Water Bikes Market

Water Bikes Market Outlook (2022-2032)

The global water bikes market is set to surpass a valuation of US$ 24.2 million in 2022 and further expand at a CAGR of 25% to reach US$ 225.8 million by the end of 2032.

Increased adoption of hydrofoil water bike for recreational activities is likely to account nearly 1/4th of the global water bike market by the end of 2022.

Report Attributes	Details
Water bikes Market Size (2021A)	US$ 20.1 Million
Estimated Market Value (2022E)	US$ 24.2 Million
Forecasted Market Value (2032F)	US$ 25.8 Million
Global Market Growth Rate (2022-2032)	25% CAGR
North America Market Share (2022)	~ 45.2%
North America Market Value (US$ Mn), 2022	US$ 11.4 Million
Europe Market Share (%), 2022	~24.5%
Europe Market Value (US$ Mn), 2022	US$ 6.1 Million
China Market Share (%), 2022	~3.6%
China Market Value (US$ Mn)	US$ 0.9 Million
Top 3 country Market Share (%)	~58%
Key Companies Profiled	Chiller Waterbikes Manta5 Hydrobikes Inc. Aurea Bike SBK ENGINEERING SRL Redsharkbikes Waterbike Italia S.R.L

Sales Analysis of Water bike (2017-2021) Vs. Market Forecast Outlook (2022-2032)

As per the research by Fact.MR, from 2017 to 2021, the market value of water bikes increased at a rate of 12.1% CAGR, with Canada, U.S., Italy, China, and Spain commanding high shares in the global market.

According to the current trend visible in the market such as the usage of water bikes for sports such as racing, and the increasing sales of electric water bikes over the years, it can be predicted that water bikes market may have a market value of US$ 29.4 Mn in 2023.

The global market is expected to witness prominent growth in 2023 with a Y-o-Y growth of 20.6%. Fact.MR estimates that the growth of the global water bike market will be 9.3X by 2032. This data is backed by the performance of the water bikes global market in 2021 where it had a market value of US$ 20.1 Mn.

Conventional water bike demand is predicted to witness growth at a moderate speed, whereas hydrofoil water bike demand is projected to witness exponential growth.

The market witnessed a significant dip during the Covid-19 pandemic, but it is predicted that during the forecast period, the demand for electric water bikes is expected to boom as well.

• Short Term (2022 Q2 to 2025): Increasing watersports trend to improve the sales of water bikes.

• Medium Term (2025-2028): Technological innovations to make them more environment friendly will positively impact the sales of water bikes in the future.
• Long Term (2028-2032): Adding more innovation to water bikes along with increased emphasis on improving the technology and design of the product to improve its efficiency will improve it long-term growth in the market.

Over the 2017-2021 historical period, the global water bike market registered a CAGR of 12.1%, and according to the Fact.MR, a market research and competitive intelligence provider, the market is projected to exhibit growth at 25% CAGR between 2022 and 2032.

Market share analysis of water bike based on technology and region is provided in a nutshell in the above image. Under the technology segment, the Pontoon sub-segment will dominate with 69.6% market share in 2022.

What’s Driving Demand for Water bike?

“Innovation of Technology to Improve User Experience”

The water bikes market is not yet solidly established around the world when compared to the U.S. and with the ongoing efforts to improve the product design and technology, the market is expected to propel upwards in the future and is expected to reach a market value of US$ 113.2 Mn in 2032.

Manufacturers are planning to launch different and innovative products to meet customers’ demands and stay ahead of their competitors.

With time, water bikes are now being distributed under various titles such as racing versions, electric models, and models used in municipal parks, etc., this has come in handy for the manufacturers as they are now able to locate their target audience and manufacture products according to their requirements.

Frame material, design, and assist power mechanism are key areas for manufacturers. Manufacturers also strive to bring various technological advancements in water bikes to improve efficiency and fulfill customer requirements.

“Urbanization and Flexible Lifestyle Improving the Sales of Water Bikes”

With growing interest in sports activities, water sports activities are becoming one of the most preferable sports worldwide. Countries with long coastlines are fueling the growth of water sports activities.

As a result, the demand for water bikes is expected to witness considerable growth in successive years. Water sports activities are being considered as a way to enjoy vacations as well as to remain healthy as it burns a lot of calories while pedaling. An average human burns 450-750 calories after one hour of pedaling a normal cycle, add the extra resistance provided by the water waves, and the calories can be expected to be much more. All these factors are expected to benefit the market growth over the forecast period.

In addition to the physical relief, it relaxes the mind, which is creating a strong demand amongst customers. The rental services are expected to reach a market value of US$ 167.2 Mn in 2032. With the increase in rental services on a global level, the accessibility of these devices will become easy and will complement its market growth.

What Concerns Should Water Bike Manufacturers Watch Out For?

“High Price of Raw Materials Increasing the Price of the Final Product”

High pricing of the raw materials is increasing the overall price of the finished product. The overall cost of water bikes is expected to remain high over the forecast period owing to the high cost of its essential components such as the motor and battery.

The investment required for designing water bikes is also high. Moreover, as the motor and battery don’t get manufactured globally and are imported from China, the importing cost for those parts also increases the overall price of water bikes.

High pricing of the finished product impacts the growth of the market to a certain extent, as some people hesitate to buy them owing to the high prices. Currently in 2022, the average price of a water bike is around US$ 2,500. Due to the increasing inflation, the prices of raw materials will increase which will eventually affect the water bikes market.

“High Dependence on Imports from China and the U.S.”

The global water bike market is highly dependent on imports from countries such as China due to their low labor prices, which can be concerning for the market, especially after the Covid-19 pandemic.

Fluctuations in the import of water bikes could result in delays in the products reaching the customers, which may hinder the global water bike market. Even though the market share of China is expected to be only 3.6% in 2022, it plays a major role in the water bikes market.

The market is highly reliant on leading manufacturers which are only present in countries like China and the U.S., resulting in a dependence on imports. Further, imported water bikes come with some additional pricing compared to the original price of the product due to import charges and other tariffs which will hinder the penetration of the market in foreign regions.

Country-wise Insights

How is the Water Sports Culture in the U.S. Positively Impact the Water Bikes Market?

The U.S accounts for a majority of the market share in the North America water bikes market. There is a high volume of production observed in the country and a prime reason for this is that about 40 million American citizens participate in water sports activities on an average yearly. In the U.S it is predicted that more than 1,700 units will be sold. Due to this trend, the number of water bike manufacturers in the U.S is expected to increase exponentially over the coming years.

Due to the above mentioned factors, the U.S. represented over 84.6% of the North American market and over 39% of global water bike demand in 2020. Since the U.S. is a pioneer in the water bike market, any problems in the country's economic or political scenario may have adverse effects on the global water bike market.

How does China Fare in the Water bike Market?

China has the presence of several local manufacturers that supply water bikes on a global level. It is expected that the demand for water bikes in China will observe a surge, especially due to the increasing demand for water bikes in various places such as amusement parks, water parks, outdoor public playgrounds, etc.

One of the main focus of Chinese industrialists is to intensify their business by launching innovative products at aggressive pricing in the global market to compete with the already well-established manufacturers. With the visible growth, the water bikes industry in China, the market is predicted to surpass a valuation of US$ 4.7 Mn by 2032 and is hence considered a lucrative market. With such high valuation, China can be considered as a lucrative market.

Category-wise Insights

How are Pontoon Based Water Bikes Performing in the Market?

The revenue generated from pontoon-based water bikes is expected to increase at a 23.7% CAGR during the forecast period.

Pontoon technology is a veteran technology in the water bikes market, and due to its exceptional performance and innovative design, it is expected to hold a major market share during the forecast period.

Innovations in water bikes, like the use of hydrofoil water bike technology, are giving major competition to the already established pontoon water bike technology. Pontoon water bikes are preferred over other types of water bikes due to their features. Several upgrades have been added to the pontoon technology by manufacturers since it debuted, which has made them very desirable in the market.

In 2022, pontoon-based water bikes are predicted to have the highest market share of 69.6% and a market value of US$ 16.8 Mn and hence are expected to have a huge demand in the future as well.

How is the Electric Water Bikes Expected to Perform in the Market?

Electric water bikes have recently entered the market. Even though the manual versions have observed substantial increase in demand over the years, electric water bikes come accompanied with additional features such as assistance in pedaling and easy ride for aged people due to which its sales are expected to intensify.

Electric water bikes are predicted to have a market value of US$ 55.7 Mn by 2032. Though the growth is small when compared to manual water bikes, it is still expected to capture more than 20% of the demand in the water bike market. The top manufacturers of electric water bikes are Manta5 and Redsharkbikes.

With such major market players focusing on improving electric water bikes, the overall growth of the electric segment is expected to be exponential.

Competitive Landscape

Prominent manufacturers of the water bike industry globally such as Chiller Waterbikes, Manta5, Hydrobikes Inc., Aurea Bike, SBK ENGINEERING SRL, Redsharkbikes, Waterbike Italia S.R.L are focusing on launching new products that are technologically advanced and are capitalizing on marketing strategies such as acquisitions and collaborations with other market players to help improve production capacities, improve market penetration and gain a larger market share.

Fact.MR has provided detailed information about the price points of key manufacturers of water bike positioned across regions, sales growth, production capacity, and speculative technological expansion, in the recently published report.

Segmentation of Water bike Industry Research

• By Technology:

  • Pontoon
  • Hydrofoil
  • Surfboard

• By Product Type:

  • Manual
  • Electric

• By Ownership:

  • Personal
  • Rental

• By Region:

  • North America
  • Latin America
  • Europe
  • East Asia
  • South Asia & Oceania
  • MEA