Cycle Tourism Market: Current Analysis and Forecast (2024-2032)
Emphasis on Group (Groups/Friends, Couples, Family, and Solo); Booking Mode (Direct, Travel Agent, and Marketplace Booking); Age Group (18 to 30 Years, 31 to 50 Years, and Above 50 Years); and Region/Country
Global Cycle Tourism Market Size & Forecast
The global cycle tourism market was valued at USD 127.3 billion in 2023 and is expected to grow at a strong CAGR of around 8.7% during the forecast period (2024-2032) owing to the tourists being increasingly mindful of their carbon footprint. Cycling is eco-friendly and aligns with the values of sustainable tourism.
Cycle Tourism Market Analysis
The cycle tourism market is rapidly expanding due to the growing interest in sustainable travel, fitness, and experiential tourism, and it is expected to grow even more in the future because of the maturity of the cycle tourism market, greater environmental awareness, physical benefits, and the trend in buying retail tourism services with an emphasis on living local experiences. Cycle tourism is a versatile product offering services for groups and individual tourists and coming as a package tour for bicycle enthusiasts. Market leaders are diversifying their products to fit different population types and preferences of younger generations, families, single travelers, and others. Of course, this market growth is positively influenced by direct-booking web applications and social networks that enhance cycling holidays for users of any age.
Global Cycle Tourism Market Trends
This section discusses the key market trends that are influencing the various segments of the global cycle tourism market, as found by our team of research experts.
Groups/Friends Segment Transforming Industry
Groups and Friends are the ones that tend to spend money on the cycle tourism market because they are social beings who enjoy cycling together. People love to travel in groups because it makes the adventure more exciting as well and everyone feels safe especially when they are choosing those daring routes or beautiful trails. Most organizations address such issues by designing group packages that not only suit people’s tastes but also make journeys more economical.
North America is expected to grow at a significant rate during the forecast period.
The North American cycle tourism market is likely to expand in the coming years. North America has numerous beautiful routes for cycling which include coastal roads and bike paths, national parks, and other historic routes for country biking for both leisure and adventure cycling. Many cities are coming up with bicycle facilities including bike lanes and safe cycling tracks thus improving the attractiveness of cycling as a leisure activity to tourists. Moreover, with advancements in bike-sharing services and readily available rentable bicycles, any tourist can pick up a bicycle and integrate cycling vacations into the trend of cycle tourism in the region.
Global Cycle Tourism Market Overview
The global cycle tourism market is competitive, with several global and international market players. The key players are adopting different growth strategies to enhance their market presence, such as partnerships, agreements, collaborations, new product launches, geographical expansions, and mergers and acquisitions. Some of the major players in the market are SpiceRoads; World Expeditions Travel Group Pty Ltd; Travel + Leisure Co.; Exodus Travels Limited; Intrepid Group; G Adventures; Arbutus Routes; Austin Adventures; Himalayan Glacier; Backroads
Global Cycle Tourism Market Report Coverage
Report Attribute | Details |
Base year | 2023 |
Forecast period | 2024-2032 |
Growth momentum | Accelerate at a CAGR of 8.7% |
Market size 2023 | USD 127.3 billion |
Regional analysis | North America, Europe, APAC, Rest of the World |
Major contributing region | North America is expected to dominate the market during the forecasted period. |
Key countries covered | U.S., Canada, Germany, U.K., Spain, Italy, France, China, Japan, and India |
Companies profiled | SpiceRoads; World Expeditions Travel Group Pty Ltd; Travel + Leisure Co.; Exodus Travels Limited; Intrepid Group; G Adventures; Arbutus Routes; Austin Adventures; Himalayan Glacier; Backroads |
Report Scope | Market Trends, Drivers, and Restraints; Revenue Estimation and Forecast; Segmentation Analysis; Demand and Supply Side Analysis; Competitive Landscape; Company Profiling |
Reasons to buy this report:
The study includes market sizing and forecasting analysis confirmed by authenticated key industry experts.
The report briefly reviews overall industry performance at one glance.
The report covers an in-depth analysis of prominent industry peers, primarily focusing on key business financials, type portfolios, expansion strategies, and recent developments.
Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
The study comprehensively covers the market across different segments.
Deep dive regional level analysis of the industry.
Customization Options:
The global cycle tourism market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to contact us to get a report that completely suits your requirements.
Table of Contents
Research Methodology for the Global Cycle Tourism Market Analysis (2024-2032)
Analyzing the historical market, estimating the current market, and forecasting the future market of the global Cycle Tourism market were the three major steps undertaken to create and analyze the adoption of the global Cycle Tourism in major regions. Exhaustive secondary research was conducted to collect the historical market figures and estimate the current market size. Secondly, to confirm these insights, numerous findings and assumptions were considered. Moreover, exhaustive primary interviews were conducted with industry experts across the value chain of the global Cycle Tourism market. For the assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry. The detailed method is explained below:
Analysis of Historical Market Size
Step 1: In-Depth Study of Secondary Sources:
A detailed secondary study was conducted to obtain the historical market size of the global Cycle Tourism market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.
Step 2: Market Segmentation:
After obtaining the historical market size of the global Cycle Tourism market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report, such as group, booking mode, age group, and region. Further country-level analysis was conducted to evaluate the overall adoption of testing models in that region.
Step 3: Factor Analysis:
After buying the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the global Cycle Tourism market. Further, we conducted factor analysis using dependent and independent variables such as group, booking mode, age group, and global Cycle Tourism market regions. A thorough analysis of demand and supply-side scenarios was conducted considering top partnerships, mergers and acquisitions, business expansion, and product launches in the global Cycle Tourism market.
Current Market Size Estimate & Forecast
Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global Cycle Tourism market, and market shares of the segments. All the required percentage shares split and market breakdowns were decided using the above-mentioned secondary approach and were verified through primary interviews.
Estimation & Forecasting: For market estimation and forecast, weights were assigned to several factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques, i.e., the top-down/bottom-up approach were applied to arrive at the market forecast 2032 for different segments and sub-segments across the major markets globally. The research method adopted to estimate the market size encompasses:
- The industry’s market size, in terms of revenue (USD) and the adoption rate of the global Cycle Tourism market across the major markets domestically
- All percentage shares, splits, and breakdowns of market segments and sub-segments
- Key players in the global Cycle Tourism market in terms of types offered. Also, the growth strategies adopted by these players to compete in the fast-growing market.
Market Size and Share Validation
Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were combined with secondary findings, hence turning information into actionable insights.
Split of Primary Participants in Different Regions
Market Engineering
The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global Cycle Tourism market. Data was split into several segments and sub-segments after studying various parameters and trends in the global Cycle Tourism market's group, booking mode, age group, and regions.
The Main Objective of the Global Cycle Tourism Market Study
The current & future market trends of the global Cycle Tourism market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the market's overall attractiveness at a regional level, providing a platform for the industrial participant to exploit the untapped market to receive help from a first-mover advantage. Other quantitative goals of the studies include:
- Analyze the current forecast and market size of the global Cycle Tourism market in terms of value (USD). Also, analyze the current forecast and market size of different segments and sub-segments.
- Segments in the study include areas of group, booking mode, age group, and regions.
- Define and analyze the regulatory framework for the industry.
- Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry.
- Analyze the current and forecast market size of the global Cycle Tourism market for the major regions.
- Major countries of regions studied in the report include Asia Pacific, Europe, North America, and the Rest of the World
- Company profiles of the global Cycle Tourism market and the growth strategies the players adopt to sustain the fast-growing market.
- Deep dive regional level analysis of the industry.
Frequently Asked Questions FAQs
Q1: What is the global Cycle Tourism market’s current market size and growth potential?
The global cycle tourism market was valued at USD 127.3 billion in 2023 and is expected to grow at a CAGR of 8.7% during the forecast period (2024-2032).
Q2: What are the driving factors for the growth of the global cycle tourism market?
Cities are encouraging cycling as a solution to reduce urban congestion and pollution, which in turn boosts cycle tourism as people adopt cycling as a preferred mode of transportation.
Q3: Which segment has the largest global cycle tourism market share by group category?
The groups/friends category has the largest share of the global cycle tourism market by group segment.
Q4: What are the emerging technologies and trends in the global cycle tourism market?
The rise in e-bikes is a significant trend, providing access to cycling for a wider audience and allowing tourists to cover greater distances with less effort.
Q5: Which regions dominate the global cycle Tourism market?
North America is expected to dominate the market during the forecast period.
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