Prominent water bike manufacturers are focussing on product innovations for experience of the consumer and for that, strategic analysis, collaborations and mergers, joint acquisitions, product launched are done by these manufacturers for taking care of their leading positions in the water bikes industry.
Key Developments in Water Bikes Industry
In January 2020, World’s first hydro e-bike named as Hydrofoiler-XE1 by Manta 5 was launched. The bike doesn’t have wheels and instead it contains 2m wide hydrofoils which are designed to function as wings in the water. It was the idea of a guy named Howard-Willis who dreamt of cycling on water.
Their prototype of hydro bike won Gold at 2017 best awards in the concept category. It was the highest search on Google at the first day of first day of the event. The uptake has also been successful in New Zealand, US, UK and in other European countries.
In 2020, Yamaha has also announced its motorcycle running on water. Yamaha’s XT 500 H2O is the name going to be. The work is on progress and the sketches have been released recently. The motorcycle will be propelled by a closed loop H2O motor and will have a water pump that that basically cycles water and offers a means of propulsion.
Water bikes deliver safe and exhilarating rides on the top of waves. The increasing trend of bicycling to maintain general health is adding its growth. In case of a water bike, both, the water pressure as well as wind speed affect the force people need to power the water bike with. Thus, the force needed to power a water bike is considerably higher than the force needed to power a traditional bike. Moreover, water bikes are more beneficial to health than conventional bikes.
For instance, water bikes can help burn up to 500 calories in a single ride. Water bikes are made using such advanced technology, that they convert the maximum amount of human energy when compared to other types of bikes, and this is precisely the reason why they are also slightly on the expensive side. Moreover, manufacturers are focusing on technological advancements to meet future customer requirements and maintain their stable position.
Significant improvements in technology can open new doors for the manufacturers of water bikes and their components. Water bike manufacturers, today, are inclining towards products that offer increased operational performance at a reduced cost. This can be achieved by deploying systems and components that are light in weight, utilize advanced material in manufacturing to offer higher reliability and serviceability, and are easy to install. The growing water sports industry as well as growing public attraction towards leisure water activities is one of the key drivers for the global water bikes market.
Key Factors Shaping Demand for Water Bikes
With the growth in middle-class income level and disposable income, the tourism industry has witnessed significant growth over the recent past. Increased traction of people towards recreational water sports and maritime tourism has promoted the growth of the tourism industry, which, indirectly, is expected to upsurge the demand for water bikes.
The growth in maritime tourism is increasing the demand for new ships and water bikes, which will ultimately boost the market of water bikes in the near future. Furthermore, water bikes require less maintenance, and hence, owners are not required to spend additional money on getting parts fixed and cleaned.
The water bikes market is estimated to not witness saturation in the near future, as only a few companies produce water bikes. The shift of manufacturing to developing economies has created a concerning situation for the developed economies. These economic downturns may also have a significant impact on the water bikes industry over the coming years, and can inhibit the growth.
The water bikes market is segmented on the basis of technology, sales type, and capacity.
On the basis of technology:
- Conventional Water Bikes
- Electric Water Bikes
On the basis of sales type:
- Rental Bikes
- New Bikes
North America is dominating the water bikes industry – the reason behind its tremendous growth is the fact that, most manufacturers are located in North America. The U.S. and Canada hold a significant share of global production. In Asia Pacific, developing countries such as China and India are projected to grow over the years, due to urbanization and technological advancements in these countries. Growing tourism is also one of the reasons for growth escalation in these countries.
Furthermore, the high demand for environment-friendly transportation in European countries will also fuel the growth for water bikes. Asia Pacific will be followed by Middle Eastern countries. From 2016 to 2017, Dubai maritime tourists and cruises increased significantly by 15% to 18%, respectively. The Emirates is home to the Middle East’s largest and most modern water equipment facilities. As the number of customers grow in the MEA, sustainable growth of the water bikes market in the region will get cemented.
Some of the key participants identified across the value chain of the water bikes market are:
- Schiller Bikes
- Yamaha Motor Corporation, USA.
- Hydrobikes Inc.
- Austin Water Bikes
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Regional analysis includes:
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- Latin America (Mexico, Brazil, Argentina, Chile, Peru)
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