in 2017 to £330m in 2021, with expected sales value for 2022 being £310m.
Mintel cites declining consumer demand and supply chain issues, as well as an increase in e-bike prices by over 25 percent since the start of the COVID-19 pandemic, as factors for the cycling market’s slump.
However, Mintel predicts that the decrease in e-bike sales will be brief and minor, with a return to growth in 2024.
A spokesperson fromMintel said: “Cost is seen by consumers as the biggest barrier to e-bike sales, and the weakness of the pound is likely to push prices higher in this heavily import-led market.
“Although e-bike customers tend to be relatively affluent, a protracted cost-of-living crisis and income squeeze are likely to delay purchase decisions and some consumers will be priced out of the market. The lack of e-bike purchase subsidies from the government also continues to act as a barrier.
“Brands would benefit from promoting the ‘wellness plus fun’ angle of e-bikes, positioning health benefits - physical and mental - combined with a focus on how e-bikes bring fun to transport.”
The findings come following a YouGov poll of 15,500 people, which found the cost of living to be the leading motivation for switching to an e-bike.