Overview:
Kids tricycles are three-wheeled vehicles designed specifically for young children who are learning to ride and develop their motor skills. They are a popular first step for toddlers transitioning from crawling to walking and eventually to riding bicycles. Tricycles provide a safe and stable platform for children to explore their surroundings while improving their balance, coordination, and confidence.
The design of kid’s tricycles typically includes a low, sturdy frame with three wheels, making them stable and easy to ride. They often feature a seat with a backrest for comfort and safety, handlebars for steering, and pedals that allow the child to propel the tricycle forward. Some models may also include additional features like baskets or compartments for carrying toys. Tricycles come in various sizes and styles, catering to different age groups and developmental stages of children. Some are designed for very young toddlers, featuring a push handle at the back, which allows parents to guide and assist the child during their early riding experiences.
Market Dynamics:
Growing business expansion by key players is estimated to augment growth of the global kids tricycles market during the forecast period. For instance, Kolkata Piaggio Veicles Private Limited, has opened an experience center for electric three-wheelers, in February 2022. This is a fully-owned subsidiary of the Piaggio Group. Moreover, increasing competition and cost considerations are anticipated to restrain growth of the global kids tricycles market during the forecast period.
As per the Analysis by Coherent Market Insights, The Global Kids Tricycle Market Size was estimated to be US$ 5.33 billion in 2023 and is projected to reach US$ 7.71 billion by 2030, registering a CAGR of 5.4% during the forecast period. The increasing demand for eco-friendly means of transportation and increased awareness about child safety are driving the growth of the children tricycle market. Parents like tricycles because they are a safe and handy way for youngsters to learn to ride a bike. They are also an excellent method for children to get some fresh air and exercise.
Impact of COVID-19:
The pandemic was first identified in 2019 in China. The WHO declared this outbreak as a global public health emergency in 2020. The outbreak led to imposition of strict nationwide lockdowns in many countries. Social distancing, lockdowns, travel bans and quarantines were also imposed in several countries. These restrictions halted the production activities in various sectors like automobiles, electronics, semiconductors and many more. The pandemic also disrupted supply chains in many regions. This resulted in decrease in demand and production of kids tricycles. Thus, the pandemic had a negative impact on the growth of the global kids tricycles market.
Key Takeaways:
The global kids tricycles market is expected to witness high growth, exhibiting CAGR of 5.4 % over the forecast period, due to increasing product launches by key payers.For instance, Toyota introduced the C+walkT, an electric standing electric scooter, in October 2021. This scooter has three wheels and is designed for addressing age-old issues of walking.
Europe is anticipated to witness significant growth in the global kids tricycles market during the forecast period, due to growing awareness among people and kids regarding bicycling.
Key players operating in the global kids tricycles market are KONA, Giant Bicycles, COLNAGO, Trek Bicycle Corporation, Santa Cruz Bicycles, Specialized Bicycle Components, Cicli Pinarello SRL, SCOTT Sports SA, Cervélo, Cannondale, MERIDA BIKES, and GT Bicycles.
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