Bicycles - Australia

Australia

The Bicycles market in Australia is projected to generate a revenue of US$0.95bn in 2024.
It is expected to experience an annual growth rate (CAGR 2024-2029) of -0.64%, leading to a projected market volume of US$0.92bn by 2029.
The unit sales of Bicycles market in Australia are anticipated to reach 0.99m bicycles in 2029.
In 2024, the volume weighted average price of Bicycles market in Australia is expected to be US$0.82k.
When considering the international market, China is projected to generate the highest revenue of US$12,370m in 2024.
The demand for electric bicycles in Australia has icreased due to the country's commitment to sustainable transportation and the growing popularity of cycling as a recreational activity.

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Analyst Opinion

The Bicycles market in Australia has been experiencing significant growth in recent years.

Customer preferences: One of the main reasons for this growth is the increasing popularity of cycling as a form of exercise and transportation. Many Australians are becoming more health-conscious and are looking for ways to incorporate physical activity into their daily routines. Cycling offers a convenient and eco-friendly option for commuting to work or running errands, which is particularly appealing in a country with a strong focus on sustainability. Additionally, cycling is seen as a fun and enjoyable activity for leisure and recreation, with many Australians participating in cycling events and races.

Trends in the market: The Bicycles market in Australia is also being driven by the growing demand for electric bikes. Electric bikes provide an alternative to traditional bicycles, offering assistance to riders who may have difficulty with hills or longer distances. This trend is in line with the global market, where electric bikes have been gaining popularity due to their convenience and ease of use. In Australia, the increasing availability of electric bike charging stations and infrastructure has further contributed to the growth of this segment. Another trend in the Bicycles market in Australia is the rise of online sales. With the convenience of online shopping, more consumers are opting to purchase bicycles and accessories online. This trend has been accelerated by the COVID-19 pandemic, which has led to an increase in online shopping across various industries. Online retailers are able to offer a wider range of products and competitive prices, making it an attractive option for consumers.

Local special circumstances: Australia's unique geography and climate also play a role in the development of the Bicycles market. The country's diverse landscapes, including mountains, beaches, and urban areas, provide a wide range of cycling opportunities for enthusiasts. Additionally, Australia's relatively mild climate allows for year-round cycling, further contributing to the demand for bicycles.

Underlying macroeconomic factors: The Bicycles market in Australia is influenced by several macroeconomic factors. The country's strong economy and high disposable income levels have contributed to increased consumer spending on recreational activities and fitness equipment, including bicycles. Additionally, government initiatives promoting cycling as a sustainable mode of transportation have further supported the growth of the market. These initiatives include the development of cycling infrastructure, such as bike lanes and paths, and the implementation of bike-sharing programs in major cities. In conclusion, the Bicycles market in Australia is experiencing growth due to customer preferences for health-conscious and sustainable transportation options. The popularity of electric bikes and the rise of online sales are also contributing to the market's development. Australia's unique geography and climate, as well as strong macroeconomic factors, further support the growth of the Bicycles market in the country.

Methodology

Data coverage:

The data encompasses B2C enterprises. Figures are based on the sales of bicycles and the respective average prices for bicycles.

Modeling approach:

Market sizes are determined through a Bottom-Up approach, building on specific predefined factors for each market. As a basis for evaluating markets, we use publications of industry associations, expert blogs, and data provided by governments and scientific institutions. In addition, we use relevant key market indicators and data from country-specific associations, such as GDP, population, and consumer spending per capita (based on current prices). This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, the ARIMA time series forecast and forecasts based on previous growth rates are well suited for forecasting the future demand for bicycles due to the brick and mortar nature of this market. The main drivers are GDP, consumer spending per capita, and population.

Additional notes:

The data is modeled using current exchange rates. The market is updated once a year. In some cases, the data is updated on an ad hoc basis (e.g., when new, relevant data has been released or significant changes within the market have an impact on the projected development).