CYCLE TOURISM MARKET ANALYSIS

The global cycle tourism market size was valued at US$ 127.82 billion in 2023 and is expected to reach US$ 241.27 billion by 2030, growing at a compound annual growth rate (CAGR) of 9.5% from 2023 to 2030.

The growth of the global cycle tourism market is driven by a number of factors, including:

• Rising awareness of the health benefits of cycling: Cycling is a low-impact form of exercise that is beneficial for both physical and mental health. As people become more aware of the health benefits of cycling, they are more likely to choose it as a form of transportation and recreation.
• Increased popularity of adventure tourism: Cycle tourism is a form of adventure tourism that allows people to explore new places and experience different cultures. As adventure tourism becomes more popular, the demand for cycle tourism is also expected to grow.
• Government initiatives to promote cycling: Governments in many countries are promoting cycling as a sustainable and healthy form of transportation. This is leading to the construction of more bike lanes and other cycling infrastructure, which is making cycling more accessible and attractive to tourists.
• Development of new cycling technologies: New cycling technologies, such as electric bikes, are making cycling more convenient and enjoyable for tourists. This is also contributing to the growth of the cycle tourism market.

Cycle Tourism Market Regional Insights

• Europe: Europe is the leading market for cycle tourism, accounting for a market share of over 30% in 2022. The region is home to a number of popular cycling destinations, such as the Netherlands, Belgium, France, and Switzerland. These countries have well-developed cycling infrastructure, including dedicated cycle lanes and trails. They also have a strong cycling culture, with many people cycling for leisure and transportation.
• North America: North America is the second-largest market for cycle tourism, accounting for a market share of over 20% in 2022. The region is home to a number of popular cycling destinations, such as the U.S., Canada, and Mexico. These countries have a variety of cycling landscapes, from flat plains to rugged mountains. They also have a growing cycling culture, with more people cycling for leisure and transportation.
• Asia Pacific: Asia Pacific is the third-largest market for cycle tourism, accounting for a market share of over 15% in 2022. The region is home to a number of popular cycling destinations, such as China, India, and Japan. These countries have a rapidly growing middle class with disposable income, which is driving demand for leisure activities such as cycling. They also have a number of scenic cycling routes, which are attracting tourists from all over the world.

Figure 1. Global Cycle Tourism Market Share (%), by Region, 2022

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Cycle Tourism Market Drivers

• Health and Well-being: Modern society is increasingly health-conscious. Cycling offers both physical exercise and mental well-being. The experience of exploring new places on a bike offers tourists an opportunity to combine fitness with leisure.
• Sustainable Tourism: Environmental concerns have led to a rise in sustainable tourism. Cycling is viewed as an eco-friendly mode of transportation, causing minimal ecological footprint.
• Economic Benefits: For many destinations, cycle tourism provides a way to boost local economies. Cyclists often spend more time in a region compared to other tourists and spend money on local accommodations, food, and services.
• Urban Infrastructure: The development of cycle-friendly cities with designated bike lanes, bike-sharing programs, and other related infrastructure encourages tourists to explore cities on bikes. For instance, according to the cyclinguk.org, around10% of adult UK citizens routinely cycle for leisure purposes. It is anticipated that the market for cycle tourism would expand as more people engage in riding activities.

Cycle Tourism Market Opportunities

• Bike Rental Services: As cycle tourism grows, there will be an increased demand for bike rentals. This includes both traditional bicycles and e-bikes, catering to a diverse range of cycling enthusiasts.
• Accommodation: Specialized accommodations, such as "bike hotels" or "bike B&Bs", can offer facilities tailored for cyclists, like secure bike storage, repair stations, and route information.
• Guided Cycling Tours: Offering guided tours for groups or individuals can be an opportunity for local entrepreneurs. These can range from city tours to longer, multi-day excursions.
• Bike Repair and Maintenance Shops: Increased bicycle traffic means a greater need for repair and maintenance services. Establishing more of these along popular routes can be a valuable asset for cyclists.

Cycle Tourism Market Trends

• Electric Bikes (e-bikes): The rise of e-bikes has revolutionized cycle tourism by making it more accessible. E-bikes help level the playing field, allowing people of different fitness levels to enjoy longer rides together. Their growing popularity has led to increased demand for e-bike rentals and tours.
• Gravel Riding: Gravel bikes, which are versatile and can handle a mix of terrains, have grown in popularity. This has led to a rise in gravel-oriented routes and events, allowing riders to explore off-the-beaten-path destinations.
• Bikepacking: A blend of mountain biking and minimalist camping, bikepacking has emerged as an adventurous form of cycle tourism. It emphasizes self-sufficiency and exploration, often in more remote or wild settings.
• Digital Integration: GPS navigation, route-sharing platforms, and mobile apps dedicated to cycle tourism have become indispensable. They allow riders to plan their routes, find accommodations, and share their experiences in real-time.

Cycle Tourism Market Restraints

• Lack of Infrastructure: In many regions, there's a lack of dedicated cycle paths, signages, and secure bike storage facilities, making it difficult for cyclists to navigate or feel safe.
• Safety Concerns: Busy roads, lack of bike lanes, or unfamiliar terrains can pose safety issues for cyclists, especially in areas where motorists aren't accustomed to sharing the road with bicycles.
• Seasonal Dependency: Certain destinations might be popular only during specific months due to weather conditions, making them less attractive during off-peak seasons.
• Regulatory Issues: In some areas, there may be regulatory restrictions on where cyclists can ride, which can limit the appeal for cycle tourists.

Counterbalance: Cycle Tourism Market has been growing due to factors such as increasing health awareness, environmental consciousness, and the desire for low-cost travel, Cycling tourism requires a certain level of physical fitness and stamina, which might not be suitable for everyone, especially the elderly or those with certain health conditions.

Analyst’s Viewpoint:

The cycle tourism market has significant potential for growth in the coming years. As consumers become increasingly health-conscious and environmentally friendly, cycling is viewed as a sustainable mode of transportation that provides exercise benefits. Another major driver is the growing popularity of electric bicycles which make cycling easier and more accessible. However, safety concerns around cycling and a lack of proper cycling infrastructure act as restraints. Investing in dedicated cycling lanes, routes, and accommodating signage could help address this.

Europe currently dominates the global cycle tourism market owing to the widespread cycling culture and supportive policies of many European governments. Countries like The Netherlands, Denmark, Germany, and Belgium have flourishing cycle tourism industries. However, regions like North America and Asia Pacific are projected to be the fastest growing, as they play catch up with infrastructure developments. Within Asia, China is pushing cycle tourism aggressively with plans to invest billions in cycling projects nationwide.

Rural and mountainous areas have an opportunity to leverage cycling to boost tourism. Several destinations are promoting cycle routes and trails as a way to attract new visitors. This allows tourists to explore lesser-known regions while participating in an active outdoor activity. Cycle tourism also has potential to relieve seasonal pressures in some destinations by encouraging visits throughout the year. However, factors like terrain, weather conditions, and low population density pose challenges for rural and mountainous areas to develop a thriving cycle tourism industry.

Recent Developments

New product launches

• World Expeditions launched a new cycling tour in Bhutan, which takes in some of the country's most scenic and remote regions. The tour includes challenging climbs, stunning views, and opportunities to learn about Bhutanese culture and history.
• Spice Roads launched a new cycling tour in India, which follows the ancient spice route from Kerala to Rajasthan. The tour takes in some of India's most diverse landscapes, from lush rainforests to arid deserts.
• Explore launched a new cycling tour in Japan, which explores the country's stunning mountains, lakes, and forests. The tour is perfect for cyclists of all levels and includes plenty of opportunities to stop and enjoy the scenery.

Figure 2. Global Cycle Tourism Market Share (%), by Purpose, 2023

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Top Companies in Cycle Tourism Market

• Butterfield & Robinson
• Backroads
• Trek Travel
• DuVine Cycling + Adventure Co.
• Exodus Travels
• Intrepid Travel
• TDA Global Cycling
• Bicycle Adventures
• Freewheel Holidays
• Cycling for Softies

Definition: Cycle Tourism refers to the type of tourism where the primary purpose of the vacation or trip is cycling, either on-road or off-road, to explore destinations, landscapes, and cultures. It can encompass everything from short-day excursions to longer multi-day trips and can be self-guided or organized through tour operators.