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Australian Bicycle Market Research Report Now Available

2014-03-27

 

MELBOURNE, Australia - Soaring petrol prices and increasing congestion in business districts have caused commuters to turn to bicycles as means of getting to work. For this reason, industry research firm IBISWorld has added a report on the Bicycle Retailing and Repair in Australia to its growing industry report collection.
In Australia cycling growth in popularity is not exclusive to the weekday commute. – Photo Bike Europe
In Australia cycling growth in popularity is not exclusive to the weekday commute. – Photo Bike Europe

Over the past five years, cycling has undergone a boom in popularity across various demographics in Australia. Commuters have gradually moved towards cycling, away from driving or taking public transport to work. Growth in popularity is not exclusive to the weekday commute, with consumers also increasingly taking up cycling for weekend recreation.

Revenue boost

According to IBISWorld industry analyst David Whytcross: "These factors have contributed to a significant boost to industry revenue, following a substantial downturn at the onset of the global financial crisis." Overall, the Bicycle Retailing and Repair industry in Australia is estimated to be worth $ AUD 924.9 million (€ 608mn) in 2013-14 following compound annual growth of 3.7% over the past five years. Continued strong growth of 4.2% is forecast for the current year.

Delay of purchases

The global financial crisis severely affected industry revenue in 2008-09 and 2009-10. "Consumer sentiment was negative due to widespread economic uncertainty and a lack of confidence in household finances," says Whytcross. Although bicycles are cheap to operate, most potential cyclists already owned a bicycle and thus limited their discretionary spending throughout the downturn. The delay of purchases resulted in strong industry growth as the economy recovered.

Substitute to driving

Growth was primarily supported by the perception of cycling as a cheap and easy substitute to driving or using public transport. Soaring petrol prices substantially increased motor vehicle operating costs, while traffic congestion often makes cycling to work more time-efficient than other modes of transport. Particularly strong growth was evident in flat cities with significant cycling infrastructure, such as Melbourne and Canberra.

Dedicated bicycle lanes

These trends are expected to continue as councils and state governments support the development of cycling infrastructure. With greater networks of dedicated bicycle lanes and paths, cycling will become safer and appeal to a greater percentage of the population, particularly when compared with increasingly congested roads and public transport networks. To boost this further Velo-city Global 2014 will take place in Adelaide, Australia from May 27 to 30.

by JACK OORTWIJN



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