USD 2.49 billion
Report ID: SQSG25C2016 | Region: Global | Published Date: November, 2022 | Pages: 165 | Tables: 61 | Figures: 75
Trike Market size was valued at USD 2.49 billion in 2021 and is poised to grow from USD 2.66 billion in 2022 to USD 4.78 billion by 2030, growing at a CAGR of 6.7% in the forecast period (2023-2030).
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.
Global Market Size
USD 2.49 billion
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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.
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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.
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Trike Market Driver
Curating Products to Cater All Age Groups will Increase Trike’s Sales in the Future
Trike Market Restraint
Shortcomings in Traditional Models to Hinder Market Growth
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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
Trike Market Recent Development
Hectic Lifestyle to Aggregate Demand for Trike in Global Market
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.
|Market size value in 2021||USD 2.49 billion|
|Market size value in 2030||USD 2.66 billion|
|Forecast Unit (Value)||USD Billion|
|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)|
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Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Global 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 Global 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.
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Trike Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Global Trike Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
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