"I would have liked to keep going for a few more years, but it's just not an option the way things are," Davis told the Australian Associated Press.
"I have to turn the page and get on with the next chapter of my life. I have to find some source of income for my family and move on. It's just bad luck and bad timing."
The 2009 Tour Down Under winner has been searching for a new team, after Orica-GreenEDGE chose not to keep him on. Davis has spent the last months searching out a new contract, but finally admitted defeat.
With many teams folding and several others under even stricter budget restrictions, finding a team this winter has proved a difficult task. Higher profile riders such as Chris Horner and Samuel Sánchez were only able to secure contracts in the last month. While some, like Thomas de Gendt, have seen their pay packets severely slashed so that they could continue their professional careers.
Davis says this has been one of the toughest winters for out of contract riders. “I've never seen it like this and I've spoken to a lot of blokes who have been around twice as long as I have - they also haven't seen it like this," he explained. "It's just one of those things that's out of the riders' hands."
The Australian turned professional in 2001 with the Mapei-QuickStep team. During his 13 seasons as a professional Davis has made a number of notable performances and taken some 29 victories.
Get The Leadout Newsletter
The latest race content, interviews, features, reviews and expert buying guides, direct to your inbox!
Among those performances were his a bronze medal at the World Championships (2010), second at Milan-San Remo (2007), gold and bronze at the Commonwealth Games (2010 & 2006) and his overall victory at the Tour Down Under.
"I'm very proud of what I've achieved on the bike, so I can walk away with my head held high," he said. "It gives me a lot of happiness, knowing what I've done.”
Despite having previously hoping to race this season, Davis remains positive about his future. "I have a few fingers in a few pies and I will let it unfold a bit, make sure I choose the right path now," said Davis.
"All my experience is on the bike and that's what I'd love to continue doing."
