by Kids tricycles are three-wheeled balance bikes for toddlers aged between 18 months to 5 years. They are suitable for outdoor and indoor riding and help in developing important motor skills of kids at an early age. Riding tricycles provides enjoyment to kids and promotes health benefits like exercise.
The global Kids Tricycles Market is estimated to be valued at US$ 5.33 Billion in 2023 and is expected to exhibit a CAGR of 5.4% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Growing popularity of outdoor activities among kids and parents is one of the key trends propelling the kids tricycles market. The health benefits and fun element associated with riding tricycles have encouraged more parents to encourage their kids to play outdoor. This has resulted in increased demand for kids tricycles designed for outdoor use on trails as well as on roads. Manufacturers are extensively focusing on developing stylish and robust tricycles that can withstand outdoor conditions and keep kids engaged for longer duration. This trend is expected to continue in the forecast period.
Strength: Kids tricycles have strong brand recognition among kids and parents. They provide enjoyable outdoor physical activity for toddlers to learn balancing and pedaling skills.
Weakness: Manufacturing tricycles requires more materials and labor compared to other kids ride-on toys. Improper installation of parts could lead to safety issues.
Opportunity: Rising disposable incomes in developing nations enables parents to spend more on kids products. Stay-at-home directives during the pandemic increased demand for toys encouraging outdoor play at home.
Threats: Increased focus on sustainability poses challenges to reduce plastic usage and promote recyclability of materials. Stringent safety regulations raise compliance costs for manufacturers.
Key Takeaways
The global kids tricycles market is expected to witness high growth. The global Kids Tricycles Market is estimated to be valued at US$ 5.33 Billion in 2023 and is expected to exhibit a CAGR of 5.4% over the forecast period 2023 to 2030.
Supported by rising birth rates and growing urban middle class populations in Asia Pacific and Latin America, the regions are seeing fastest demand growth. Within Asia Pacific, China currently dominates the regional market led by domestic brands like Goodbaby.
Key players operating in the kids tricycles market are Radio Flyer, Fisher-Price, Schwinn, smarTrike, Joovy, Little Tikes, Razor, Hape, Kettler, and Strider Sports International. These companies are investing in new product development, particularly models encouraging outdoor activity, learning and gross motor skills. Sustainability has emerged as an important factor, with rising preference for tricycles made of recyclable plastic and wood versus metal.
*Note:
1.Source: Coherent Market Insights, Public sources, Desk research
2.We have leveraged AI tools to mine information and compile it
