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Ride on Bikes
Increase in the use of ride on bikes in sports activities and racing competitions for kids is expected to boost the market growth.
WILMINGTON, DE, UNITED STATES, November 7, 2024 /EINPresswire / -- Allied Market Research published a new report, titled, " The Global Ride On Bikes Market Size Reach USD 15 Billion by 2031 Growing with 7.4% CAGR ." The report offers an extensive analysis of key growth strategies, drivers, opportunities, key segment, Porter's Five Forces analysis, and competitive landscape. This study is a helpful source of information for market players, investors, VPs, stakeholders, and new entrants to gain thorough understanding of the industry and determine steps to be taken to gain competitive advantage.
The global ride on bikes market size was valued at $7.4 billion in 2021, and is projected to reach $15 billion by 2031, growing at a CAGR of 7.4% from 2022 to 2031.
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The increase in demand for Ride on Bikes for the development of gross and motor skills in kids as well as the rise in demand for ride bikes for racing and off-road driving supports the growth of the global ride-on bikes market. The increase in demand for rides on bikes for the development of gross and motor skills in kids as well as the rise in demand for a ride on bikes for racing and off-road driving supports the growth of the global ride-on-bikes market. The introduction of new features in a ride on bikes also boosts the growth of the ride on bikes market. However, the surge in the popularity of online games among kids is anticipated to restrict the market growth during the forecast period.
The ride on bikes market is segmented on the basis of age, propulsion, distribution channel, and region. By propulsion, it is divided into motorized and non-motorized. On the basis of age, it is segmented into 1 to 6 years, 6 to 12 years, and greater than 12 years. By distribution channel, the market is divided into online, and offline. By region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
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Based on sales channels, the offline segment accounted for the largest share in 2021, accounting for around three-fourths of the global ride-on-bikes market, and is projected to maintain its lead position during the forecast period. An offline distribution channel is a traditional method of selling rides on bikes to customers. An offline distribution channel is dominant across the globe owing to easy access and immediate product availability. However, the online segment is expected to portray the highest CAGR of 11.2% from 2022 to 2031.
Based on propulsion, the motorized ride-on-bike segment accounted for the largest share in 2021, accounting for around three-fourths of the global ride on bikes market, and is projected to maintain its lead position during the forecast period. Manufacturers aim to develop ride-on bikes with different cubic capacities for kids of various age groups. These ride-on bikes are available in 50 cc, 70cc, 250 cc, and other models. They operate through an engine have essential components such as a lightweight frame, a one- or two-cylinder engine, a long-travel suspension system, and strong, durable tires. Additionally, the segment is also expected to portray the highest CAGR of 7.6% from 2022 to 2031.
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Regional Analysis:
Based on region, North America held the highest market share in terms of revenue in 2021, accounting for more than two-fifth of the global ride-on-bikes market, and is likely to dominate the market during the forecast period. North America includes the U.S., Canada, and Mexico. The growing interest in biking as a physical activity is expected to boost the global ride-on-bikes market in the region. However, the Asia-Pacific region is expected to witness the highest CAGR of 9% from 2022 to 2031.
The key players profiled in this report include
Suzuki Motor Corporation, woom GmbH, TOBBI, Razor USA LLC, Costzon, Kawasaki Heavy Industries, Ltd., KTM AG, Honda Motor Co., Ltd., Yamaha Motor Co., Ltd., Huffy Corporation.
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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.
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