15 June 2011 – On the eve of international ride to work day on 20 June, business information analysts, IBIS World estimate that bicycle industry revenue is set to grow by 17.2 per cent over the next five years, topping $3.2 billion.
IBISWorld general manager (Australia), Robert Bryant, said 2008 saw a rapid rise in the number of cyclists on Australian roads – jumping by 21.2 per cent as the price of fuel reached record highs.
But while it has the highest population NSW lack of bike paths, hilly suburbs and one-way streets has resulted in it having the nation’s lowest cycling rate – just 7 per cent of NSW residents cycle, well below the 10 per cent observed in Victoria or 13 per cent in the ACT.
To promote greater adoption of bicycles for transport the City of Sydney has developed the Cycling Strategy and Action plan 2007-2017. The plan aims to increase the number of trips in the city from 2 per cent of all journeys in 2006 to 10 per cent by 2016.
The Victorian Government has also implemented a strategy to boost cyclist numbers called the principle bicycle network. It provides 2400 kilometres of shared and dedicated bicycle paths in Melbourne.
IBISWorld forecasts that this year 1.2 million bikes will be sold in Australia, with the average price of $927 – driven up by pricy sports cycles, which sell for an average of $2800.
It expects an additional $723.7 million will be spent on a range of cycling accessories in 2011-12 from fashion and helmets to lights and repair kits and a further $100 million will be spent on repairs and maintenance.