A group of Dutch industrial design students have designed an open source 3D printed bicycle that they say could revolutionise cycling and make it cheaper.

The OBI bike is being developed as part of The Bike Project, headed up by Stef de Groot and Paul De Medeiros.

For around £300, they say, anyone would be able to print themselves a new bike, and as it is a modular system, replacement parts could be made and changed out at home.“We believe in the power of open source design,” the pair wrote on their website.

“Once we have created the first working bicycle, all our designs will be made available for anyone to improve, change or inspire.

“With The Bike Project, we wanted to make a major push towards a future we believe in; where anyone with access to a 3D printer and internet, will be able to manufacture tools/products that they will use in their everyday lives, and that those around them can use in their everyday lives,” said Paul.

Part of this plan is designing all the printed parts in Autodesk Fusion 360, a free CAD program that will allow hobbyists and small companies to access and customise the design of the OBI.

Now the students are close to making a fully functioning prototype, and working on durability and cost effectiveness. They hope to have the first model out on the streets of Amsterdam in early 2016.