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Balance Bike Market Size, Share And Trends By 2033
Balance Bike Market Size
According to The Business Research Company's, 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.
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Market Drivers and Trends:
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.
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.
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Major Key Players of the Market:
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.
Balance Bike Market 2024 Key Insights:
• The balance bike market is expected to grow to $1.69 billion in 2028 at a compound annual growth rate (CAGR) of 5.7%.
• Increased Awareness Of Health And Outdoor Activities On The Balance Bike Market
• Innovative Products In The Balance Bike Market
• North America was the largest region in the balance bike market in 2023
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