Bicycle Trip Market Growth & Trends
The global bicycle trip marketsize is estimated to reach USD 2.9 billion by 2030, according to the new report conducted by Grand View Research, Inc. The market is expected to expand at a CAGR of 13.2% from 2022 to 2030. The tourism and adventure industry has significantly grown in recent years and is expected to expand further. Cycling tourism is a kind of adventure tourism that involves seeing new areas, traveling to distant locales, and experiencing the harsh nature of cycling along the journey. Bicycles are the main form of transportation for visitors visiting their destinations, with all riders starting from a base and traveling in groups to other areas.
Bicycle Trip Market Segmentation
Grand View Research has segmented the global bicycle trip market based on type, tour type, age group, and region:
Based on the Type Insights, the market is segmented into Solo, Group, Couple, Family.
- The couple type segment held the largest revenue share of 47.3% in 2021 and is expected to grow significantly during the forecast period. The segment is expected to hold the largest market share throughout the forecast period. Majority of the cycling enthusiasts cycle with partners. Couple trips are popular, especially among married individuals and workout partners. The double-seated cycles are majorly used by couple for bicycle trips. The double-seated bicycles are popular for tourist sports, leisure trips, and nature rides. Couple tours are hand-crafted for honeymoon goers with value additions such as decorated bicycles, additions of meals to the package, curating customized experiences based on the request, and so on.
- The group type segment held the second-largest revenue share of 26.3% of the total market in 2021. The segment is expected to grow at the fastest CAGR during the forecast period. The group type segment is expected to grow as group trips allow you to meet new people. Also, the group trips are inexpensive as compared to solo trips or couple trips. The cost of conducting a group trip for companies is less compared to solo or couple trips. Also, companies earn more from group tours and therefore they even offer discounts on them in order to attract more customers. The group trips are especially popular among the age group of 18-30 years.
Based on the Tour Type Insights, the market is segmented into Single Day and Multi Day.
- The multi-day segment accounted for the largest revenue share of around 69.7% in 2021 and is anticipated to register a CAGR exceeding 13.0% from 2022 to 2030. Multi-day cycle tours are long-distance cycle routes. The tour type includes trips between cities. Such inter-city trips are hugely popular in European countries and also in the U.S. Multi-day trips are hugely popular in the nature tourism sector and also in the adventure tourism sector. Companies are offering clubbed packages for multi-day trips which include meals, stay, refreshments, and entertainment. This category of trip demands more fitness, endurance, and stamina. Hence, such trips are mostly for expert or intermediate-level cyclers.
- The single-day tour type segment is expected to witness the fastest CAGR of 13.7% in the market for bicycle trips during the forecast period. Cycling is a popular mode of transport in European nations such as the Netherlands, Norway, and France. These countries are home to some of the major tourist spots and single-day cycling tours are a popular sight-seeing experience. Single-day cycle tours are popular in the urban areas wherein one-day cycle trips to nearby areas are organized from the city centers. Other types of single-day trips include heritage cycle rides, nature cycle rides, and midnight tours.
Based on the Age Group Insights, the market is segmented into 18-30 Years, 31-50 Years and Above 50 Years.
- The 31-50 years segment held the largest revenue share of 38.3% in 2021 and is expected to increase significantly during the forecast period. The 31-50 years category is the age group with more disposable income as compared to other age groups category. The spending capacity of this age group is more as compared to others.
- The 18-30 years segment held the second-largest revenue share of 32.3% in 2021 and is anticipated to witness a CAGR of 13.9% during the forecast period. The young age bracket of 18-30 years is attracted to bicycle trips owing to the adventure and thrill factor. This age group uses social media.
Bicycle Trip Regional Outlook
- North America
- Europe
- Asia Pacific
- Rest of World
Key Companies Profile & Market Share Insights
Key companies are focusing on offering different experiences and value-added services, to improve the salability and re-bookings of the trips. Additionally, market players are continually investing in identifying new routes and destinations to create exclusive and customized experiences.
Some of the prominent players operating in the global bicycle trip market include,
- Spice Roads
- Life Time Fitness, Inc. (Unbound Gravel)
- Epic Road Rides
- Explore!Worldwide Limited
- Intrepid
- Exodus Travels Limited
- G Adventures
- Backroads
- Bicycle Adventures
- DuVine Adventures
Order a free sample PDF of the Bicycle Trip Market Intelligence Study, published by Grand View Research.
No comments:
Post a Comment