A new report released this week has shone a much-needed light on the dollar value of Australia’s bike industry, which to date has been poorly understood.

The report, commissioned by WeRide and prepared by Ernst & Young, estimates the size and scope of Australia’s bike economy in 2020.

Here are some of the report’s key findings:

• $6.3 billion direct industry output – that’s the total money produced by the bike industry
• $3.4 billion direct value add – equal to that of Australia’s thoroughbred racing industry
• The economy supports 34, 295 jobs – from manufacturers to mechanics.

The report also reveals a lot about interesting detail about consumer activity in 2020:

• Approximately 5.8 million adults spent money on bike related goods or services
• Around 1.7 million bikes were purchased
• Nearly a third of the bikes purchased were for kids
• State and local governments spent about $428 million on bike infrastructure and programs 

One of the more significant findings is that annual expenditure could jump by $118 million (that’s $245 per person) if people increased their riding regularity from once a fortnight to once a week.

What would encourage people to ride more regularly? According to survey results outlined in the report, improving bike lanes in urban areas would have the highest impact on respondents’ propensity to cycle. This may well be the necessary stimulus for governments to make more dedicated investments in bike infrastructure.

The Australian Cycling Economy Report offers a timely and well-needed reflection of the bike economy.

Source
Bicycle Network