A recent report which has been issued by the London School of Economics, has shown that cycling is very beneficial to the UK economy. It is estimated in the report that around £3 billion is brought to the economy because of people cycling. This money is estimated to come from the sale of bikes and bike accessories, such as jackets and helmets.
The market is booming and 2010 saw a nearly 30% increase on the number of bikes sold from 2009. This is an estimated near 4 million more bikes on UK roads. The report is also suggested that nearly 1,000,000 people started cycling in 2010. The total number of cyclists in Britain is now estimated to be around 13 million.
The report also examines why this surge in the number of cyclists might have happened. It indicated that improved cycling routes as well as the increased price of petrol are big drivers in the industry. There have also been significant campaigns about improving health and cycling is known to be very beneficial for the body. Cycling for an hour as a normal speed will burn over 400 calories.
Cycling also has benefits to the country in a wider sense. More people cycling will reduce costs in the NHS, reduce pollution levels, and also remove some of the congestion in cities. Estimates say that by 2015 millions of pounds will have been saved due to a 20% rise in the number of cyclists. It is also estimated that workplace productivity is increasing because of cyclists. On average, those who cycle take around one and a half less sick days in a year.