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The trike market size is estimated to grow at a CAGR of 14.4% between 2022 and 2027. The market size is forecast to increase by USD 2,428.85 million. The growth of the market depends on several factors such as better stability in trikes when compared to conventional motorcycles, an increase in the number of older motorcyclists and women who prefer trikes, and growing traffic congestion spurring demand for trikes.
This trike market report extensively covers market segmentation by product (reverse trike and delta trike), retail channel (OEMs, aftermarket, and custom builders), and geography (North America, Europe, APAC, Middle East and Africa, and South America). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
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Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
One of the key factors driving the trike market growth is the better stability in trikes when compared to conventional motorcycles. The main advantage of a three-wheeler motorcycle or trike is that it offers the rider high stability as the riser is not required to put the feet down while stopping. There is an increasing preference for reverse trikes over delta trikes among consumers as it offers better stability.
As a result, there is an increasing shift in high-performance trikes by several OEMs as it offers increased thrust, acceleration, and more safety compared to traditional vehicles. Additionally, there is a significant demand for trikes among consumers who have never ridden a motorcycle, especially in regions such as the US, Japan, and Europe where there is high utilization of cars over bikes. Hence, such factors are positively impacting the market, which in turn is driving the global trike market growth during the forecast period.
A key factor shaping the trike market growth is the positioning of the trike as an alternative in countries with strong passenger car markets. Several OEMs in the market promote trikes under their motorcycle segment, as trikes are considered an extension of traditional motorcycles. Many prominent OEMs such as Polaris Industries and Campagna Motors are promoting their trikes as a vehicle that offers the feel and experience of a motorcycle as well as a car.
Additionally, OEMs are increasingly revising their strategy and started seeking other mediums that are ideal for the adoption of trikes due to the stagnation in the motorcycle market in developed countries such as the US and Japan. Furthermore, the implementation of licensing policies in some countries has opened new opportunities for trike manufacturers and the aftermarket. This policy enables any driving license holders to ride trikes. Hence, such factors are positively impacting the market, which in turn is driving the global trike market growth during the forecast period.
The high price of trikes when compared to traditional motorcycles, is one of the key challenges hindering the trike market growth. The initial upfront cost for a trike is very high when compared to conventional motorcycles available in the market, which can significantly hamper the trike market. For instance, the price of Harley Davidson's Tri Glide Ultra trike is USD 33,499, which is very high when compared to the touring segment Street Glide and Ultra-Limited models, which are priced at USD 20,899 and USD 26,399.
As a result, it has resulted in a decline in the adoption of trikes and can fuel the demand for traditional motorcycles. Hence, increasing female adopters of trikes remain out of reach for Harley-Davidson, which can negatively impact the market. Hence, such factors are expected to hinder the global trike market during the forecast period.
The market research report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Trike Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Arcimoto Inc: The company offers trikes such as FUV, Rapid Responder, Roadster, and more.
The research report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The reverse trike segment is estimated to witness significant growth during the forecast period. The reverse trike segment is launched by several prominent market players in the global trike market such as BRP, Campagna Motors, and Polaris Industries. The main advantage of reverse trikes is that it offers more stability through better weight distribution, which, in turn, enables effective braking. The main consumer segment for these trikes includes older people, female riders, and beginner motorcycle riders.
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The trikes segment was the largest segment and was valued at USD 1,005.68 million in 2017. Additionally, there is an increasing demand for the reverse trikes segment from young enthusiastic consumers who are early adopters of new products as well as prefer long-distance driving. This segment is forecasted to grow at a higher rate than the delta trikes. One of the main purposes of the reverse trikes segment is to offer more stability while braking and cornering activities, which enables the riser to reduce the turn radius. Furthermore, there is a rising adoption and growing popularity of reverse trikes models such as the Can-Am Spyder and Polaris Slingshot reverse trikes. Hence, such factors are expected to fuel the growth of this segment which in turn will drive the global trikes market during the forecast period.
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North America is estimated to contribute 64% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. Some of the key countries in North America which are significantly contributing to the growth of the global trike market in North America are US and Canada. There is a rising demand for trikes in these countries due to an increase in the number of baby boomers and female motorcycle riders. One of the main factors which play a major role in the growth of the trikes market in North America when compared to other regions is its demographics. Besides the demographics, the presence of prominent companies as well as the rise of female riders is also fuelling the growth of the global trike market in North America. Hence, such factors are expected to drive the global trike market in the region during the forecast period.
In 2020, during the COVID-19 pandemic, the growth of the global trike market witnessed a significant slowdown due to the temporary closure of automobile manufacturing facilities resulting in a halt in production in North America. However, in 2021, the initiation of large-scale vaccination drives lifted the lockdown and travel restrictions, which led to the resumption of operations in manufacturing units. Such factors are expected to drive the market during the forecast period.
The trike market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
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Trike Market Scope |
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Report Coverage |
Details |
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Page number |
161 |
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Base year |
2022 |
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Historic period |
2017-2021 |
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Forecast period |
2023-2027 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 14.4% |
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Market growth 2023-2027 |
USD 2,428.85 million |
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Market structure |
Fragmented |
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YoY growth 2022-2023(%) |
26.01 |
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Regional analysis |
North America, Europe, APAC, Middle East and Africa, and South America |
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Performing market contribution |
North America at 64% |
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Key countries |
US, Canada, China, UK, and France |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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Key companies profiled |
AKO Technical, Arcimoto Inc., AZUB BIKE s.r.o., Bombardier Recreational Products Inc., Boss Hoss Cycles Inc., Campagna Motors Inc., CHAMPION TRIKES OF ARIZONA, Cheetah Trikes Inc., HANNIGAN MOTORSPORTS, Harley Davidson Inc., Motor Trike Inc., Motorcycle Tour Conversions Inc., Piaggio and C. Spa, Polaris Inc., Qooder SA, Renegade Trike Corp., Roadsmith Inc., Tilting Motor Works Inc., Van Raam Reha Bikes B.V., and Yamaha Motor Co. Ltd. |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Product
7 Market Segmentation by Retail Channel
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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