by Cycle tourism involves traveling from one place to another using bicycles for recreational and leisure purposes. With cycling gaining popularity as an adventurous and healthy outdoor activity, more people are taking up cycle tourism as a means to get fit while exploring new places. Cyclists enjoy riding through scenic landscapes, experiencing rural cultures, and stopping at local cafes and attractions along the way. Cycle tourism helps promote local businesses in destinations and encourages sustainable travel. Different cycle routes have been created across various regions catering to leisure as well as competitive cyclists. Organized cycle tours offer all inclusive packages covering accommodations, meals, transport of luggage, and support vehicles.
The global Cycle Tourism Market is estimated to be valued at US$ 127.82 Bn in 2023 and is expected to exhibit a CAGR of 9.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Some of the major trends driving growth in the cycle tourism market include growing popularity of electric bikes and the development of dedicated cycling infrastructure. E-bikes have enabled more people to participate in cycle tourism as they reduce the physical exertion required. This has especially encouraged the elderly and families with young children to take up cycling holidays. Further, several countries and local administrations are investing heavily in building protected cycling paths, trails, and signage to boost cycle tourism. For instance, the EuroVelo network aims to create a series of long-distance cycling routes across Europe. Improved infrastructure not only enhances the cycling experience but also encourages more local and foreign tourists to explore places by bicycle. The market is also witnessing the trend of specialized cycle tourism packages and events focused on themes such as wildlife viewing, cultural immersions, antique bicycles, mountain biking, etc. This is attracting niche audiences to the activity.
Porter’s Analysis
Threat of new entrants: The threat of new entrants in the cycle tourism market is moderate. The capital requirements for starting cycle tourism business are moderately high as companies need well maintained cycling infrastructure and equipment. However, the growing popularity of cycling and demand for exploring new destinations through cycling provides opportunities for new players.
Bargaining power of buyers: The bargaining power of buyers in the cycle tourism market is high. Buyers have a large number of options to choose from in terms of operators, packages, destinations and customized trips. This gives them leverage to negotiate on pricing and demand additional value-added services and amenities.
Bargaining power of suppliers: The bargaining power of suppliers is moderate. While there are many equipment manufacturers, tour operators depend on a limited number of suppliers for destinations and activities. Switching costs are also low. However, growing competition among existing suppliers keeps their bargaining power in check.
Threat of new substitutes: The threat of substitutes is high for the cycle tourism market. Some substitutes include adventure travel, water sports, trekking, skiing etc. A change in consumer preference can significantly impact demand for cycle tourism.
Competitive rivalry: The competitive rivalry in the market is high. The presence of many local and international players has intensified the competition. Operators differentiate themselves by focusing on unique experiences, personalized services, niche destinations and value pricing to gain customers.
Key Takeaways
The Global Cycle Tourism Market Size is expected to witness high growth over the forecast period supported by increasing health awareness, promotion of sustainable travel and growing cycling infrastructure especially in Europe.
Regional analysis: Europe currently dominates the global cycle tourism market with majority of traffic occurring in countries like France, Italy, Germany and Netherlands. The scenic landscapes, extensive dedicated cycling tracks and growing network of long distance cycling routes have made these countries popular hubs. However, Asia Pacific is emerging as a high potential market supported by developing cycling culture in China, India and Southeast Asia.
Key players operating in the cycle tourism market are Butterfield & Robinson, Backroads, Trek Travel, DuVine Cycling + Adventure Co., Exodus Travels, Intrepid Travel, TDA Global Cycling, Bicycle Adventures, Freewheel Holidays, Cycling for Softies. These brands offer customized multi-day cycling itineraries that often combine accommodation, guided excursions, support vehicles and cycling routes through picturesque locales globally. They are focusing on digital marketing strategies to engage millennial travelers.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. With an MBA in E-commerce, she has an expertise in SEO-optimized content that resonates with industry professionals.
