High fuel prices drive ‘massive spike’ in e-bike sales
Industry figures say electric bike sales are rising as rising fuel costs push commuters to find a cheaper way to get around.
While Australian e-bike sales have been rising for years, retailers say recent fuel price pressures have sharply accelerated the trend.
“We’ve seen a huge increase in interest in e-bikes in the last few weeks,” Bicycle Industry Australia managing director Peter Bourke told AAP.
Mr Bourke said sales had accelerated as consumers began to expect fuel price shocks related to global supply challenges to continue in the short term.
“It took a few weeks for people to realize that the price increase wasn’t going to be a one- or two-week thing,” he said.
“That’s when the stores started seeing a lot more foot traffic.”
The evidence remains anecdotal, but Mr Bourke insisted e-bike retailers across the country were seeing greater buyer interest.
One such retailer is 99 Bikes South Melbourne bike shops, where e-bike sales have nearly quadrupled in recent weeks, manager Jake Shaw said.
“When (gasoline) prices hit $2.50 (per liter), we had an immediate jump in sales,” Mr. Shaw said.
He said the spike was not yet as significant as that experienced during the Covid-19 pandemic, but it showed no signs of slowing down.
“It’s getting closer,” he said.
This comes as experts warn that despite some signs of temporary relief, the forces driving up fuel costs are unlikely to ease quickly.
On Monday Energy Minister Chris Bowen announced Australia had secured fuel supplies through May, with orders secured beyond the mid-April horizon.
This follows the federal government’s decision to halve taxes on petrol and diesel and an agreement between states to cover the expected GST windfall.
However, the total savings of more than 30 cents per liter could not offset the impact of high oil prices due to Iran restricting oil supplies through the Strait of Hormuz.
US President Donald Trump recently said that the main objectives are nearing completion and pointed out that the attacks against Iran could end in a few weeks.
In an expletive-laden social media post on Sunday (Monday AEST), Mr Trump threatened Iran to open its “Throat” or the regime would “live in Hell”.
The federal government recognized that the effects of the war would continue even if it ended quickly.
Deputy Secretary of State Matt Thistlethwaite said on Sunday that the flow-on effects on fuel prices and inflation will be long-term.
“If (the war) ended tomorrow, it would have effects for months to come, but we are planning for that,” he said.
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