I had built a bike similar to this one before. I think many would have this idea, too.
However, for some reason, not many of these designed are commercially marketed.
https://sites.google.com/site/pendalbike/pendalbike
There are several advantages on this design:
- More aerodynamic posture
- Better up-hill climb efficiency (personal experience)
- Less maintenance for the drive train
- Less Frame materials (weight are transfer directly through the pedal to rear wheel, and through fork to Front wheel)
There are disadvantages:
- Fewer gears (I doubt this, technology in this Information age should be more than enough to design a robust Internal Hub gear that support a pedal axle in the middle)
- Cost: Obviously it is not in the stage of mass-production, so the cost would be high. But I do not see why it should be more expensive (if not to say cheaper) than a normal bike.
Unless I missed many unforeseen disadvantages, what else could prevent this design from becoming popular in the last 10 years? What are other disadvantages in comparison with a normal bike that can level the advantages I have stated?