Market valuation to reach US$ 1291.3 Mn by 2032 end.
As per a recent market analysis by Future Market Insights (FMI), Bicycle Tourism market is poised to reach a valuation of US$ 345.1 Mn in 2022. Sales are projected to increase at a 14% CAGR, with the market size reaching US$ 1291.3 Mn by 2032.
People around the world are getting more and more aware about the environment and looking for various ways to reduce the carbon footprint in order to save the degradation of environment. This has diverted people towards the use of bicycles, more sustainable mode of transport.
According to Future Market Insights, bicycle tour is an efficient way of tourism which involves exercising while being fun and adventurous. After the pandemic era, people are also getting more health conscious and looking for options to be in shape along with feeding their desire to explore different parts of world.
People want a break from their monotonous schedule after staying at their homes for a considerably high amount of time. The tour companies are coming up with new tour packages which include extra activities to satisfy the customer’s needs.
These packages are often preferred by tour groups wanting to utilize every bit of their energy to fulfil their hunger of tourism which include camping events, hiking events, yoga, meditation and many other activities. Furthermore, there has been a hike in the inflation after the pandemic and war which caused the increase in fuel prices and made the travellers choose bicycles as the primary mode of transport.
These factors has caused a tremendous impact on the bicycle tourism market by drawing traveller’s attention towards the benefits of utilizing bicycles as a mode of tourism. This trend is expected to grow in coming years as the need of sustainable travel and scarcity of fossil fuels will keep on rising.
“Rising awareness about sustainability and travellers getting more health conscious expected to boon the Bicycle tourism Market.“says an FMI analyst.
Key Takeaways
- Based on type of tourism, Touring/ Expedition predicted to account for a dominant share of Travelers in the market through 2032.
- By booking channel, the online booking segment is anticipated to hold a noteworthy share of nearly ~60%.
- In terms of age group, demand in the youngsters in the age group 15-25 years and 26-35 years will continue gaining traction through 2032.
- Based on packages, Bicycle tourism travelers will continue to opt tour group deals over the normal travel deals.
Impact of COVID-19 on the Bicycle Tourism Market
The tourism sector was the one which got tremendously hit by the pandemic. The regulations imposed by various nations for the safety of people was very strict. This made the working of tourism market very difficult as a result the tourism companies had to shut down. This made it next to impossible for the tourism market to get back on track.
People were annoyed by being locked down in the walls of their homes and wished to satisfy their urge to go out in some or the other way. Now that the things are getting back to normal, a considerably high rise is seen in the amount of tourists. The pandemic also forced people to be more concerned about their health which increased the use of bicycles as a mode of travel. As a result, great incline is seen among the tourists opting for Bicycle tourism.
Vicky is the co-founder of TravelDailyNews Media Network where she is the Editor-in Chief. She is also responsible for the daily operation and the financial policy. She holds a Bachelor's degree in Tourism Business Administration from the Technical University of Athens and a Master in Business Administration (MBA) from the University of Wales.
She has many years of both academic and industrial experience within the travel industry. She has written/edited numerous articles in various tourism magazines.
