Rising interest in leisure & recreational trikes and accessibility of trikes to people with locomotor disability drive the growth of the global trike market.
PORTLAND, Ore., Dec. 13, 2023 /PRNewswire/ — Allied Market Research published a report, titled, “Trike Market by Propulsion (IC Engine, Electric, and Human Powered), Application (Healthcare, Leisure, and Others), and Type (Reverse and Delta): Global Opportunity Analysis and Industry Forecast, 2023-2032″. According to the report, the global trike market was valued at $2,556.71 million in 2022, and is projected to reach $5,185.37 million by 2032, registering a CAGR of 7.6% from 2023 to 2032.
(We are providing trike industry report as per your research requirement, including the Latest Industry Insight’s Evolution, Potential and Russia-Ukraine War Impact Analysis)
- 123 – Tables
- 64 – Charts
- 379 – Pages
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Prime determinants of growth
The global trike market has experienced significant growth and transformation, driven by rising interest in leisure and recreational trikes, and accessibility of trikes to people with locomotor disability. However, competition from other mobility options and high price of trikes restricts the market growth. Moreover, growth of electric trikes, and customization and personalization in trikes presents new opportunities in the coming years.
Report Coverage and Details:
|
Report Coverage |
Details |
|
Forecast Period |
2023–2032 |
|
Base Year |
2022 |
|
Market Size in 2022 |
$2,556.71 million |
|
Market Size in 2032 |
$5,185.37 million |
|
CAGR |
7.6 % |
|
No. of Pages in Report |
379 |
|
Segments Covered |
Propulsion, Application, Type, and Region. |
|
Drivers |
Rising interest in leisure and recreational trikes Accessibility of trikes to people with locomotor disability |
|
Opportunities |
Growth of electric trikes Customization and Personalization in trikes |
|
Restraints |
Competition from other mobility options High price of trikes |
Russia-Ukraine War Scenario
- The Russia–Ukraine war has impacted trike sales due to economic instability, affecting consumer confidence and purchasing power.
- Additionally, the geopolitical tensions may have disrupted supply chains and increased production costs, resulting in higher prices for trikes.
The IC engine segment to maintain its leadership status throughout the forecast period
By propulsion, the IC engine segment held the highest market share in 2022, and is estimated to maintain its leadership status throughout the forecast period 2023 to 2032, due to ease of availability of the fuel and the robust power provided by the IC engine powered trikes. However, the electric segment is projected to have the highest CAGR of 8.9% from 2023 to 2032, owing to its ability to have lower operating costs than the gasoline-powered vehicles, therefore gaining market globally as these bikes offer easy and comfortable ride with accessibility to the people of different ages and physical abilities.
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The leisure segment to maintain its leadership status throughout the forecast period
By application, the leisure segment held the highest market share in 2022 and is estimated to maintain its leadership status throughout the forecast period. This segment is projected to manifest the highest CAGR of 8.2% from 2023 to 2032, owing to the trikes capability of providing individuals with an enjoyable and recreational experience. It be used by the people of different ages, gender, and people with locomotor disability. It offers a unique way to explore the outdoors, engage in physical activity, and have fun. Thus, creating its demand in recreational and leisure activity.
The delta segment to maintain its lead position during the forecast period
By type, the delta segment accounted for the largest share in 2022 and is estimated to maintain its leadership status throughout the forecast period. However, reverse segment is projected to manifest the highest CAGR of 8.3% from 2023 to 2032, owing to its features which provides enhanced stability, balance, and some provide leaning mechanism which helps in the sharp cornering and offering a unique experience to the rider, therefore creating its demand in the trike market.
North America to maintain its dominance by 2032
By region, North America held the highest market share in terms of revenue in 2022 and is estimated to maintain its leadership status throughout the forecast period, due to the presence of major firms, such as Can-Am and Harley- Davidson, that helps to boost the trike market expansion in North America as both the manufacturers sell trikes with their line-up of motorcycles and other recreational vehicles. However, the Europe region is expected to witness the fastest CAGR of 8.6% from 2023 to 2032, owing to the growth in region’s tourism and the adoption of sustainable mode of transportation. The demand for trikes in Europe region is expected to grow rapidly.
Key Developments in the Trike Industry:
- Leading companies in the trike industry are employing various strategies, including acquisitions, agreements, expansions, partnerships, contracts, and product launches, to fortify their market positions.
- In July 2023, Piaggio updated its existing models, MP3 400 and MP3 530, with life support equipment. This product enhancement is anticipated to attract a new customer base for the company, particularly in urban settings.
- In June 2023, Can-Am, a BRP company, collaborated with the shoe company Shoe Surgeon to design three custom trikes. This partnership serves as a promotional avenue for the company’s trikes, aiming to attract new customers.
- In March 2023, Piaggio is expected to develop airbags for its trikes, enhancing safety standards and improving the overall models.
- In January 2023, Harley-Davidson launched an upgraded version of the Freewheeler trike. The upgrades include changes in the rear wheel size from 15 inches to 18 inches and software enhancements in electronic systems, such as the cornering enhanced anti-lock braking system and cornering enhanced traction control. These product upgrades are poised to attract new customers to the company.
Key Highlights of the Report:
- The trike market study comprehensively covers regions including North America, LAMEA, Europe, and Asia-Pacific. The research provides a detailed regional and segment analysis for each country, presenting values in ($million) for the projected period from 2023 to 2032.
- The study integrates high-quality data, professional opinions, and analysis, along with critical independent perspectives. The research approach aims to offer a well-balanced view of global markets, enabling stakeholders to make informed decisions to achieve their ambitious growth objectives.
- A thorough review of over 3,700 product literature, annual reports, industry statements, and other comparable materials from major industry participants was conducted to gain a profound understanding of the market dynamics.
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Leading Market Players: –
- Harley Davidson Inc.
- Piaggio & C. SpA
- KWANG YANG MOTOR CO., LTD.
- BRP
- YAMAHA MOTOR CO., LTD
- Polaris Inc.
- Campagna Motors Inc.
- Arcimoto
- Electric Bike Technologies Inc.
- Boss Hoss Cycles, Inc.
The report provides a detailed analysis of these key players in the global trike market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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