June 17, 2024

The Global Kids Tricycles Market is driven by rising disposable income and increasing urbanization

Kids tricycles are three-wheeled riding toys that help in developing motor skills in toddlers and young children. They come in various styles including static tricycles for non-walkers to promote balance and maneuverability. Ride-on vehicles allow independent mobility for children up to 5 years of age. Growing interest of parents in engaging their children in outdoor activities at an early age is augmenting the sales of kids tricycles. The availability of trikes in multiple wheel, handlebar and seat adjustments as per child’s height enables learning at different developmental stages. Various toy configurations with horns, baskets and additional features offer enjoyment to kids.

The global kids tricycles market is estimated to be valued at US$ 5.33 Bn in 2024 and is expected to exhibit a CAGR of 5.4% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

One of the key trends in the global kids tricycles market is the rising demand for electric tricycles. Introduction of rechargeable battery-powered kids rides that can be controlled via parents’ phones is gaining traction among parents. Features such as speed control, real-time location tracking and ride time limit offer safety and convenience. Manufacturers are innovating electric kids vehicles with car-like panels, sounds and music to deliver thrill. Increased disposable income of middle-class families in developing nations provides scope for premium-priced electric rides. Furthermore, availability of ride-on toys in pop culture characters and movies increases appeal among kids. Licensed Disney, Marvel and Cartoon Network rides witness high sales during key festivals and holiday seasons.

Porter’s Analysis

  • Threat of new entrants: The kids tricycles market has low-medium threat of new entrants due to the established presence of major brands in the market. However, new entrants can introduce innovative products.
  • Bargaining power of buyers: Buyers have medium bargaining power due to the availability of substitutes and differentiation between products of different brands.
  • Bargaining power of suppliers: Suppliers have low bargaining power due to the presence of numerous suppliers in the market.
  • Threat of new substitutes: The threat of substitution is medium as alternate premium kids ride on vehicles are available in the market.
  • Competitive rivalry: The competitive rivalry is high among the key established brands due to differentiation in product quality, design, and pricing.

Key Takeaways

The global kids tricycles market is expected to witness high growth. The global kids tricycles market is estimated to be valued at US$ 5.33 Bn in 2024 and is expected to exhibit a CAGR of 5.4% over the forecast period 2023 to 2030.

Asia Pacific dominates the global kids tricycles market owing to rising disposable income, rapid urbanization, and increasing middle-class population driving sales of kids bicycles and tricycles in the region. North America follows APAC with more than 20% market share due to high consumer spending on kids products.

Key players operating in the kids tricycles market are Radio Flyer, Fisher-Price, Schwinn, smarTrike, Joovy, Little Tikes, Razor, Hape, Kettler, Strider Sports International. Radio Flyer, Fisher-Price, and Little Tikes hold significant market share due to their wide brand presence. Other players compete on the basis of product design and pricing.

The kids tricycles market will witness inclining demand from countries like China, India, Brazil and other Southeast Asian countries. Increased opportunities for kids trike manufacturers are presented by the emergence of online sales channels. Design and functionality innovations along with affordable price points also garner demand.