At a CAGR of 25%, Sales of Hydrofoil Water Bikes to Surpass a Valuation of US$ 113.2 Million, States Fact.MR
FACT.MR
6 min read
FACT.MR
Flexible Lifestyle of Individuals and the Booming Tourism to Positively Influence the Water Bikes Market
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.
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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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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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). Check out more related studies published by Fact.MR Research: Hybrid Electric Vehicles Market - The global market for hybrid electric vehicles is anticipated to showcase a stellar growth trajectory registering a CAGR of over 14% over the forecast period 2021-2031, according to Fact.MR. Gasoline hybrid vehicles are projected to surpass a value of over US$ 100 Million by 2031.
All-Terrain Vehicle Market - According to Fact.MR- a market research and competitive intelligence provider- the global market for all-terrain vehicles thrived at a CAGR of over 2% from 2016 to 2020, to reach US$ 3 Bn. Sales outlook of all-terrain vehicles as per Fact.MR’s report is fairly positive, expected to touch US$ 4.2 Bn following a CAGR of 3.4% over the projected period 2021-2031.
Hydrogen Vehicles Market - The market for hydrogen vehicles will see a soaring growth, with a new forecast by Fact.MR estimating that the hydrogen vehicles industry will generate an incremental opportunity worth US$ 150 Mn across the 2021-2031 forecast period. Yet they represent an important part of the transportation market, and they are also called FCEVs. From 2021 to 2031, the global market is expected to surge at a CAGR of 3%.
Recreational Off-Highway Vehicles Market - The global recreational off-highway vehicles market is estimated at USD 15.7 Billion in 2022 and is forecast to surpass USD 54.4 Billion by 2032, growing at a CAGR of 13.2% from 2022 to 2032. The future prospects of the market are likely to be positive at the back of demand for high-performance vehicles coupled with focus of manufacturers in accordance with sustainable technologies and designs.
Commercial Hydrogen Vehicle Market - The global commercial hydrogen vehicle market has reached US$ 4 billion in 2022 and is predicted to balloon at a high CAGR of 30.6% to surge to US$ 57.9 billion by the end of 2032. Worldwide sales of commercial hydrogen vehicles are expected to grow 14.4X by the end of 2032.
About Fact.MR
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