The ride on bikes developed for age group of 1 to 6 years are equipped with training wheels to improve the skill of balancing. The manufacturers develop ride on bikes with headlights and exciting music to increase the features and quality of the product. In addition, manufacturers provide features such as a foot pedal, and battery display to increase the attractiveness and safety of the bikes.
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According to a new report published by Allied Market Research, titled, โRide on Bikes Market,” The ride on bikes market was valued at $7.4 billion in 2021, and is estimated to reach $15 billion by 2031, growing at a CAGR of 7.4% from 2022 to 2031.
Asia-Pacific is expected to experience significant growth during the forecast period. China, Japan, and India are expected to remain lucrative markets in terms of increase in investment and R&D by domestic and overseas players. The market for ride on bikes market is expected to grow significantly as there is an increase in the use of ride on bikes to develop fine and gross motor skills in kids. Ride on bikes promotes physical activity and help train both large and small muscle groups in children. They contribute to strengthening the muscles of the lower body, especially the legs and trunk, and ultimately help develop a sense of balance. Such advantages provided by the ride on bikes are expected to drive the growth of the market.
Covid-19 Scenario
- The spread of the COVID-19 pandemic has negatively impacted the ride on bikes market, owing to travel restrictions and the shutting of manufacturing units.
- Manufacturing businesses witnessed revenue losses as a result of the lockdowns. The pandemic resulted in the closure of manufacturing facilities and a slowdown in production.
- Factory closures led to global semiconductor shortages and supply chain disruptions. This resulted in higher prices for key materials such as electronics, energy, steel, aluminum, and precious metals, which had a major impact on the industry.
- However, with ease in COVID-19 restrictions, the global ride-on-bikes market experienced growth on account of a rise in interest in outdoor activities for kids.
China accounted for a significant share of the market in Asia-Pacific. The rise in online sales is significantly driving the growth of ride-on bikes market in the country. Moreover, there is a surge in the number of online shopping websites that enable manufacturers of ride on bikes to expand their reach and eventually tap more customers. In addition, e-commerce companies such as Alibaba provide access to customers to a wide range of manufacturers of electric motorcycles and ride on bikes for kids.ย
The online distribution channel is expected to experience significant growth during the forecast period. The online distribution channel is a method of marketing and selling products to customers through internet websites. It can be an internet website of the manufacturer or an already-established online channel, such as Amazon, eBay, and others.ย There is a surge in purchases of ride on bikes through online distribution channel owing to ease and convenience in shopping. Online shoppers quickly and easily compare ride on bikes prices across various online distribution channels, which has increased the demand for online distribution channels. Online retailers offer a wider range of products online across age groups, categories, interests, featured characters, and brands.
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Enhanced content such as graphics, videos, comparison charts, and 360-degree product spins provided through online distribution channel is expected to boost the growth of the segment in the ride on bikes market. Moreover, companies promote and sell ride on bikes through their own website or online marketplaces. For instance, Tobbi, a manufacturer of kids ride on car, bikes and toys provide their products through the companyโs website and e-commerce company websites such as Amazon.
Cycling or riding a bicycle is considered exercise to create a mentally and physically healthy lifestyle. Cycling improves overall lower body function and strengthens leg muscles without overstraining joints. Riding a bike helps recharge energy and relieve stress in children. It also helps build strength and power in the core and lower extremities while improving cardiovascular and musculoskeletal health without putting too much pressure on the joints.
Key players operating in theย global ride on bikes marketย includeย Razor USA LLC, TOBBI, Suzuki Motor Corporation, Honda Motor Co., Ltd., Kawasaki Heavy Industries, Ltd., KTM AG, Costzon, Huffy Corporation, Woom GmbH, and Yamaha Motor Co., Ltd.
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