A recent report by US based Global Industry Analysts projects the world bicycle market will reach in excess of $US 61 billion by 2010 with an average annual growth since 2001 of 5.28% per year. The bicycle market is expected to grow at a steady pace in the near future. They believe that two of the issues affecting bicycle demand are technological changes and shorter life cycles. Also the increase in popularity of electric bicycles, particularly in China, is helping fuel the growth.