Water Bike Market to Expand at 25% CAGR and Reach US$ 351.6 Million by 2034, Fact.MR
Constantly Growing Interest in Water Recreation Activities Driving Water Bike Sales Worldwide: Fact.MR Report
ROCKVILLE, MD, UNITED STATES, July 29, 2024 /EINPresswire.com/ -- The global market for water bikes1 is expected to reach a size of US$ 37.8 million in 2024 and further increase rapidly at 25% CAGR through 2034, mainly backed by more people worldwide showing an intense desire to indulge in water sports. As per this updated report by Fact.MR, the market is forecasted to reach US$ 351.6 million by 2034.Water bikes provide both safe and thrilling rides atop waves. The increasing trend of participation in water sports for overall health maintenance is fueling market growth. The force required to propel a water bike surpasses that of traditional bikes due to the combined effects of water pressure and wind speed. Water bikes offer superior health benefits compared to their conventional counterparts, with a single ride capable of burning up to 500 calories.
Manufacturers are prioritizing technological advancements to meet future customer needs and maintain market dominance. These advancements open up new opportunities for water bike and component manufacturers.
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Contemporary water bike manufacturers are shifting towards products that offer enhanced operational performance at reduced costs. This can be achieved through the utilization of lightweight systems and components, integration of advanced materials in manufacturing for heightened reliability and serviceability, and ensuring effortless installation. The expansion of the water sports industry and growing public interest in leisure water activities serve as significant drivers for the global water bike market.
Key Takeaways from Market Study
The water bike market in North America is forecasted to increase at a CAGR of 25% from 2024 to 2034, with the region projected to hold 26.4% of the global market share by 2034. East Asia is projected to occupy 39.3% market share by 2034.
The market in China is forecasted to reach a valuation of US$ 101.3 million by the end of 2034. Jet skis are is projected to account for 50.8% market share by 2034. The East Asia market is forecasted to expand at a CAGR of 24.1% from 2024 to 2034.
“Enhanced operational performance of water bikes as compared to other watercraft are fueling their sales. The water bike market, forecasted to expand at a 25% CAGR from 2024 to 2034, is influenced by increased investments in innovative designs and rising sports participation. In addition, eco-friendly electric bikes contribute to environmental sustainability apart from being easy to use,” says a Fact.MR analyst.
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Regional Analysis
It is projected that in 2024, the United States would hold a dominant market share of 84.1% in the North American market. A significant amount of output is noted in the nation, mostly due to the fact that 40 million Americans engage in water sports activities annually on average. It is anticipated that over 1,700 units would be sold in the US. As a result, it is anticipated that during the course of the forecast period, there will be more water bike producers in the US.
Competitive Landscape
Key players in the water bike market are Chiller Waterbikes, Manta5, Hydrobikes Inc., Aurea Bike, SBK Engineering SRL, Redsharkbikes, Waterbike Italia S.R.L, and Pioner Boats.
Market Developments
Leading water bike manufacturers are Chiller Waterbikes, Manta5, Hydrobikes Inc., Aurea Bike, and SBK Engineering SRL.
• The 'Hydrofoiler XE-1', the world’s inaugural hydrofoil e-bike, made its debut at the Consumer Electronics Show (CES) in Las Vegas in 2020.
More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the water bike market for 2019 to 2023 and forecast market statistics for 2024 to 2034.
The study divulges essential insights into the market based on technology (pontoon, hydrofoil, surfboard), product type (manual, electric), and ownership (personal, rental), across seven major regions of the world (North America, Latin America, Western Europe, Eastern Europe, East Asia, South Asia & Pacific, and MEA).
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1 https://www.factmr.com/report/1242/water-bikes-market
2 https://www.factmr.com/report/1975/automotive-gear-market
3 https://www.factmr.com/report/automotive-lidar-market
