Bike maker share prices are soaring despite long supply delays and the shortage of manpower, the Financieele Dagblad reported on Monday.

Dutch bike manufacturers Accell Group, for example, has clocked up a share price hike of 44% since January. The company, which makes Batavus and Koga bikes, says the sale of bikes in the next six months would be ‘largely dependent’ on the worldwide supply chain.

Elsewhere bike company share prices are rising too. Frankfurt exchange newcomer Bike24 has risen 50% since June while Japan’s Shimano, which makes two thirds of the brake and speed systems used at the upper end of the global market, rose by 24%, the FD said.

The sale of electric bikes and other more expensive bikes were given a boost during the pandemic when fitness centres closed their doors and many people turned to pedalling for exercise. Many also used their bike as an alternative to public transport.

Nevertheless, sales are being hampered by delivery problems particularly from Asia where coronavirus flare ups are affecting factory workers. Waiting times for parts can run up to 400 days in some cases.

The Dutch bought 1.1 million new bikes last year – a 9% rise on 2019 – and half of them were electric, according to figures from industry bodies RAI Vereniging and Bovag.

The total new bike bill hit €1.65bn, up 31% on 2019, because of the high cost of bikes with an electric motor. The sale of e-bikes rose 30%.

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Amsterdam bike maker Van Moof, which has been toying with an IPO according to some reports, raised a further $128m in funding in September.

The company, known for its mat black bike frames and streamlined designs, aims to become the world’s leading e-bike brand.