Dublin, Oct. 18, 2024 (GLOBE NEWSWIRE) -- The "Cycle Tourism Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, 2019-2029F" report has been added to ResearchAndMarkets.com's offering.
Global Cycle Tourism Market was valued at USD 118.2 Billion in 2023 and is anticipated to project robust growth in the forecast period with a CAGR of 8.74% through 2029
The global market's growth is fueled by a notable increase in long-distance cycling participants, a rising interest in adventure camping and sports among millennials, and government initiatives aimed at boosting domestic and international tourism. Moreover, developing nations' companies and governments are employing cycle tourism strategies to foster sustainable economic growth and generate revenue for local communities. 
These efforts are expected to drive market expansion in the future, facilitating the transition to sustainable development. The introduction of e-bikes is predicted to be a major trend driving market growth, catering to the increasing demand for cycling tourism. E-bikes offer opportunities for tackling challenging terrains and enabling older individuals to stay active. Additionally, their hybrid designs allow riders to choose between using the electric motor or pedaling conventionally, enhancing the cycling experience for tourists.
Travel and tourism companies are promoting cycle tourism through various channels, including direct sales, advertising, discounts, and package deals. However, it's the influence of social media users, particularly through platforms like YouTube, Facebook, and Instagram, that is propelling the sector's expansion. Millennials, inspired by the exhilaration portrayed in vlogs, are increasingly drawn to adventurous travel experiences. Furthermore, dedicated social media platforms focused on bicycle tourism are fostering communities and facilitating trip organization, which is expected to significantly boost demand over the projected period.
Segmental Insights
Type Insights
In 2023, the groups/friends segment emerged as the dominant segment in the market. The escalating demand for outdoor recreational activities, as part of physical fitness routines and sustainable travel practices, has driven a substantial increase in bicycle tourism across various traveler groups. These groups also significantly contribute to economic growth worldwide through expenditures on dining out, accommodation, and coffee shops. To engage with these groups, tour operators are organizing diverse cycling activities, including fundraisers or charity rides, in collaboration with local clubs, thereby expanding the pool of tourists embracing cycling.
During the projected period, the solo bike travel segment is expected to exhibit the fastest Compound Annual Growth Rate (CAGR). Both male and female cyclists are increasingly opting for independent travel experiences and cherishing their individuality. Tour operators are seizing this trend by designing solo tours featuring a variety of exciting activities and offering exclusive discount vouchers for solo travelers. These efforts have fueled the continued expansion of the market.
Regional Insights
In 2023, Europe held the largest market share in cycling tourism and is projected to maintain this growth trajectory throughout the forecast period. The demand for cycling tourism has surged in economies like the U.K., Germany, France, and others. European governments prioritize infrastructure development, including bicycle lanes, car-free city centers, ample bike storage facilities, and enhanced safety measures to support cycling tourism.
Meanwhile, the Asia Pacific region is expected to witness the fastest Compound Annual Growth Rate (CAGR) during the forecast period. Regional governments are increasingly focusing on expanding the cycle tourism sector due to its significant economic benefits. The rising acceptance of e-bikes in countries such as China, Japan, and India is influenced by growing environmental concerns regarding pollution, which serves as a key driver for the expansion of the regional cycle tourism industry.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 184 |
| Forecast Period | 2023 - 2029 |
| Estimated Market Value (USD) in 2023 | $118.2 Billion |
| Forecasted Market Value (USD) by 2029 | $195.4 Billion |
| Compound Annual Growth Rate | 8.7% |
| Regions Covered | Global |
Report Scope:
Key Market Players
- SpiceRoads Cycling
- World Expeditions Travel Group Pty Ltd
- Travel + Leisure Co.
- Exodus Travels Limited
- Intrepid Group Pty Limited
- G Adventures Inc.
- Himalayan Glacier Adventures, LLC
- OST.travel Inc. (Sarracini Travel)
- Roswell Park Alliance Foundation
- Active Adventures Limited Partnership
Cycle Tourism Market, By Type:
- Groups/Friends
- Couples
- Family
- Solo
Cycle Tourism Market, By Booking Mode:
- Direct
- Travel Agent
- Marketplace Booking
Cycle Tourism Market, By Age Group:
- 18 to 30 Years
- 31 to 50 Years
- More than 50 Years
Cycle Tourism Market, By Region:
- North America
- United States
- Canada
- Mexico
- Europe
- France
- United Kingdom
- Italy
- Germany
- Spain
- Asia-Pacific
- China
- India
- Japan
- Australia
- South Korea
- South America
- Brazil
- Argentina
- Colombia
- Middle East & Africa
- South Africa
- Saudi Arabia
- UAE
- Turkey
- Egypt
For more information about this report visit https://www.researchandmarkets.com/r/uu7tap
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
Attachment
