NEW
YORK, June 19, 2024 /PRNewswire/ -- The global
trike market size is estimated to grow by USD 13.39 billion from 2024-2028, according to
Technavio. The market is estimated to grow at a CAGR of 39.06%
during the forecast period. Better stability in trikes when
compared to conventional motorcycles is driving market growth, with
a trend towards frequent modification in concept of trikes.
However, high price of trikes when compared to traditional
motorcycles poses a challenge. Key market players include 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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Forecast
period
|
2024-2028
|
Base Year
|
2023
|
Historic
Data
|
2018 - 2022
|
Segment
Covered
|
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)
|
Region
Covered
|
North America, Europe,
APAC, Middle East and Africa, and South America
|
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.
|
Key Market Trends Fueling Growth
The trike market is in its introductory stage, growing rapidly
due to design, features, and performance. Delta trikes, with two
rear wheels, offer stability but face challenges with instant
turning and braking. Reverse trikes, keeping the rider's weight
inside, provide more stability and safety, making them increasingly
popular among OEMs. Tilting conversion kits enhance trike handling,
giving a motorcycle feel. Delta trikes, with strong aftermarket
adoption and Harley-Davidson presence, will dominate the market
during the forecast period.
The trike market is currently experiencing significant growth
with various capacities and types in demand. Cargo trikes, for
instance, are popular for their cargo transport capabilities.
Techno trikes, on the other hand, are gaining traction due to their
electric power and eco-friendly nature. The market also includes
recreational trikes for leisure use. The trend towards lighter,
more efficient vehicles is driving innovation in the industry.
Additionally, the increasing popularity of urban living and the
need for sustainable transportation solutions are contributing
factors to the market's growth. Overall, the trike market is an
exciting space to watch, with new developments and applications
continually emerging.
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Market Challenges
- The high initial cost and low mileage of trikes, such as
Harley Davidson's Tri Glide Ultra,
hinder their market adoption. Priced at USD33,499, it is significantly more expensive
than conventional motorcycles like the Street Glide and
Ultra-Limited, priced at USD20,899
and USD26,399, respectively. This
limits the trike market to older riders with high disposable
income, excluding potential female customers who prefer aftermarket
or alternative options. This is a challenge for Harley-Davidson and
may impede the growth of the global trike market.
- In the trike market, several challenges exist. These include
powering trikes adequately, ensuring reliability, and providing
sufficient storage. Additionally, trikes must be lightweight and
easy to maneuver. Balancing cost and performance is also a
significant challenge. Furthermore, trikes must meet regulatory
requirements and offer a comfortable riding experience. Lastly,
integrating technology such as electric power and connectivity adds
complexity to the design process. Addressing these challenges
requires innovative solutions and a deep understanding of the trike
market.
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challenges - Download a Sample Report
Segment Overview
This trike market report extensively covers market segmentation
by
- Product
- 1.1 Reverse trike
- 1.2 Delta trike
- Retail Channel
- 2.1 OEMs
- 2.2 Aftermarket
- 2.3 Custom builders
- Geography
- 3.1 North America
- 3.2 Europe
- 3.3 APAC
- 3.4 Middle East and
Africa
- 3.5 South America
1.1 Reverse trike- The reverse trike segment in the trike
market has seen significant growth in recent years, driven by
commercial developments from manufacturers like Bombardier,
Campagna Motors, and Polaris Industries. Reverse trikes offer
improved stability through better weight distribution, making them
popular among older riders, females, and beginners. However,
there's increasing demand from young people for long-distance
riding and trying new concepts. The market is expected to expand at
a faster rate than the delta trike segment. Innovations like
tilting trikes, which allow riders to lean while turning, are
crucial for reducing the gap between motorcycles and trikes.
Aftermarket vendors, such as Tilting Motor Works, offer reverse
conversion kits for motorcycles like Harley-Davidson and Honda
Goldwing, priced at around USD13,000.
Elio Motors is also adopting the reverse trike concept in its
upcoming trike model. These developments will fuel market growth
during the forecast period.
For more information on market segmentation with geographical
analysis including forecast (2024-2028) and historic data (2018 -
2022) - Download a Sample Report
Research Analysis
The Trike market caters to the growing demand for high-quality
transportation solutions in urban areas, particularly among the
young population. These three-wheeled vehicles offer increased
mobility, easy handling, and space-efficient dimensions, making
them an attractive alternative to motorcycles and cars. Safety is a
top priority, with critical independent perspectives and industry
statements emphasizing the importance of balancing skills and
traffic congestion. Product literature and annual reports provide
valuable insights into the latest innovations, including Mirrors,
Seats, Lights, and Light weight models. However, high maintenance
expenses and parking challenges are considerations for potential
buyers. Contracts and industry statements offer crucial information
on the latest trends and regulations shaping the market.
Market Research Overview
In the dynamic world of mobility solutions, Trike Market holds a
significant position. This market is characterized by the
production, sale, and use of three-wheeled vehicles, also known as
trikes. These vehicles offer agility, maneuverability, and
affordability, making them an attractive alternative to traditional
motorbikes and cars. The trike market caters to various industries,
including transportation, logistics, and personal use. The market's
growth is driven by factors such as increasing urbanization, rising
demand for fuel-efficient vehicles, and technological advancements.
The trike market encompasses a diverse range of products, from
small, lightweight trikes for personal use to heavy-duty trikes
designed for commercial applications. The market's future looks
promising, with ongoing research and development efforts aimed at
enhancing the performance, safety, and comfort of trikes.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
- Product
-
- Reverse Trike
- Delta Trike
- Retail Channel
-
- OEMs
- Aftermarket
- Custom Builders
- Geography
-
- North America
- Europe
- APAC
- Middle East And Africa
- South America
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory
company. Their research and analysis focuses on emerging market
trends and provides actionable insights to help businesses identify
market opportunities and develop effective strategies to optimize
their market positions.
With over 500 specialized analysts, Technavio's report library
consists of more than 17,000 reports and counting, covering 800
technologies, spanning across 50 countries. Their client base
consists of enterprises of all sizes, including more than 100
Fortune 500 companies. This growing client base relies on
Technavio's comprehensive coverage, extensive research, and
actionable market insights to identify opportunities in existing
and potential markets and assess their competitive positions within
changing market scenarios.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/
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SOURCE Technavio