Australians riding bicycles has surged in recent years.

Melbourne, Australia (PRWEB) April 14, 2012

The number of Australians riding bicycles has surged in recent years. However, businesses selling, manufacturing, repairing and servicing bikes fared poorly, with industry revenue contracting by an estimated 1.4% per annum over the five years through 2011-12. Revenue for the Bicycles industry is expected to grow 0.4% in 2011-12 to reach $2.71 billion. Low consumer sentiment on the back of higher interest rates is expected to lower industry sales, particularly for bikes and accessories to the youth leisure market. According to IBISWorld industry analyst Teruni Nugawila, 'in contrast to industry revenue, cyclist numbers increased solidly over the past five years.' Cycling is one of Australia's most popular activities. IBISWorld estimates that in 2011-12 approximately 2.4 million Australians ride regularly - up from 1.6 million in 2006-07.

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