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Water bikes deliver safe and exhilarating rides on the top of waves. Water bikes are establishing their position in the bicycle market. The increasing trend of bicycling to maintain general health is adding to the growth of this market. In case of a water bike, both, the water pressure as well as wind speed affect the force people need to power the water bike with. Thus, the force needed to power a water bike is considerably higher than the force needed to power a traditional bike. Moreover, water bikes are more beneficial to heath than conventional bikes. For instance, water bikes can help burn up to 500 calories in a single ride. Moreover, manufacturers are focusing on technological advancements to meet future customer requirements and maintain their market position. Significant improvements in technology can open new doors for the manufacturers of water bikes and their components. Water bike manufacturers, today, are inclining towards products that offer increased operational performance at a reduced cost. This can be achieved by deploying systems and components that are light in weight, utilize advanced material in manufacturing to offer higher reliability and serviceability, and are easy to install. The growing water sports industry as well as growing public attraction towards leisure water activities is one of the key drivers for the global water bikes market.
COVID-19 Impact analysis
The global market for water bicycle is severely impacted by the outbreak of the COVID-19 pandemic. The COVID-19 saw a decline in the economic growth in almost all the major countries, thus affecting consumer spending patterns. COVID-19 has severely affected public health and economies cross the world. Loss of human lives and decrease in labor productivity have impacted various sectors. Owing to the lockdown implemented across various countries, national and international transport have been hampered, which has significantly impacted the supply chain of numerous industries across the globe, thereby increasing the supply–demand gap. Thus, insufficiency in raw material supply is expected to hamper the production rate of water bicycle, which negatively impact the market growth. However, this situation is expected to improve as government has started relaxing norms around the world for resuming business activities.
Top Impacting Factors
The water bicycle market trends are as follows:
Rise in marine time tourism
Tourism industry has witnessed significant growth over the recent past. Increased traction of people towards recreational water sports and maritime tourism has promoted the growth of the tourism industry, which, indirectly, is expected to upsurge the demand for water bicycle. The growth in maritime tourism is increasing the demand for new ships and water bicycle, which will ultimately boost the market of water bicycle in the near future. In addition, the natural landscape of countries, which have a sea/ocean as a border attract significant number of international tourists every year, especially from the affluent segment of the population. Furthermore, water bicycle requires less maintenance, and hence, owners are not required to spend additional money on getting parts fixed and cleaned. Moreover, marine tourism is becoming popular not only for the excitement or adrenaline-rush of getting fit but also due to several health benefits. As a result, health benefits associated with marine tourism are supporting the demand for water boat. Also favorable government initiatives and water tourism awareness programs to promote marine tourism are creating huge opportunities for the water bicycle market.
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Questions answered in the water bicycle market research report:
Key Market Segments
Key Market Players