According to a report by the London School of Economic on behalf of Sky and British Cycling claims that cycling is worth £2.9 billion to the British economy.
The LSE report says that 13 milions Britons now ride a bike with 208 million journeys made by bike in 2010 and also says the 'gross cycling product' figure is £2.9 billion based on retail figures, cycle-relating manufacturing and cycle-related employment.
The report found that 3.7 million cycles were sold in the UK during 2010 at an average price of £439.
"The good news is that structural, economic, social and health factors seem finally to have created a true step-change in the UK's cycling scene," said LSE's Dr Alexander Grous. "The growth in involvement we've witnessed in recent years feels like a sustainable trend for the first time.
"In order to build on this momentum and follow the lead, in participation terms, of countries like Denmark and the Netherlands, it's now essential that the industry focuses on converting the many occasional, lapsed and leisure cyclists into regular and frequent riders."
The intertest in cycling in this country has also risen with bothITV4 and Eurosport reporting record viewing figures.