Newly-released water bikes industry analysis shows that global demand enjoyed year-on-year (YoY) volume growth of 18.7% in 2021, to total more than 3,500 units. Pontoon water bikes displayed positive year-on-year growth of 18.6%, while hydrofoil water bikes were up 21.1% in 2021.
Over the next ten years, the global water bikes market is projected to expand 9X, as per analysis by Faxct.MR.
Key Insights Offered in Water Bikes Industry Survey:
- Market Estimates and Forecasts (2016-2031)
- Key Drivers and Restraints Shaping Market Growth
- Segment-wise, Country-wise, and Region-wise Analysis
- Competition Mapping and Benchmarking
- Market Share Analysis
- COVID-19 Impact on Demand for Water Bikes and How to Navigate
- Recommendation on Key Winning Strategies
Revenue Analysis of Water Bikes from 2016 to 2020 Compared to Demand Outlook for 2021 to 2031
As per the research by Fact.MR, a market research and competitive intelligence provider, historically, from 2016 to 2020, market value of water bikes increased at around 11.5% CAGR, with the U.S., Canada, Spain, Italy, and China holding high shares in the global market.
With all considerations such as high price of water bikes, use of water bikes for racing, and upsurge in sales of electric water bikes, it has been revealed that water bikes market growth to 2031 is forecast to expand at a high CAGR of close to 24%.
- The global market expected to experience prominent growth in 2021 with worldwide revenue up 19.6% year-over-year. Fact.MR estimates that global revenue from water bikes will grow 9X reaching US$ 181.1 Mn by 2031, at a ten-year compound annual growth rate (CAGR) of 24%.
- As per Fact.MR’s market insights, global market revenue totaled US$ 16.8 Mn in 2020.
- Demand for conventional water bikes is set accelerate at a moderate pace.
- Demand for hydrofoil water bikes is projected accelerate at a high pace.
- Top 2 manufacturers of water bikes held 79% market share in 2020.
- While demand was impacted by COVID-19, over the decade, long-term forecasts look good, especially for electric water bikes.
Which Factors are Propelling Demand for Water Bikes?
Increasing urbanization and change in pace of living, with an increasingly hectic lifestyle becoming normal, has inclined consumers towards some form of activity, which has boded well for the demand for water bikes.
Water biking is one of the water sports activities that helps burn a significant number of calories due to the pedalling involved. Besides, it also helps relaxes the mind. Use of water bikes for racing is also pushing the market upwards.
The market is not yet solidly established around the world and ongoing product design and development is expected to aid expansion going further. Water bicycle market trends are customers opting for rental water bikes instead of buying new one and buying electric water bikes.
Manufacturers are increasingly taking efforts to develop electric water bikes ideal for multiple industries.
- For instance, Manta5, a leading brand in water bikes, has been emphasizing on design and development of fully electric models of water bikes.
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What Opportunities Can Start-ups Grab in the Water Bikes Industry?
Investments in water bikes are anticipated to increase in the near future. Foreign direct investment regulations aim to attract global OEMs to expand their facilities. Further, the outlook for regional markets is strong and healthy, owing to strong demand for sports activities. Pontoon is expected to remain a preferred design in the market.
There is a massive opportunity for water sports product manufacturers to start manufacturing water bikes. However, growing demand for hydrofoil design in the water bikes industry is anticipated to create significant opportunities for this new design during the assessment period.
What Difficulties are Faced by Water Bike Suppliers?
Manufacturers are facing shipping and production issues, and offering competitive pricing on products. Demand for water bikes is rising at a good pace but manufacturers are out of stock.
A key legal consideration for manufacturing water bikes is especially if the fabrication site is located in a different jurisdiction than the project site. Governing laws determine applicable, zoning restrictions, licensing, permitting and safety requirements, labour relations, and applicable statutes of limitation and repose.
To overcome these challenges, regulations are required to be addressed are standards of prefabricated material quality and safety, accreditation to international trade, life determination and declaration, etc., which are not easy and pose a challenge to companies manufacturing water bikes.
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Which Regional Market Offers Lucrative Opportunity for Sales of Water Bikes?
North America has significantly high penetration of water bikes, owing to high demand from municipal parks, beaches, hotels, and resorts. North America is expected to account for over 40% global water bike demand throughout the analysis period.
However, in 2020, demand for water bikes in North America dropped by 15.1% year-on-year, and reached 1,402 units.
The region is expected to account for US$ 9.2 Mn in total revenue by 2021-end. Canada and U.S. states such as Ontario, California, Florida, and New York, among others, are areas responsible for prominent demand for water bikes in the North American region.
Why is the U.S Witnessing High Demand for Water Bikes?
Currently, the U.S accounts for over 4/5 of North American sales of water bikes in terms of volume. Yearly, more than 40 million Americans participate in water sports. The number of of water bike manufacturers in the U.S is expected to rise significantly over the coming years.
Owing to these factors, the U.S. represented over 84% of North American and over 38% of global water bike demand in 2020. According to the Outdoor Industry Association, each year, the U.S. spends more than US$ 14 Bn on water sports activities as compared to US$ 11 Bn on movies tickets.
With the U.S. being one of the core markets for water bikes, any ups and downs in the country may have a considerable impact on the global market.
How is China’s Growing Prosperity Expected to Boost Adoption of Water Bikes?
There are few local manufacturers positioned in China supplying water bikes globally. Demand for water bikes in China is expected surge, owing to high demand for water bikes in amusement parks, outdoor public playgrounds, and for various other applications.
However, Chinese industrialists are aiming to intensify their business through launching innovative products at competitive pricing in the global market. With its pace of development, the water bikes industry in China is projected to surpass a valuation of US$ 4 Mn by 2031.
How Has Demand for Water Bikes Been Shaping Up across Established & Emerging Markets?
Spain: Similar to the U.S., Spain has been an early adopter of water bikes. The Spanish economy is highly dependent on the service sector, generating up to 70% of its GDP, in which tourism activities hold a substantial share.
Demand for 2-person water bikes and 4-person water bikes is expected to rise substantially in Spain over the coming years. The country is famous for water sports activities near beaches, and many people celebrate their holidays in Spain at such destinations. This expected to bolster demand for water bikes in Spain.
The market in Spain holds more than 1/4 market share in the European region.
Italy: Behind Spain, Italy is expected to be the one of the leading markets in Europe for water bikes. Italy is listed at a top manufacturing country of water bikes.
Application of water bikes in touring is high in the country. Like Spain, Italy is also highly dependent on the tourism sector, which is directly related with the country’s GDP. Additional investments in the tourism industry of the country are expected to propel market growth here.
Australia & New Zealand (ANZ): Australia and New Zealand have a long history of using water bikes owing to their prominent tourism market. Heavy focus on improvement in sales and distribution networks by manufacturers in these countries is anticipated to push up sales of water bikes.
Australia & New Zealand hold more than 3/4 market share in the South Asia & Pacific region.
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Why are Electric Water Bikes Highly Popular across the World?
Electric water bikes have emerged recently, even though manual water bikes have seen substantial demand growth. Sales of electric water bikes are expected to intensify, owing to benefits such as assistance in pedalling and easy ride for aged people.
At 910 BPS, electric water bikes are expected to reach a market valuation of US$ 42.5 Mn by 2031. Top manufacturers of electric water bikes are Manta5 and Redsharkbikes.
Which Technology is Anticipated to Drive Market Expansion?
Revenue from pontoon-based water bikes is expected to increase at a CAGR of over 23% during the forecast period.
Pontoon technology is a firstborn technology in the market, and due to its innovative design and performance, it is expected to hold prominent market share going ahead too.
Latest innovations in water bikes, such as hydrofoil water bike technology, are giving tough competition to pontoon water bikes. In comparison with other technologies, pontoon technology is quite mature. Up-gradations in pontoon technology have been carried by manufacturers since its inception, which has caught the attention of customers.
Why are Rented Water Bike Preferred?
Rental water bikes totalled around US$ 11 Mn revenue in 2020, according to the global market analysis conducted by Fact.MR. Demand for solo type water bikes is anticipated to push overall water bike sales.
Customers are preferring to acquire water bikes on rent instead of buying a personal one. Rental water bikes are expected to hold more than 60% global market share.
How Has COVID-19 Impacted Revenue Generation from Water Bikes?
COVID-19 has lowered demand for water bikes owing to shutdown of manufacturing industries. After unlock activities started, demand rose to peak levels, which led to the inability of manufacturers to fulfil the requisite demand.
A negative impact on the market was due to strict restrictions on beach tourism and water sport activities. Net impact on the market was reflected in a low, though negative growth of 14.2% in 2020 as compared to previous projections. As compared to actual market estimates for 2020, the market observed a drop of US$ 6.5 Mn in the recalibrated estimates.
According to the market research analysis, top manufacturers of water bikes are Schiller Waterbikes, Manta5, Hydrobikes Inc., Aurea Bike, SBK ENGINEERING SRL, Redsharkbikes, and Waterbike Italia S.R.L.
Market players are focusing on expansion, investments, delivery focus, portfolio expansion, and brand development.
Similarly, recent developments related to companies manufacturing water bikes have been tracked by the team at Fact.MR, which are available in the full report.
Water Bikes Industry Report Scope
Market size value in 2020
|USD 16.8 Million|
Market forecast value in 2031
|USD 181.1 Million|
Historical Data Available for
|Units for Volume and US$ Mn for Value|
Key Regions Covered
Key Countries Covered
Key Market Segments Covered
|Top companies in water bike market||
|Other Companies Analyzed||
Available upon Request
Key Segments Covered in Water Bikes Industry Research
By Product Type
- Manual Water Bikes
- Electric Water Bikes
- Personal Water Bikes
- Rental Water Bikes
- FAQs -
The global water bikes market is worth more than US$ 16.8 Mn at present.
Sales of water bikes are projected to increase at a CAGR of over 24% during 2021 – 2031.
Value sales of water bikes increased at a CAGR of 11.5% during 2016 – 2020.
Rental business of water bikes are projected to substantially drive market expansion over the years ahead.
Growing indulgence in water sports activities, use of water bikes for racing, and strengthened demand for water bikes at public parks are core drivers for the market.
Top 2 manufacturers of water bikes account for 79% share in the market.
Top 5 countries driving demand for water bikes are the U.S., ANZ, Canada, Spain, and Italy.
North America accounted for over 40% of global water bike demand in 2020.
The European market for water bikes is projected to expand at a CAGR of more than 24% during 2021 – 2031.
The U.S., Italy, Spain, and Taiwan are key producers of water bikes.
The market in Italy and Spain is set to expand at over 24% CAGR, with both countries together accounting for 46% volume share in the European market.
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Is the market research conducted by Fact.MR?
Yes, the report has been compiled by expert analysts of Fact.MR, through a combination of primary and secondary research. To know more about how the research was conducted, you can speak to a research analyst.
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