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The trike market size is forecast to increase by USD 13.40 billion at a CAGR of 39.06% between 2023 and 2028. The market is experiencing significant growth due to several key factors. One of the primary reasons is the improved stability that trikes offer compared to conventional motorcycles. This attribute is particularly appealing to older riders or those with disabilities, making the market an attractive option for this demographic. Another trend influencing the market is the frequent modification of trike concepts, leading to innovative designs and features. However, the high price point of trikes compared to traditional motorcycles remains a challenge for market growth. Despite this, the market is expected to continue expanding due to its unique benefits and evolving offerings.
The market is experiencing significant growth due to the increasing preference for three-wheeled motorcycles among riders. High-quality data and industry statements reveal that the demand for trikes is on the rise in urban areas, particularly among the young population, due to their convenience and ease of handling. The light weight models offer improved balancing skills, making them an attractive option for those with traffic congestion concerns. Professional opinions suggest that the safety features of trikes, including mirrors, seats, and lights, are crucial factors driving market growth. However, high maintenance expenses and storage challenges are potential challenges for the industry.
Critical independent perspectives indicate that trikes offer increased mobility and are ideal for cruising in urban environments. Annual reports reveal that the market is expected to grow steadily, with manufacturers focusing on producing models with space-efficient dimensions to cater to the evolving needs of consumers.
The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD Billion" for the period 2024-2028, as well as historical data from 2018 - 2022 for the following segments.
The reverse trike segment is estimated to witness significant growth during the forecast period. The market, spearheaded by industry pioneers such as Bombardier, Campagna Motors, and Polaris Industries, has witnessed significant growth in recent years. These custom trikes, engineered by shoe surgeons, offer enhanced stability through superior weight distribution. This feature enables efficient braking and caters to the safety needs of older riders, female motorcycle enthusiasts, and novice bikers. However, the reverse trike segment is experiencing increasing demand from the young population, drawn to the novelty of the concept and its suitability for long-distance cruising. Reverse trikes, with their smaller turn radius, provide improved safety and balancing skills, making them an attractive alternative to conventional trikes and motorcycles in urban areas plagued by traffic congestion.
Technological advancements, including airbags, lithium-ion batteries, and cargo space, have further boosted the appeal of reverse trikes for commercial and leisure purposes. Extreme weather conditions are no longer a barrier, as these trikes come equipped with weather protection features such as mirrors, seats, lights, and passenger capacity. The rapid advancement of this market is expected to yield substantial returns on investment for manufacturers as the demand for eco-friendly trikes continues to grow in various sectors, including hotels, tourism industries, rental purposes, and shipping cargos.
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The reverse trike segment was valued at USD 1.23 billion in 2018 and showed a gradual increase during the forecast period.
North America is estimated to contribute 85% 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.
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Custom Trikes, a sub-segment of the Trikes market, have gained significant traction among riders due to their enhanced safety features and customization options. Shoe surgeon trikes, for instance, cater to riders with balancing skills challenges, offering improved stability and control. Airbags and safety standards are becoming essential features in these trikes, ensuring the rider's safety during accidents, especially in urban areas with heavy traffic congestion. Freewheeler trikes, with varying rear wheel sizes, are popular for cruising purposes, providing convenience and ease of use. The young population's increasing preference for motorcycles and trikes, coupled with rapid advancement in technological development, has led to an exponential growth in the Trikes market.
Lithium-ion batteries, passenger capacity, and cargo space are crucial factors driving this growth. Extreme weather conditions and commercial purposes necessitate the use of trikes with mirrors, seats, lights, and weather protection. Eco-friendly trikes, powered by renewable energy sources, are gaining popularity due to environmental concerns. The Trikes market also caters to the transportation needs of various industries, including hotels, tourism, and shipping cargos, offering a high return on investment. Conventional trikes, with their strong design and durability, continue to dominate the market, while the market for cargo trikes is expected to grow exponentially due to their versatility and efficiency.
The Trikes market's technological development is expected to further enhance its appeal, with advancements in passenger comfort, cargo capacity, and safety standards.
Our researchers analyzed the data with 2023 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.
Better stability in trikes when compared to conventional motorcycles is the key driver of the market. The market has witnessed significant growth due to several factors, including increasing population, urbanization, and higher living standards leading to higher income levels. With rising fuel emissions and air pollution, there is a growing concern for health risks, particularly among the elderly and female population. In response, there is a push towards the electrification of vehicles, including trikes. Lightweight and easy-handling trikes, such as cargo and passenger electric models, offer increased mobility and space-efficient dimensions, making them ideal for last-mile connections and commercial applications. Despite their high maintenance expenses and storage and parking challenges, trikes provide increased performance and speed, making them a viable alternative to motorcycles and cars in congested urban areas.
The Indian government is promoting the use of trikes as a solution to car traffic and pollution, with public awareness campaigns highlighting their benefits for both the environment and personal health.
Frequent modification in concept of trikes is the upcoming trend in the market. The global market is experiencing significant growth due to its unique design and features, addressing the needs of various customer segments. Delta trikes, an evolution of traditional motorcycles with two rear wheels, offer increased stability but present challenges such as high maintenance expenses and storage and parking difficulties. Reverse trikes, with their front wheel alignment, address these issues by providing easy handling, space-efficient dimensions, and increased mobility. The market caters to both commercial and leisure applications, including cargo electric tricycles and passenger electric trikes. With population growth, urbanization, and rising fuel emissions, there is a growing demand for last-mile connections and eco-friendly transportation solutions.
The market is particularly attractive to the middle-class income population and the elderly, who seek performance, speed, and health benefits. Governments worldwide are promoting the electrification of vehicles to reduce air pollution and health risks. The Indian government, in particular, has announced initiatives to encourage the use of electric trikes in public transportation and last-mile connectivity. However, challenges such as battery technology, charging infrastructure, and public awareness remain. Despite these challenges, the market is expected to grow, driven by motorcycle technology advancements, higher living standards, and the need for more sustainable transportation solutions. However, the market faces competition from bicycles, particularly those with front derailleurs, which offer a more affordable and eco-friendly alternative for short-distance travel.
Nevertheless, the market's potential for increased mobility and reduced carbon footprint makes it an attractive proposition for both commercial and leisure applications.
High price of trikes when compared to traditional motorcycles is a key challenge affecting the market growth. The global market faces challenges due to their high maintenance expenses and low mileage compared to conventional motorcycles. These factors limit the market's growth, as the initial cost of a trike is significantly higher than that of a traditional motorcycle. For instance, Harley-Davidson's Tri Glide Ultra trike is priced at USD33,499, which is more than the touring segment Street Glide and Ultra-Limited models, priced at USD20,899 and USD26,399, respectively. The high cost is a deterrent for potential buyers, particularly those in the middle-class income population and the rising female population, who prefer aftermarket or other alternatives. Moreover, trikes present storage and parking challenges due to their larger dimensions compared to motorcycles.
However, their lightweight models and easy handling make them space-efficient for commercial and leisure applications. The increasing population growth, urbanization, and higher living standards have led to a demand for last-mile connections and electrification of vehicles. Cargo electric tricycles and passenger electric tricycles, or e-trikes, are gaining popularity due to their increased mobility and reduced pollution rate. Despite these benefits, trikes face challenges due to rising fuel emissions and air pollution, which have led to public awareness and health risks. The Indian government has implemented regulations to reduce car traffic and promote e-trikes as a viable alternative. The elderly population also benefits from the performance and speed of trikes, making them an attractive option for commercial and personal use.
However, the high maintenance expenses and challenges in storage and parking remain significant barriers to the market's growth.
The market forecasting 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 market growth analysis strategies.
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.L: The company offers trikes such as FUV, Rapid Responder, Roadster, and more.
The market research and growth report includes detailed analyses of the competitive landscape of the market and information about key 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 market is witnessing significant growth due to the increasing demand for three-wheeled vehicles in various sectors. High-quality data and professional opinions suggest that the trike vehicle market caters to diverse applications, including healthcare, leisure, therapy, and rehabilitation programs. These vehicles offer numerous benefits, such as improved coordination, muscle strength, and physical activity, making them essential for individuals facing mobility challenges. In the healthcare sector, trikes are used in adaptive sports and recreational cycling for children and adults. In leisure applications, they are popular for balancing and riding in social events and educational settings. The rising disposable income and the growing awareness of emission reduction have led to an increased preference for eco-friendly mobility solutions like electric trikes.
Further, the market includes various types, such as reverse trikes, delta trikes, IC engine trikes, and electric trikes. Stability and comfort are crucial factors driving the demand for trikes, especially among elderly persons with physical limitations. The market is expected to grow further due to the increasing popularity of trikes as an alternative to motorcycles, which do not require a license. Product literature, annual reports, industry statements, contracts, and agreements provide critical independent perspectives on the current trends and future outlook of the market.
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Market Scope |
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Report Coverage |
Details |
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Page number |
167 |
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Base year |
2023 |
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Historic period |
2018-2022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 39.06% |
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Market growth 2024-2028 |
USD 13.40 billion |
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Market structure |
Fragmented |
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YoY growth 2023-2024(%) |
29.05 |
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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 85% |
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Key countries |
US, Canada, UK, France, and China |
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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, market forecast, fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, market condition analysis for the forecast period |
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Customization purview |
If our market report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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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 Opportunity/Restraints
11 Competitive Landscape
12 Competitive 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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