Balance Bike Market: Current Analysis and Forecast (2023-2030)

Report Description

The balance bike market was valued at 878.23 Million expected to grow at a strong CAGR of around 6.47% during the forecast period (2023-2030). Due to the rising population and millennials becoming parents at this stage, they realized the increasing awareness among parents about the benefits of balance bikes for their children’s development. For instance, in March 2022, a survey published by “The British Psychological Society” reported practicing on a balance bicycle promotes the development of independent cycling compared with practicing on a bicycle with training wheels. Moreover, the market is experiencing a transformation towards more advanced and high-performance models, with many suppliers now offering balance bikes that boast features such as adjustable seats, hand brakes, and advanced designs. This shift in the market is being spurred by the rising demand for balance bikes among both older children and adults, who are using the bikes for recreational and fitness activities. Balance bikes have provided a much-needed solution, offering a fun and safe way for children to remain active and explore the world around them.

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Some of the major players operating in the market include Prince Lion Heart Inc., Artsana S.p.A, Bixe Balance Bikes, Cruzee Balance Bikes, Glide Bikes, Inc., Radio Flyer Inc., Strider Sports International, Inc., Woom, Yvolve Group Inc., Kazam Bikes. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.

Insights Presented in the Report

“Amongst types, the metal segment dominated the market in 2022.”

Based on type, the market is bifurcated into metal and wood. The metal segment dominated the market in 2022 and is expected to show the same fashion in the forecast period. Their growing adoption is due to their durability and life span. Moreover, metal bikes are widely popular due to their versatility as they can be easily converted from a balance bike to a regular pedal bike, simply by adding pedals and removing the stabilization system. This makes them an excellent option for children who may outgrow the balance bike stage quickly or who prefer the freedom of pedaling on two wheels. Moreover, metal balance bikes are cost-effective; while higher-end metal balance bikes may be costly, they offer superior quality and durability compared to cheaper models, offering parents the opportunity to purchase a well-made and durable balance bike that can bring years of joy to their child without exceeding their budget. Going forward, recent developments have seen a marked increase in the demand for eco-friendly and sustainable balance bikes. Metal balance bikes are well-suited to this trend, as they are usually constructed from recycled materials and can be fixed and maintained with ease, thereby extending their usability. This offers an ideal solution for environmentally conscious consumers who prioritize sustainability and ethical production practices.

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“Amongst applications, the home use segment holds a significant market share in 2022.”

Based on the application, the market is bifurcated into home-use and commercial. The home-use segment holds a significant market share in 2022 and is expected to showcase the same trend in the forecast period due to its ease and convenience. Moreover, home-use balance bikes provide an excellent opportunity for families to spend quality time together, promoting bonding and strengthening relationships. Going forward, manufacturers of home-use balance bikes prioritize safety by incorporating protective gear and robust frames into designs, ensuring kids are safe while learning to balance. Moreover, home-use balance bikes frequently come with reliable and resilient parts, ensuring they are able to withstand regular use and provide years of entertainment and exercise for children. The ability to customize the difficulty level of home-use balance bikes to meet individual needs and preferences provides a significant advantage. Most home-use balance bikes offer adjustable seat heights and footrests, allowing parents to accommodate children of different ages and skill levels. This feature enables parents to create a personalized learning experience for their children, increasing their coordination and balance gradually over time.

Balance Bike Market Report Coverage

“North America was the largest market for balance bikes market in 2022.”

The North American balance bike market dominates the market and is expected to behave in the same fashion due to the growing interest of parents in teaching their kids to improve their balance and coordination skills. Moreover, advances in material and manufacturing technology have resulted in the development of lighter, stronger, and more durable balance bikes. These improvements have enhanced the performance of balance bikes, thus making them more attractive to potential customers. Moreover, e-commerce platforms such as Amazon and specialty bike stores have formed online communities centered around balance bikes, providing customers with resources to learn more about these products and allowing them to purchase them with ease.

Reasons to buy this report:

• The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
• The report presents a quick review of overall industry performance at one glance.
• The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolios, expansion strategies, and recent developments.
• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
• The study comprehensively covers the market across different segments.
• Deep dive regional level analysis of the industry.

Customization Options:

The global balance bike market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to contact us to get a report that completely suits your requirements.

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Research Methodology

Research Methodology for the Balance Bike Market Analysis (2023-2030)

Analyzing the historical market, estimating the current market, and forecasting the future market of the global balance bike market were the three major steps undertaken to create and analyze the adoption of balance bikes in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global balance bike market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:

Analysis of Historical Market Size

Step 1: In-Depth Study of Secondary Sources:

Detail secondary study was conducted to obtain the historical market size of the balance bike market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.

Step 2: Market Segmentation:

After obtaining the historical market size of the balance bike market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as type and application. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.

Step 3: Factor Analysis:

After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the balance bike market. Further, we conducted factor analysis using dependent and independent variables such as type and application of the balance bike market. A thorough analysis was conducted of demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the balance bike market sector across the globe.

Current Market Size Estimate & Forecast

Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global balance bike market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.

Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2030 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:

• The industry’s market size, in terms of revenue (USD) and the adoption rate of the balance bike market across the major markets domestically.
• All percentage shares, splits, and breakdowns of market segments and sub-segments.
• Key players in the global balance bike market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market.

Market Size and Share Validation

Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.

Split of Primary Participants in Different Regions

Market Engineering

The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global balance bike market, data was split into several segments & sub-segments after studying various parameters and trends in the areas of type and application in the global balance bike market.

The main objective of the Balance Bike Market Study

The current & future market trends of the global balance bike market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:

• Analyze the current and forecast market size of the balance bike market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments.
• Segments in the study include areas of the type and application.
• Define and analyze the regulatory framework for the balance bike
• Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry.
• Analyze the current and forecast market size of the balance bike market for the major region.
• Major countries of regions studied in the report include Asia Pacific, Europe, North America, and the Rest of the World
• Company profile of the balance bike market and the growth strategies adopted by the market players to sustain in the fast-growing market.
• Deep dive regional level analysis of the industry

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