One of those reports that makes me stop and go — huh? — has been issued by Global Industry Analysts.
In reporting continued worldwide growth of the bicycle market, it notes that bicycling is one of the top leisure sports activities in the US “with over 451 million users active cyclists in the country.”
That's an amazing statistic, considering the current US population is 301 million. Maybe the report means 451 million bicycles; I wouldn't be surprised if there were more bikes than people.
That aside, it goes on to report that 95% use their bikes for health and leisure purposes, and the rest use it for transportation purposes. That means 5% use their bikes for commuting.
Overall, the World Bicycles Market report press release says that the bicycle market is expected to register a 5.28% compound annual growth rate over the period 2001-2010. (See Investopedia for explanation of compound annual growth rate) Further, it estimates the bicycle market will exceed $61 billion (in US dollars) by 2010.
Is that any surprise as crude oil prices are nudging $110 a barrel this morning? Well, no. The report further suggests it is environmental protections that make bicycles and public transportation more viable.
Further, it states that Asia-Pacific region is the largest bicycle market worldwide in 2007, with a 47% share. Interestingly, the report notes that China and India are both moving toward “automobile-centered transportation systems.”
This is not progress. The report summary continues:
“The reality behind the high aspirations of these countries is the lack of land to drive automobiles and the dearth of basic amenities for a growing population.”
The report analyzes dozens of bike industry companies, both foreign and domestic. The price for the entire report is $3,950; the executive summary is a mere $2,250.
The price of the report alone should be a factor in the $61 billion bicycle market.