LONDON, May 09, 2023 (GLOBE NEWSWIRE) -- The Business Research Company’s research on the bicycle trip market identifies the rising popularity of adventure tourism, which involves exploring new cultures and engaging in adventurous sports, as a major factor driving the growth of the bicycle trip market.
The global bicycle trip market is expected to grow from $1 billion in 2022 to $1.1 billion in 2023 at a compound annual growth rate of more than 15%, and is projected to reach $2.02 billion in 2027 at a CAGR of more than 14%. In 2022, Europe was the largest region in the global market.
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Leading companies in the bicycle trip market, such as SpiceRoads Cycling, Epic Road Rides, and Explore Worldwide Ltd., are introducing innovative products to maintain their market position.
For example, Brompton, a UK-based manufacturer of foldable bikes, launched its lightest-ever lineup of foldable bikes in February 2022, including the T-line, which features a 16.4-pound titanium bike, the P-line, a superlight steel foldable bike, the C-line, an electric bike line, and the A-line, an entry-level foldable bike line.
Other major bicycle trip companies are SpiceRoads Cycling, Epic Road Rides, Explore Worldwide Ltd., Intrepid Group Pty Limited, Bicycle Adventures, Exodus Travels Limited, G Adventures, Backroads, DuVine Cycling + Adventures Co., Endurance Sportswire Inc., Ace Adventure, Arizona Outback Adventure, Arbutus Routes, Colombia Bike Tours, CycleGreece and ROW Adventures.
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The global bicycle trip market is segmented as-
1) By Type: Multi-Day Bicycle Trips, Overnight Bike Trips, Long-Distance Bicycle Trips
2) By Age Group: 18-30 Years, 31-50 Years, Above 50 Years
3) By Application: Solo, Group
The bicycle trip industry is being propelled forward by the increasing popularity of adventure tourism and the market is expected to continue to expand in the coming years. The bicycle trip market report provides an overview of the current state and the future scenario of the market, highlighting key trends and major players.
Bicycle Trip Global Market Report 2023 by The Business Research Company provides insights on the bicycle trip market size, market segments, market trends, drivers and restraints, major competitors’ market positioning, revenues and market shares.
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