According to the latest Fact.MR analysis, the global water bikes experienced a year-on-year (YoY) growth of 18.7% in 2021. With growing demand for water bikes around the world, the overall market is set to expand at an impressive CAGR of 24% between 2021 and 2031, surpassing a valuation of around US$ 181.1 Mn by the end of 2031.
Rapid growth in maritime tourism along with increasing demand for recreational water sports activities are driving the water bikes market. Water biking is fairly new, however, recent design improvements to make water bikes safer and more comfortable, besides international spotlight on marine tourism, will bolster scope for water bikes sales.
As per Fact.MR, the demand for rental water bikes will grow at a strong pace, as sport activities become highly popular in tourist destinations. In response to the surging demand, manufacturers have launched electric water bikes.
Electric bikes are easier to rise and guarantee a smooth experience. As per the report, the sales of electric water bikes are expected to reach US$ 42.5 Mn by 2031. Key players like Manta5 and Red Shark Bikes are launching new electric models to cater to the rising demand.
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North America will continue dominating the water bikes market owing to the increasing investments in water sports, changing lifestyle and high demand for water bikes in hotels, beaches and municipal parks. The region is expected to account for over 40% global water bike demand, with total market revenue reaching a valuation of US$ 9.2 Mn by 2021 end.
“Market players are focusing on design improvement. Alongside this, investment towards manufacturing electric water bikes will increase as they aim for curbing carbon footprint. These developments are expected to steer growth in the market in the coming years,” says a Fact.MR analyst.
Key Takeaways from Water Bikes Market Survey
Key Drivers
Key Restraints
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Competitive Landscape
Key companies are focusing on strengthening their presence by developing better and cost-efficient water bikes. They have adopted various organic and inorganic growth strategies such as mergers, acquisitions, partnerships, new product launches and collaborations to gain a competitive advantage in the market.
Some of the leading players operating in the water bikes market profiled by Fact.MR are:
More Insights on the Global Water Bikes Sales Outlook
Fact.MR provides an unbiased analysis of water bikes market, presenting historical demand data (2016-2020) and forecast statistics for the period from 2021-2031. The study divulges compelling insights on the global demand for water bikes with a detailed segmentation on the basis of:
Technology
Product Type
Ownership
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Key Questions Covered in the Water Bikes Sales Outlook Report
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