The balance bike global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Balance Bike Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
The balance bike market size has grown strongly in recent years. It will grow from $1.16 billion in 2023 to $1.25 billion in 2024 at a compound annual growth rate (CAGR) of 8.1%. The growth in the historic period can be attributed to increasing awareness of the benefits of balance bikes for young children and evolving consumer preferences, growing emphasis on physical fitness and outdoor activities for children, government initiatives promoting physical activity and healthy lifestyles, incresing need for safety and confidence, rising awareness of environmental concerns.
The balanced bike market size is expected to see strong growth in the next few years. It will grow to $1.69 billion in 2028 at a compound annual growth rate (CAGR) of 5.7%. The growth in the forecast period can be attributed to increasing rapid adoption of advanced bicycles for kids, rise of eco-consciousness and sustainable living, increased awareness of health and outdoor activities, rising number of online shopping for kids, increasing use of lightweight vehicle. Major trends in the forecast period include technological advancements, lightweight and eco-friendly bike models, sustainability focus, adoption of electric balance bikes, digital marketing and influencer engagement.
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Scope Of Balance Bike Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Balance Bike Market Overview
Market Drivers –
The increased awareness of health and outdoor activities is expected to propel the growth of the balance bike market going forward. Awareness of health and outdoor activities refers to the understanding and consciousness among individuals about the importance of physical well-being, fitness, and engaging in outdoor pursuits for recreational or health purposes. Increased awareness of the benefits of outdoor activities and physical exercise can encourage parents to introduce their children to activities like biking at an early age, which is where balance bikes come in. For instance, according to the 2023 outdoor participation trends report by the Outdoor Industry Association, a US-based non-profit organization, in 2022, the outdoor recreation participant base in the United States grew by 2.3% to a record 168.1 million participants, which represents 55% of the U.S. population aged six and older. Further, the growth can be compared to the 2.2% increase in outdoor recreation participation in 2021, when the number of participants reached 164.2 million. Therefore, the increased awareness of health and outdoor activities is driving the growth of the balance bike market.
Market Trends –
Major companies operating in the balance bike market are developing innovative products such as folding electric balance bike to better serve the customer. Folding electric balance bike refers to an electric bicycle that is foldable, and is designed for balance and stability. For instance, in January 2023, Heybike, a China-based electric bike manufacturer, launched a 750W folding electric balance bike. The bike features a unique frame geometry and unibody construction made from a single piece of magnesium alloy, providing strength, aesthetics, and ease of transportation. The bike is designed for young riders and is powered by a 750-W motor, with fat tires for multi-terrain riding. It also comes with hydraulic disk brakes, a rear rack capable of hauling up to 120 lb (54.4 kg) of cargo, integrated front and back lighting, full fenders, and a kickstand.
The balance bike market covered in this report is segmented –
1) By Material: Wooden Balance Bikes, Metal Balance Bikes, Composite Balance Bikes
2) By Wheel Size: Below 12 Inches, 12-14 Inches, Above 14 Inches
3) By Age Group: 2-4 Years, 4-6 Years, 6 Years And Above
4) By Distribution Channel: Retail Stores, Online Retail
5) By Application: Commercial, Home Use
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Regional Insights –
North America was the largest region in the balance bike market in 2023. The regions covered in the balance bike market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Key Companies –
Trek Bicycle Corporation, Dorel Industries Inc., SellerX Ten GmbH, The Woom Bike USA, Industrial Research Corp., RGA Banana Ltd., Yvolve Sports Ltd., Prince Lion heart Inc., Strider Sports International Inc., Radio Flyer Inc., Artsana S.p.A, Ridgeback Bikes, The Chillafish Company, Joovy Holding Co., Bixe Balance Bikes, Early Rider Ltd., Glide Bikes Inc., Islabikes Ltd., KaZAM LLC, KOKUA Bikes USA LLC, Recreational Equipment Inc., Specialized Bicycle Components Inc., Sunup Healthcare Sdn. Bhd., The First BIKE Company Inc.
Table of Contents
1. Executive Summary
2. Balance Bike Market Report Structure
3. Balance Bike Market Trends And Strategies
4. Balance Bike Market – Macro Economic Scenario
5. Balance Bike Market Size And Growth
…..
27. Balance Bike Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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