Features such as eco-friendliness and convenient driving experience are boosting trike market growth exponentially
A tricycle popularly called trike is three-wheeled vehicle human powered, battery powered or conventional used for commercial or leisure purposes. The trike is commonly used in the African, Asian, and American countries. The trike offers stability, has unique design, comfortable seating, safety features, and is ideal for older population or nervous riders. Owing to large scale demand spurt in trike market, manufacturers are also launching trike variants appropriate for differently abled users.
These are the advantages offered by trikes that is driving the trike market which is projected to exceed 1.20 billion USD value by 2028 with and compound annual compound annual growth rate of 11.99%. In addition to this, health benefits and environmental benefits are also the major influencers of the trike market. The purpose of trike is to facilitate safety while providing advanced features like a car. A three-wheeler designed to have one large wheel in front along with a pair of smaller wheels on the back, ideal for children is also classified as motorized trike.
Examining the historical and current state and different scenarios, the trike market seems more progressive thus attractive to the investors. The key influencers of growth of the trike market are improved stability, great low-impact aerobic activity, reduction in stress levels and promoting a calm mood, and most importantly comfortable. Also, motorized vehicles when combined with advanced technology features offer thrice value on investment thus attracting more innovators and investors in the trike market.
However, cost factors, high maintenance, bulky dimensions than the conventional bikes, as well as storage and parking issues are likely to hamper the growth of trike market. Furthermore, addressing the same issues the new trikes are been equipped with more comfort, they are light weight, and can fit in less spaces which are likely to be the opportunity to the Motorized tricycle industry.
Adroit Market Research report on the global scalp care products market presents a detailed study of the market covering all the regions and segments contributed to the growth of the market. The report analyses the internal and external factors having a major influence on the overall market. The important economic featured of “keyword” industry and competitive environment including the market segments, market size, latest trends, competitive landscape, and drivers are studied. Moreover, SWOT analysis of the trike market, biggest leaders, competitors, as well as the financial state of the market from 2018 to 2020 are examined in the report. The base considered for study is 2020 and forecast years are 2021-2028.
The market players to stay competitive in the local and global market are offering innovative and user friendly trikes. The trike is equipped with advanced features, electric bikes, innovative designs, in-pocket price range, etc. This has increased their share in the market are have attracted the customers towards the trike. The trike designed with environment friendly features has boosted the Electric Trike market.
Depending upon the type segment the market is classified into key categories namely electric and conventional. The electric trike is projected to capture good growth in the market in the forecasted years. The current market share of the electric trike segment is higher than the conventional one. This can be attributed to the factors like environment friendly, awareness for using clean energy products, maximum stability, features like gyroscope-enabled auto-balance park feature, and other have increased its demand in the trike market.
Depending upon the application segment the market is classified into key categories namely commercial and leisure. The leisure trike segment is seen tremendous growth in the trike market and is posed for extensive growth in future as well. The key factors supporting the growth of leisure motorized trike segment are experience of cycling freedom offered by the leisure trike, comfortable for exercise or for leisure rides, etc. This has contributed to the boost of trike market.
The North American region witnessed major growth earlier and is anticipated to capture good growth in future as well owing to gradual shift in passenger preferences for sustainable transportation. This region experienced good market growth due to presence of bug technology giants and innovators, high disposable incomes, and awareness for using environment friendly trikes. Also, the APAC and MEA are projected to record good growth due to increasing demand for using electric and uniquely designed trikes for even the geriatric population.
The leaders and innovators in the trike market are Motor Trike, Global Mobility Service, Polaris, Campagna Motors, BRP, BUHLER, Tilting Motor Works, HARLEY-DAVIDSON, American Bike and Trike, and MTC Voyager among others. These market players have adopted different market dominating strategies to stay ahead of the market.
Key Segments of the Global Trike Market
Application Overview, 2018-2028 (USD Billion)
Application Overview, 2018-2028 (USD Billion)
Regional Overview, 2018-2028 (USD Billion)
- Rest of Europe
- Rest of Asia Pacific
- Rest of South America
Middle East and Africa