Ride On Bikes Market to Reach $15 Billion, Globally, by 2031 at 7.4% CAGR: Allied Market Research

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Feb 28, 2023, 02:34 ET

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

PORTLAND, Ore., Feb. 28, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Ride On Bikes Market by Age Group (1 to 6 years, 7 to 12 years, and Greater than 12 years), Sales Channel (Offline and Online), and Propulsion (Non-motorized and Motorized): Global Opportunity Analysis and Industry Forecast, 2021–2031". According to the report, the global ride-on-bikes industry is expected to generate $7.4 billion in 2021 and is anticipated to generate $15 billion in 2031, witnessing a CAGR of 7.4% from 2022 to 2031.

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Prime determinants of growth

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. Moreover, the rise in inclination toward biking as a physical activity and the surge in popularity of lightweight electric balance bikes is expected to present new opportunities in the coming years. Market players are increasingly investing in the development of advanced ride-on bikes to cater to the growing demand during the forecast period.

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.

The age group 7 to 12 years segment to maintain its leadership status throughout the forecast period

Based on age group, the 7 to 12 years segment held the highest market share in 2021, accounting for nearly half of the global ride-on-bikes market, and is estimated to maintain its leadership status throughout the forecast period. Ride on bikes is increasingly being used to encourage children to stay away from smart devices and gadgets and engage in fun physical activities. There is an increase in demand for a ride on bikes for kids aged 7 to 12 years to improve gross motor skills by working on coordination, endurance, and strengthening. The greater than 12 years segment is projected to manifest the highest CAGR of 8.5% from 2022 to 2031.

The offline segment to maintain its lead position during the forecast period.

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.

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The motorized ride-on-bike segment to maintain its lead position during the forecast period.

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.

North America to maintain its dominance by 2031.

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.

Leading Market Players: -

Razor USA LLC
TOBBI
Suzuki Motor Corporation
Honda Motor Co., Ltd.
Kawasaki Heavy Industries, Ltd.
KTM AG
Costzon
Huffy Corporation
Woom GmbH
Yamaha Motor Co., Ltd

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