Published Date : 22 Nov 2022
The global cycle tourism market size was exhibited at USD 444.8 million in 2022 and is expected to reach around USD 1,291.3 million by 2030, growing at a CAGR of 14.78% during the forecast period 2022 to 2030.
The global cycle tourism market is primarily driven by the rising participation of the population in cycling across the globe. The rapidly growing health and wellness tourism and growing demand for soft tourism among elderly people (50+ years of age) is significantly driving the growth of the global cycle tourism market. Moreover, the positive impact of cycle tourism on the local small businesses in rural areas is forcing the government to invest in the development and promotion of cycle tourism. Moreover, the growing participation of tourists indulging in leisure, adventure, recreation, and sports activities is positively impacting the demand for cycle tourism across the globe. According to cycling up. org, around 10% of the adults in UK participate in recreational cycling regularly. Rising health consciousness, rising participation in physical activities, and growing awareness regarding cycle tourism are the major factors that may propel the demand for cycle tourism across the globe.
Cycle Tourism Market Report Scope
|Market Size In 2022
|USD 444.8 million
|Market Size By 2030
|USD 1,291.3 million
|Growth Rate from 2022 to 2030
CAGR of 14.78%
|2022 to 2030
Europe dominated the global cycle tourism market in 2020. Cycle tourism is popular in most European countries. Germany, Denmark, Netherlands, and Belgium are among the top source markets for cycle tourism. The growing government focus on the development of the cycle tourism industry owing to its economic benefits is driving the market growth. Cycle tourism has an annual economic contribution of around US$ 131.8 million to US$ 268.7 million in Scotland. Therefore, the growing contributions of the cycle tourism revenue in the GDP is encouraging the government in Europe to build a strong and sophisticated cycling infrastructure in the region.
Furthermore, the growing popularity of e-bikes among the population due to the rapidly rising geriatric population is spurring the growth of the market. According to the CBI.EU, e-bike sales have witnessed a growth of 18% per year from 2012 to 2016. The rising adoption of e-bikes in Europe is expected to significantly drive the growth of cycle tourism. The e-bikes' improved navigation and easy accessibility to various locations at longer distances are the major benefits of the e-bikes along with the sustainability factor associated with it. The rising environmental concerns due to pollution is encouraging the adoption of e-bikes among the European population, which is a significant factor behind the growth of the European cycle tourism market.
Driver: Rising adoption of e-bikes
The entire globe is witnessing a burgeoning demand for sustainable transport solutions that has significantly augmented the demand for electric vehicles. The rising popularity of electronic vehicles has fostered the demand for e-bikes. People in developed and developing economies are preferring e-bikes, which has presented a new growth opportunity to the market players. Tour operators and travel companies are offering e-bikes at an affordable rate, which is expected to have a positive impact on the growth of the cycle tourism market during the forecast period.
Restraint: Lack of awareness in developing and the underdeveloped economies
There is a lack of awareness regarding cycle tourism especially in underdeveloped and developing countries. Moreover, the high costs associated with the acquisition of modern cycles or bikes are restraining the growth of cycle tourism across the globe.
Opportunities: Rising popularity of the online sales channels
The rising penetration of the internet and social media has now become an essential point of sale for tour operators, travel companies, and travel agents. The increasing investments by tour companies to increase their digital presence through social media and other internet-based platforms is expected to play a crucial role in the growth of the global cycle tourism market in the forthcoming years.
Challenges: Stringent government regulation
There are certain government regulations regarding safety standards that tour operators strictly need to follow. Apart from the International Organization for Standardization (ISO) norms few countries have their own rules and regulations regarding adventure and cycle tourism that makes it challenging for the market players to operate in the market.
Key Players in the Report:
By Tourist Type
By Age Group
By Sales Channel
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