The Balance Bike Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Balance Bike Global Market Report 2024, 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.
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.
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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
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 report table of contents includes:
1. Executive Summary
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