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.
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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
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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.
Key Segments Covered in Water Bikes Industry Research
- By Technology
- By Product Type
- Manual Water Bikes
- Electric Water Bikes
- By Ownership
- Personal Water Bikes
- Rental 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.
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