Micromobility was worth £25million in products and services last year, according to research carried out by the Bicycle Association (BA).
The trade association for the UK cycle industry has published its latest report, revealing the economic impact cycling had in the capital last year, as micromobility contributed to 16% of the total value of cycling in London.
In its report, the BA found that e-bikes were worth an estimated £16.6 million in products and services sales in London during 2020, while other micromobility products such as scooters contributed a further £9.1 million.
That brought the total contribution of micromobility to £25.8 million last year, or around 16% of the £159 million for the bike industry as a whole in the city.
The BA also looked at the potential growth for the bike industry in the coming decade, as London Mayor Sadiq Khan strives towards a net zero carbon target by 2030.
In its research, the BA found that a six-fold increase in cycling by 2030 could result in health, environmental, and productivity economic benefits worth £4.8 billion.
That same six-fold increase could also create an estimated 25,000 cycling-related jobs in London, on top of the existing 6,000 to 8,000 jobs currently in the city.
“By 2030 it’s not just the positive environmental benefit of net zero which will be dramatic – but the economic benefit too”, said Simon Irons, the Bicycle Association’s Market Data Service director.
“Our market data is probably the best of any cycling market in the world – tracking nearly a million cycling products and services every month. We’ve used this data to help forecast how big the bicycle economy would be when London becomes a zero carbon city. We want to share this information with Londoners to show just how economically valuable cycling is. Then we want to do the same for every region of England and the devolved nations.”
Dr. Ashok Sinha, Chief Executive of the London Cycling Campaign, said: “London is showing strong leadership by targeting net zero carbon status by 2030.
A large-scale shift to cycling from private car use is essential to achieving this. This must-read research shows that investing in high quality cycling infrastructure will not only enable this shift, but generate a huge number of new, green, career opportunities, especially for the most disadvantaged Londoners. It will also help create new business opportunities that will help revitalise London’s hard hit high streets.”