The global Kids Tricycles Market is estimated to be valued at US$ 5.33 Bn 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 Overview:
Kids tricycles are generally recommended for children between the ages of 18 months to 5 years. They help in developing balancing, coordination and pedaling skills of children at an early age. Kids tricycles come with plastic molded bodies and wheels for durability. They are lightweight and easy for toddlers to maneuver. The three-wheeled design provides greater stability for kids while learning to cycle. Various models include those that play music, light up or have additional features like storage baskets for fun.
Market key trends:
The growing popularity of outdoor recreational activities among kids and parents is a major trend in the market. Spending time outdoors engaging in activities like cycling helps in children’s physical, mental and social development. It allows them to explore the outdoors, get exercise and spend quality time with family and friends. Alongside, rising awareness about health benefits of outdoor playtime at young age is fueling the demand for kids’ tricycles. Manufacturers are introducing newer designs, light-weight frames and additional features like sound and light effects to engage kids while developing key skills. Product innovations responding to changing consumer needs and preferences will remain important for sustaining market position.
Porter’s Analysis
Threat of new entrants: Low capital requirements and no proprietary learning curve are low entry barriers for new competitors in this market. However, established brands have strong brand recognition and customer loyalty which acts as deterrent for new entrants.
Bargaining power of buyers: Buyers have moderate bargaining power as there are several established brands and substitutes available. However, brand loyalty and requirements keep switching costs high.
Bargaining power of suppliers: Suppliers have low bargaining power due to availability of close substitute materials and parts. Manufacturers can easily shift to alternate suppliers.
Threat of new substitutes: Moderate threat from close substitutes like balance bikes, push scooters etc. However, tricycles are considered better for toddlers learning to ride.
Competitive rivalry: Intense competition among key global players to increase their market share. Players differentiate through innovation, brand reputation and expanding product portfolio.
Key Takeaways
The Global Kids Tricycles Market Size is expected to witness high growth, exhibiting CAGR of 5.4% over the forecast period, due to increasing disposable income and spending on children items. The market size for 2023 is estimated to be US$ 5.33 Bn.
Regional analysis – North America dominates the global market due to high adoption of outdoor recreational activities for kids. Asia Pacific exhibits fastest growth owing to rising middle class population and increasing spending on kids products in China and India.
Key players operating in the kids tricycles market are Radio Flyer, Fisher-Price, Schwinn, smarTrike, Joovy, Little Tikes, Razor, Hape, Kettler, Strider Sports International. Key players differentiate through continuous new product launches, improved designs focusing on safety, versatility and entertainment for toddlers. Players are also expanding their distribution networks globally.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
