Paris, Nov. 24, 2022 (GLOBE NEWSWIRE) -- According to Fact.MR, a market research and competitive intelligence provider, the global water bikes market is estimated to be valued at US$ 24.2 million in 2022 and is expected to expand at an impressive 25% CAGR during the forecast period. The market is poised to grow due to increasing standard of living and water sports activities.
The extensive use of mechatronics in water bikes benefits the operator in terms of increased productivity and precision in the bike’s working. Hence, water bikes with higher electrification are anticipated to gain higher popularity in the years to come.
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An increase in speculative demand was observed among the U.S water bikes. A reduction in speculative demand for the same could be observed in China, hurting the dynamics of the market. An imbalance in demand is observed in market size in 2020 due to the Covid-19 pandemic.
These water bikes are relatively expensive and most of the customers are opting to rent this equipment as per their requirements. Renting a water bike on average costs approximately $70-80 per hour which benefits the customers.
North America is the largest exporter of water bikes products and has driven the sales of water bikes in the historical period and is expected to continue its dominance in other regions by accounting for a little less than half of the market share by 2032
Key Takeaways from Market Study
- The global water bikes market is projected to expand at an impressive CAGR of 25% and be valued at US$ 225.8 million by 2032.
- The market witnessed 12.1% CAGR for the period of 2017-2021.
- Under technology type, pontoon water bikes are predicted to dominate the market and are estimated to be valued at US$ 16.8 million in 2022.
- The U.S. dominated the market share in North America by accounting for 84.6% of its market share in 2022.
- Rental ownership likely to represent 69.5% market share in 2022.
- Electric water bikes are predicted to have a market valuation of US$ 3.6 million in 2022.
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Market Development
Companies have continuously added new features to make products more user-friendly. Several water bikes nowadays are electric, which makes it easier to paddle in water. With the focus now being electric water bikes and exploration of new technologies such as hydrofoil, the market has witnessed more growth in the recent years.
Envo which is an electric water bikes company in Canada is doing intensive research to come up with new and advanced models of water bikes. This will help the company stand apart from its competitors
With new upgrades constantly entering the technology segment of the market, the market will witness appreciable growth in the near future.
Competitive Landscape
Prominent manufacturers of the water bike industry globally such as Chiller Waterbikes, Manta5, Hydrobikes Inc., Aurea Bike, SBK ENGINEERING SRL, Redsharkbikes, Waterbike Italia S.R.L are focusing on launching new products that are technologically advanced and are capitalizing on marketing strategies such as acquisitions and collaborations with other market players to help improve production capacities, improve market penetration and gain a larger market share.
Fact.MR has provided detailed information about the price points of key manufacturers of water bike positioned across regions, sales growth, production capacity, and speculative technological expansion, in the recently published report.
Key Companies Profiled
- Chiller Waterbikes
- Manta5
- Hydrobikes Inc.
- Aurea Bike
- SBK ENGINEERING SRL
- Redsharkbikes
- Waterbike Italia S.R.L
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Segmentation of Water bike Industry Research
- By Technology:
- Pontoon
- Hydrofoil
- Surfboard
- By Product Type:
- Manual
- Electric
- By Ownership:
- Personal
- Rental
- By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia & Oceania
- MEA
More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the global water bikes market, presenting historical market data (2017-2021) and forecast statistics for the period of 2022-2032.
The study reveals essential insights on the basis of technology (pontoon, hydrofoil, surfboard), product type (manual, electric), ownership (personal, rental), ownership (personal, rental) across major regions of the world (North America, Latin America, Europe, East Asia, South Asia & Oceania, and Middle East & Africa).
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