Cycle Tourism Market Estimated To Witness High Growth Owing To Increasing Health Awareness
Cycle tourism involves traveling long or short distances by bicycle. It allows travelers to experience places in an environment-friendly way while getting exercise. Many countries have developed extensive networks of cycle paths to promote this form of tourism. Cycle routes pass through scenic countryside, coastal areas and historic towns. They provide an opportunity to appreciate rural landscapes and heritage sites at a relaxed pace. The global cycle tourism market is estimated to be valued at US$ 147.25 Bn in 2024 and is expected to exhibit a CAGR of 18% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
One of the key drivers for the growth of the cycle tourism market is the increasing health awareness among people. Regular exercise through cycling helps reduce anxiety and depression while improving heart health, muscle strength and weight management. This has boosted the popularity of leisure cycling vacations. Furthermore, rising environmental consciousness is encouraging travelers to opt for eco-friendly modes of transportation like bicycles. Several countries are promoting cycle tourism as a sustainable form of local tourism with minimal carbon footprint. Investments made by governments in cycling infrastructure are also fueling the market growth. For example, the European Union's EuroVelo project aims to develop a network of long-distance cycling routes across Europe.
SWOT Analysis
Strength: The cycle tourism market provides health benefits like lowering the risk of heart disease, diabetes and obesity. Cycling is an eco-friendly mode of transportation that reduces traffic and pollution. Many destinations are actively promoting cycling infrastructure and trails to attract cycle tourists.
Weakness: Lack of dedicated cycling lanes and proper signage in many cities poses safety risks. Remote and hilly terrains require higher physical fitness levels, limiting the participant base. Weather conditions like heavy rain or snow can impact cycle tourism activities in certain regions.
Opportunity: With rising health consciousness, many people are taking up cycling for leisure and travel. Several companies are launching electric bicycles to make cycling accessible for all age groups. Many governments provide subsidies for development of cycling networks and trails. Growing popularity of adventure and nature-based tourism presents an opportunity to promote cycle tourism offerings.
Threats: Restrictions related to the COVID-19 pandemic have disrupted cycle tourism plans and bookings over the past year. Natural calamities like floods, hurricanes or wildfires can damage cycling infrastructure in affected areas. Rising vehicle ownership levels and urban road congestion pose competition from other travel modes.
Key Takeaways
The Global Cycle Tourism Market Share is expected to witness high over the forecast period due to rising health awareness and adventurous tourism trends post pandemic.
Regional analysis: Asia Pacific is projected to be the fastest growing regional market for cycle tourism driven by cycling enthusiasm in China and India and ongoing development of cycling infrastructure. Countries like Vietnam, Taiwan, South Korea and Philippines are also investing in cycling networks to promote tourism.
Key players operating in the cycle tourism market are STERIS Corporation, Ecolab, Inc., TOMI Environmental Solutions, Inc., JCE Biotechnology, Fedegari Autoclavi SpA, Howorth Air Technology Ltd., Noxilizer, Inc., ClorDiSys Solutions, Inc., Wales Group, and Wenzhou Weike Biological Laboratory Equipment Co., Ltd.
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