USD 2.49 billion
Trike Market Size, Share, Growth Analysis, By Type(Conventional, Electric), By Application(Commercial, Leisure), By Region - Industry Forecast 2024-2031
Report ID:
SQSG25C2016 |
Region:
Global |
Published Date: July, 2036
Pages:
165
|Tables:
61
|Figures:
75
Trike Market Insights
Trike Market size was valued at USD 2.49 billion in 2019 and is poised to grow from USD 2.66 billion in 2023 to USD 4.78 billion by 2031, growing at a CAGR of 6.7% in the forecast period (2024-2031).
Improved stability, an abundance of options to suit the tastes of any age group, and the development of eco-friendly trikes are important variables that are playing significant roles in achieving the aim. In addition, payback options and return on investment are the main drivers of the trike market's expansion.They are widely gaining popularity as they are used in cruising and leisure activities. Few of these have passenger capacity, weather protection, mirrors, seats, and lights.
However, the market is expected to face restraints in the coming years due to high maintenance expenses, storage, and parking challenges. Players in the market are tackling these issues by developing light weight models, easy handling, space efficient dimensions, increased mobility, and adding more features. Players realise that evolving models can tackle market’s hindrance and can increase growth opportunities.
US Trike Market is poised to grow at a sustainable CAGR for the next forecast year.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Electric
Fastest Growth
Electric
Growth Rate
6.7% CAGR
Global Trike Market 2021-2028 ($ Bn)
Country Share for North America Region- 2021 (%)
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Trike Market Segmental Analysis
Global Trike Market is segmented based on Type, Application, and Region. Based on Type Trike Market is further sub segmented into Conventional, Electric. According to Application, the market is segregated into Commercial, Leisure. Based on Region, Trike Market is further sub segmented into North America, Europe, Asia Pacific, South America, and MEA.
Trike Market Analysis by Application
The cargo electric tricycle and the passenger electric tricycle are the two segments of the global electric tricycle or e-trikes market, respectively. Trike Market for electric tricycles, often known as e-trikes, was dominated in 2021 by the passenger electric tricycle sector. The high rate of population growth is to blame for this domination, especially in developing nations with bigger middle-class populations that favour public transportation over private vehicles for daily commuting. Additionally, electric three-wheelers, which are more cost-effective and environmentally friendly than taxis and cabs, are gaining popularity as the need for last-mile connections increases.
Global Trike Market Share By Type, 2021 (%)
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Trike Market Regional Insights
Geographically, there are four market segments for bicycle front derailleurs: North America, Europe, Asia Pacific, and the rest of the globe. Due to the increase in demand from the young and female population, North America currently accounts for the largest revenue share in the global market. The use of electric trikes is growing in this area due to the expanding trend of trike riding as well as rising fuel emissions from conventional cars. Due to the existence of significant important companies and the increasing uptake of these motorcycles by the younger generation in this region, Europe owns the second-largest share of the global market. Additionally, the governments of several nations in this region are promoting the use of electric vehicles and transportation in an effort to reduce the rising levels of air pollution brought on by gasoline emissions! Due to its residents' increasing urbanization, higher living standards, and higher income levels, Asia Pacific is likewise exhibiting continuous expansion in the worldwide market. In order to grow their businesses in the region's growing economies, manufacturers are also making investments. Moreover, it is anticipated that the trike market in this area will grow as a result of the rising acceptance and advancement of motorcycle technology, particularly in nations like India, China, and Japan.
High demographic growth, a greater middle- and lower-middle-class income population, and a growing propensity for electrification of vehicles in the area are driving the market for electric tricycles or e-trikes in APAC. The market's highest share is anticipated to belong to China, followed by India and other developed and developing nations. Due to the high pollution rate generated by fuel-based vehicles, the Indian government is actively adopting measures to promote electric tricycles in the nation.
Global Trike Market By Geography, 2021 - 2028
- Largest
- Fastest
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Trike Market Dynamics
Trike Market Driver
Curating Products to Cater All Age Groups will Increase Trike’s Sales in the Future
- Rising car traffic and more public awareness of pollution and health risks are likely to have the biggest impacts on the market during the coming years. The market will develop due to its hassle free and secure riding properties. It is curated for all age groups to cater diversity. It provides a comfortable and safe ride for elderly to mitigate strain and injuries. Additionally, players are offering genuine products with replacement policies and other similar services, which is projected to present industry players with a growth potential as well as the overall trike market.
Trike Market Restraint
Shortcomings in Traditional Models to Hinder Market Growth
- Concerns over performance and speed are projected to be a major barrier to the market's expansion over the forecast period.
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Trike Market Competitive Landscape
The market for electric tricycles, often known as e-trikes, is extremely competitive, with major market participants using a variety of tactics to increase their market positions, including product development, collaborations, acquisitions, agreements, and growth. The majority of businesses in the industry are concentrating on growing their regional operations, enhancing their capabilities, and cultivating reliable partner relationships.
Trike Market Top Player’s Company Profiles
- Bajaj Auto Ltd.
- Bombardier Recreational Products Inc.
- Campagna Motors Inc
- CFMoto
- Delta Trikes
- Elio Motors
- Harley-Davidson, Inc.
- Honda Motor Co., Ltd.
- ICE Trikes
- Kawasaki Heavy Industries Ltd.
- KMX Karts Ltd.
- Lehman Trikes USA
- Piaggio & C. S.p.A.
- Polaris Inc.
- Qiangsheng Electric Tricycle Factory
- Rewaco Spezialfahrzeuge GmbH
- Suzuki Motor Corporation
- TerraTrike
- The Champion Trike Conversion Kit
- Yamaha Motor Co., Ltd.
Trike Market Recent Development
- In February 2022, In Kolkata, Piaggio Vehicles Private Limited (PVPL), a fully-owned subsidiary of the Piaggio Group, opened the first experience centre for electric three-wheelers. The business now has a presence in West Bengal. Essem Tekno Services Pvt. Ltd. is the name of the company's first three-wheeled electric vehicle experience facility in Kolkata.
- In October 2021, In order to address the age-old issue of walking, Toyota unveiled the C+walkT. A standing electric scooter with three wheels is called the C+walkT.
- In February 2022, The Mean Lean Machine, a revolutionary new full-suspension, three-wheeled electric bike, was unveiled by Arcimoto (MLM). Utilizing tilting technology, the new e-bike can turn more like a two-wheeler while still maintaining three-wheeler stability.
Trike Key Market Trends
Hectic Lifestyle to Aggregate Demand for Trike in Global Market
- The majority of urban residents have everyday traffic-related issues, including long vehicle lines and hours spent in jams, which forces consumers to buy a folding bicycle in order to travel within cities in a timely and safe manner. Over the course of the forecast period, rising consumer awareness is anticipated to fuel the trike market's expansion. Due to their hectic schedules and modern lifestyles, people are compelled to work without exercise and eat only junk food, which contributes to their being overweight or obese. Governments and private organisations have urged people to use these foldable bicycles as their main form of transportation in an effort to cut down on pollution, which has contributed to the rise of the trike market during the anticipated period.
Trike Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected using Primary Exploratory Research backed by the robust Secondary Desk research.
According to our analysis, the global trike market will witness novel launches and improved features in the forecast period. Players in the market are investing heavily on improving and adding more features to their models. Capturing larger consumer base by marketing strategies and collaborations will further drive the market growth. Emerging economies will also flourish well as various new regional players are entering the market. Their aim to offer cheaper products will drive market growth.
| Report Metric | Details |
|---|---|
| Market size value in 2019 | USD 2.49 billion |
| Market size value in 2031 | USD 4.78 billion |
| Growth Rate | 6.7% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Trike Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Trike Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Trike Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Trike Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Trike Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Trike Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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