The global cycle tourism market is estimated to be valued at US$ 127.82 billion in 2023 and is expected to exhibit a CAGR of 9.5% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights. Cycle tourism involves traveling using bicycles as the principal mode of transportation. It has gained immense popularity due to its health and environmental benefits. Cycle tourists typically look for destinations with scenic landscapes, less automobile traffic and cycling infrastructure like dedicated trails.
Market key trends:
Growing popularity of eco-friendly tourism has been a major driving factor for the cycle tourism market. More consumers are now looking for environmentally sustainable travel options and are shifting from motorized modes of transportation to cycling for exploring new destinations. According to industry estimates, cycle tourism creates 65% fewer carbon emissions as compared to other modes of tourism involving cars, coaches and flights. With increasing concerns around climate change, many tourists now prefer cycling holidays as they feel it is their way of reducing carbon footprint from leisure travel. Countries and destinations are also promoting cycling infrastructure and trails to cash in on this growing cycle tourism trend. For instance, destinations in European countries like Netherlands, Denmark and Germany have witnessed substantial investments in recent years to develop attractive cycling routes and attract more cycle tourists globally.
SWOT Analysis
Strength: Cycle tourism market offers health benefits to tourists by providing opportunities for cycling and outdoor activities. It promotes a sustainable form of tourism with minimal carbon footprint.
Weakness: Lack of dedicated cycling infrastructure and safety concerns in some regions act as barriers for the growth of cycle tourism. High initial investment is required for setting up cycling infrastructure and trails.
Opportunity: Rising health consciousness and preference for active outdoor vacations among tourists present an opportunity for market expansion. Growing focus on sustainable tourism will further drive the demand.
Threats: Fluctuations in crude oil prices impact the costs of tours and travel. Natural calamities and extreme weather conditions pose threats to cycling activities and tourism.
Key Takeaways
The Global Cycle Tourism Market Size is expected to witness high growth over the forecast period of 2023 to 2030. The market is projected to grow at a CAGR of 9.5% during the forecast years.
Regional analysis
Europe currently dominates the global cycle tourism market with major cycling routes and dedicated cycling infrastructure in countries like Germany, France, Netherlands, Belgium, Italy, and others. The regional market is estimated to grow at a CAGR of over 8% during 2023-2030 owing to increasing number of cycle tours and trails in the region. Asia Pacific is expected to emerge as the fastest growing market for cycle tourism over the coming years supported by rising health awareness and improving cycling infrastructure in countries like China, Japan, and India.
Key players
Key players operating in the cycle tourism market are Butterfield & Robinson, Backroads, Trek Travel, DuVine Cycling + Adventure Co., Exodus Travels, Intrepid Travel, TDA Global Cycling, Bicycle Adventures, Freewheel Holidays, and Cycling for Softies. These companies offer organized cycle tours to domestic and international tourists with varying degrees of difficulty. They provide cycling equipment, guides, accommodation, meals and other supportive amenities to tourists.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. With an MBA in E-commerce, she has an expertise in SEO-optimized content that resonates with industry professionals.