The global kids bicycle market size is expected to register revenue of USD 4.9 billion by the end of 2025, according to a new report released by Million Insights. It is expected to grow with a 2.6% CAGR from 2019 to 2025. This growth can be attributed to increasing demand for bicycles with attractive colors and features among kids coupled with rising awareness about health benefits associated with bicycle riding.
For example, the cartoon character named Calvin from the Calvin and Hobbes Comic rides a bicycle. Thus, the manufacturers have started leveraging such features to boost the demand for their products. For instance, a bicycle named Ben Ten is becoming popular among kids across countries like India, Pakistan, Maldives, and Indonesia.
The conventional bicycle product segment held the largest market share across the global market owing to its ease of availability even across the remote locations across the globe. Moreover, no need for an external power source and affordable prices are expected to boost sales in the upcoming years. The battery-operated cycle product segment is expected to have the highest CAGR of 3.2% from 2019 to 2025 due to features like a substitute to the pedals and incorporation rechargeable battery.
The offline mode of distribution channel held the largest share of 85% across the global kids bicycle market. This can be attributed to rising preference among the kids to take a test drive of the bicycle before purchasing coupled with need for authenticating the product. The online distribution channel is also expected to witness significant growth in upcoming years owing to increasing influence of internet amongst millennial.
Europe held the largest share of around 25% across the global market due to rising number of people preferring cycle over other vehicles across countries like Switzerland, Belgium, Norway, Netherlands, and Germany. Moreover, a separate path for cycle riders is being provided by the governments to promote various cycling activities. Asia Pacific is expected to witness the highest CAGR of 3.3% from 2019 to 2025 owing to increasing population coupled with health benefits associated with activity like cycling.
Key players in this market are Giant Bicycles, GT Bicycles, Cannondale, Cervélo, Fuji Bikes, KONA, and COLNAGO. They are constantly engaged in product development and in making technological advances in their products. Moreover, they are implementing various marketing strategies to attract more kids towards their products.
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Further key findings from the report suggest:
• The conventional bicycle product segment held the largest market share of more than 80% in 2018.
• The online distribution channel segment is expected to witness highest CAGR of 3.0% during the forecasted years, 2019 to 2025.
• The offline mode of distribution channel held the largest share of 85% in the global kids bicycle market.
Million Insights has segmented the global kids bicycle market on the basis of product, application and region:
Kids Bicycle Product Outlook (Revenue, USD Million, 2015 - 2025)
• Battery Operated
Kids Bicycle Distribution Outlook (Revenue, USD Million, 2015 - 2025)
Kids Bicycle Regional Outlook (Revenue, USD Million, 2015 - 2025)
• North America
• Asia Pacific
• Central & South America
• Middle East & Africa