The 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.
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Market Overview:
Kids tricycles are three-wheeled cycles designed for toddlers and small children below the age of 5 years. They help in the cognitive and physical development of a child through outdoor activities. They aid in improving balance, coordination and independent mobility of children. Different features like lightweight frames, adjustable seats, rubber tires make tricycles safe while maintaining the fun element essential for development at early stages.
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Market key trends:
One of the key trends fueling the kids tricycles market growth is the rising awareness among parents about the importance of outdoor playtime for the holistic development of children. Spending time outdoors engaging in physical activities is crucial for developing motor, language and social skills in kids. However, with increasing digitalization, outdoor playtime of children has reduced significantly. This has propelled the demand for kid-friendly vehicles like tricycles that can encourage outdoor activities in a fun and safe way. Furthermore, innovations focusing on features ensuring safety, portability and adjustable designs according to age are also augmenting the popularity of tricycles among parents.
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Porter’s Analysis
Threat of new entrants: The threat of new entrants in the kids tricycles market is moderate as substantial start-up capital is required. However, the market is growing which provides opportunities.
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Bargaining power of buyers: The bargaining power of buyers in the kids tricycles market is high due to availability of substitutes and low switching cost for buyers. Buyers can easily switch between different brands.
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Bargaining power of suppliers: The bargaining power of suppliers is moderate. There exist several suppliers for raw materials in the market.
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Threat of new substitutes: The threat of new substitutes is moderate as few substitutes are present for tricycles like balance bikes, scooters etc. However, tricycles are preferred for toddlers.
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Competitive rivalry: High due to presence of major international brands.
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SWOT Analysis
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Strengths: Wide availability of different brands and models catering to age groups and affordability. Innovation in product features like folding tricycles.
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Weaknesses: Seasonal demand and cyclical demand based on kids growing up. Reliance on import of raw materials increases production costs.
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Opportunities: Rising disposable incomes in developing regions provide scope for market expansion. Increasing nuclear families furthers the demand.
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Threats: Intense price wars among existing players. Growing popularity of substitute options like balance bikes.
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Key Takeaways
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The Global Kids Tricycles Market Size is expected to witness high growth at a CAGR of 5.4% over the forecast period due to increasing disposable income and preference for outdoor activities among kids. The market size is projected to reach US$ 8.53 Bn by 2030 from US$ 5.33 Bn in 2023.
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North America currently dominates the global kids tricycles market owing to high consumer spending and presence of leading brands. However, Asia Pacific is projected to witness the highest growth during the forecast period attributable to growing middle class population and their increasing spending on kids toys in countries like China and India.
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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. Major players are focusing on new product launches catering to toddlers and preschoolers along with sustainability-focused products. They are also expanding their distribution channels through e-commerce to strengthen their market position.
Read more
https://www.ukwebwire.com/kids-tricycles-market-size-share-growth-outlook-2023/
