What is the global bike shortage?

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**Joseph Chance** (1:01)
What is the global bike shortage? Thanks for asking. Cycling has enjoyed a huge boom since the start of the COVID-19 pandemic. Local authorities have increased efforts to prioritize cyclists over drivers, creating new bike lanes and making other investments in this form of transport. However, a shortage of bikes has been affecting the whole world since 2020 This supply chain nightmare is still going on a year later, and maybe for some time yet. What's causing the global shortage? Somewhat ironically, it's down to the pandemic itself, or rather the resulting increased demand. Some people have been forced to rethink their usual means of transport, leaving the car behind or avoiding public transport in favour of walking or riding a bike. Meanwhile, fitness enthusiasts, unable to use their gym memberships, took up cycling in their numbers.
As a result of all this, the demand for bikes increased significantly. Retail figures showed that bike sales increased 45% in the United Kingdom in 2020 Across the pond in the US, the increase was an even more impressive 77%.
That all sounds like good news for bike manufacturers. What am I missing? At the same time, almost all countries were hit by economic downturn. The recession slowed down production, with some businesses forced to close temporarily and now playing catch up. Demand remains high, but manufacturers are having a hard time creating enough supply. For example, Portugal is Europe's number one bike producing country, but nevertheless relies on importing separate parts. Mostly from Asia.
Japanese company Shimano produces 65% of high-end brakes and derailleurs in the world. While they have so far been able to continue business throughout the pandemic, they are now struggling to meet the extremely high demand. How long will I have to wait if I order a bike now? Around six months on average, but it could be a lot longer. So you'll need to plan birthday gifts well ahead of time. And be aware that prices have also gone up. By an average of 27% since last year. Standard bikes are no longer the most sought after product, with city dwellers ditching them in favour of electric bikes. Some companies are speeding up production in order to stop the shortage as soon as possible, but it's likely to last at least until 2022
There you have it.
Now you know what the global bike shortage is. In under three minutes, we answer your questions. What would you like to know about? Use the comment section to ask your questions on the podcast platform.