The Economist is reporting that since 1970 bike production has nearly quadrupled while car production has roughly doubled.
Unlike car manufacturers, Giant Manufacturing, the world’s largest bicycle-maker, sold a record 460,000 units last month and is heading for its best year ever.
That's almost a half a million bikes in one month alone.
The Economist goes on to report:
"Such is the demand for bikes that shortages were reported in New York earlier this year. In Taiwan, Giant’s home market, supply is tighter still: for many models, buyers put down deposits months before their bikes come off the assembly line.
After a slow 2006, sales took off last year in Europe and America as fuel prices shot up. Suddenly a bicycle seems like the remedy for many modern ills, from petrol prices to pollution and obesity. Each market has its own idiosyncrasies. Europeans mainly use bikes for commuting, but have the odd habit of ignoring models made explicitly for that purpose in favour of sleeker, faster models which are then expensively modified. Americans prefer off-road BMX trail bikes. Taiwanese demand is led by racing-style bikes used for exercise."
The paper credits the soaring bike sales to obesity and high oil prices.
You can read all about the boom in bike sales HERE and the bust in car sales HERE.