LONDON--(BUSINESS WIRE)--Technavio analysts forecast the global children's bicycle market to grow at a CAGR of more than 2% during the forecast period, according to their latest report.
The research study covers the present scenario and growth prospects of the global children's bicycle market for 2017-2021. The market is segmented based on store format (specialty stores, chain sporting goods stores, and online retail) and geography (APAC, EMEA, and the Americas).
The main drivers of the market include new product launches in the children's bicycle category in animated graphics and bright colors and promotion of bicycling culture among children by various organizations as means to counter overweight or obesity problems in children. The scrapping of the one child policy in China will also aid the market growth as APAC has the largest market share in the global children's bicycle market. The dominance of Chinese bicycle manufacturers in the global market, rise in the cost of inputs, increasing R&D expenditure, and an increase in children's inclination toward indoor games and television are few of the challenges that will be faced by the children's bicycle manufacturers during the forecast period.
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Technavio consumer and retail research analysts highlight the following three factors that are contributing to the growth of the global children's bicycle market:
- Extension in range of children's bicycles and efficient supply chain management
- Donation of bicycles to children
- Bicycling to counter obesity problem
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Extension in range of children's bicycles and efficient supply chain management
Children's bicycle manufacturers are extending the range of products to stimulate demand and gain market share. In 2016, Islabikes launched Pro Series line, which includes bicycles with wheel diameters of 16 inches and 20 inches for children as well as mountain bikes with wheel diameters of 24 inches and 26 inches. Similarly, in 2017, Caloi extended its product line by launching three new children's bicycle models, namely Spider Man 16-2017, Ceci 16-2017, and Barbie 16-2017.
Poonam Saini, a lead retail goods and services research analyst at Technavio, says, “In line with consumer demand, dealers in North America are demanding more just-in-time deliveries. As a result, Cannondale through its efficient supply chain management maintains a low level of inventory. Similarly, in 2016, Accell Group opened a new distribution system for parts and accessories for supply chain management. It is an automated system with a maximum capacity of 12,000 order lines per day. The system operates 24 hours a day and seven days a week, which reduces delivery times. Accell Group is the first company in the bicycle industry to use such a system.”
Donation of bicycles to children
Many NGOs and schools are promoting bicycling among children through various programs like "cycle-to-school" and "on- and off- bicycle education." The objective of these programs is to promote bicycling habits among children to encourage a more active lifestyle. These programs are more prominent in European countries as Europe has seen the biggest boom in bicycling growth over the past two decades.
“PRESTO is a project of the European Union under which it promotes cycling among children in European countries. The British Cycling's Bikeability Cycle Training Program for schoolchildren teaches the essential skills required to ride bicycles on the road. Since its inception in 2007, it has trained over 2.12 million schoolchildren in England, Wales, and Scotland. The Danish Cyclists' Federation's annual campaign Bike to School promotes cycling among children for commuting to school. Similarly, The Singapore Cycling Federation has partnered with some schools to offer lessons to children about bicycling basics and safety,” adds Poonam.
Bicycling to counter obesity problem
Since 1980, obesity has more than doubled globally. In 2014, 41 million children globally under the age of 5 years were estimated to be overweight or obese. In China, 10% of the total primary school students were reported to be obese in 2015. In 2014, in Australia, 23% of the children aged between 5 and 14 years were overweight or obese. This can have negative implications on the health in the long run in terms of asthma, type 2 diabetes, cardiovascular conditions, and cancer. Indoor activities like video games, use of smartphones, and web surfing are other factors that contribute to the increase in obesity among children. Thus, parents are using cycling as means to counter obesity problems in children.
Top vendors:
- Accell Group
- ByK Bikes
- Dorel Industries
- TI Cycles
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