Need for Advanced Products in Water Sports Industry Piloting the Market for Water Bikes at 24% CAGR, States Fact.MR
Published : 29 Sep 2021 Industry: Automotive
As per a new report published by Fact.MR, a market research and competitive intelligence provider, the global water bikes market is anticipated to exceed a valuation of US$ 20 Mn in 2021, and surge at an impressive CAGR of more than 24% over the forecast period of 2021 to 2031.
The market is in the growth phase of its lifecycle, registering annual growth of 11.5% during 2016-2020. Fact.MR anticipates significant potential in the water bikes market, owing to factors such as increasing tourism activities and growing demand for water sports leisure activities across the world.
There are less manufacturers who offer water bikes on a rental basis. End users who cannot afford to buy a water bike want use it on an infrequent basis, and therefore, hotels, resorts, amusement parks, and others rent water bikes on a per-hour basis. Big players are considerably expanding their sales and distribution networks and are expected to perform well over the coming years.
Key Takeaways from Market Study
- Hydrofoil water bikes are expected to remain the most attractive and likely to offer an absolute dollar opportunity of US$ 51.3 Mn during 2021 – 2031.
- Based on ownership, rental water bikes are estimated to be the most lucrative, increasing 480 BPS by 2031.
- Together, North America and Europe represented over 70% of global market share in 2020.
- Based on product type, demand for electric water bikes is expected to grow 15X during the projection period.
- The market in North America is expected to gain 940 BPS from 2021 to 2031, and offer an absolute dollar opportunity of US$ 92.9 Mn over the decade.
“Attributable to a captivating product, demand for water bikes is expected to gain prominent growth over the coming years. The market is emerging and expected to see optimistic outcomes in terms of sales, revenue generation, and new innovative products,” says a Fact.MR analyst.
In recent years, demand has increased substantially for water bikes, and, as such, manufactures have been compelled to increase their production to fulfil the same. Market players are launching new products to gain valuable market share. Manufacturers are inclined to increase their sales by collaborating with resorts and hotels providing this service around beach areas.
More Valuable Insights Available
Fact.MR, in its new offering, presents an unbiased analysis of the global water bikes market, presenting historical market data (2016-2020) and forecast statistics for the period of 2021-2031.
The study reveals essential insights on the basis of technology (pontoon, hydrofoil, surfboard), product type (manual and electric), and ownership (rental and personal), across six major regions of the world (North America, Latin America, Europe, East Asia, South Asia & Pacific, and MEA).
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Consultant – Automotive & Industrial Automation