by Cycle Tourism Market Propelled By The Rise In Health Consciousness Among Consumers
The global Cycle Tourism Market is estimated to be valued at US$ 147.25 Bn in 2024 and is expected to exhibit a CAGR of 18% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the major trends fueling the growth of the cycle tourism market is the rise in health consciousness among consumers. With growing prevalence of lifestyle diseases and focus on fitness, cycle tourism is gaining popularity as a recreational activity that offers physical as well as mental well-being benefits. Cycling tours allow travelers to remain active and engage in cardio exercises while exploring new places. This enables them to reap health advantages like lowered risk of obesity, heart diseases, diabetes etc. Additionally, cycling is regarded as a sustainable mode of travel that reduces carbon footprint and minimizes environmental pollution. The eco-friendly nature of cycle tourism is appealing to the rising number of environmentally conscious consumers.
SWOT Analysis
Strength: Cycle tourism provides physical and mental health benefits to participants. It offers scenic and environment-friendly mode of transportation and recreation.
Weakness: Lack of dedicated cycling infrastructure and safety concerns in major regions pose challenges. Adverse weather conditions can impact cycle tourism activities.
Opportunity: Rising health awareness and preferences for outdoor recreational activities present growth opportunities. Investments in cycling infrastructure expansion can aid the industry.
Threats: Threats from substitute recreational activities and reluctance to adopt cycling due to safety issues can impact the industry. Climate change risks such as extreme weather events pose threats.
Key Takeaways
The Global Cycle Tourism Market Scope is expected to witness high.
Regional analysis: Western Europe dominates the market currently due to favorable government initiatives and developed cycling infrastructure in major countries. The Asia Pacific region is expected to offer lucrative opportunities owing to rising health awareness and initiatives towards infrastructure development in many countries.
Key players operating in the Cycle Tourism market are STERIS Corporation, Ecolab, Inc., TOMI Environmental Solutions, Inc., JCE Biotechnology, Fedegari Autoclavi SpA, Howorth Air Technology Ltd., Noxilizer, Inc., ClorDiSys Solutions, Inc., Wales Group, and Wenzhou Weike Biological Laboratory Equipment Co., Ltd. The players adopt strategies such as partnerships, mergers, acquisitions, and new product launches to increase their market share.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
