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.
Technavio has announced its latest market research report titled Global trike market 2024-2028
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Forecast period |
2024-2028 |
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Base Year |
2023 |
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Historic Data |
2018 – 2022 |
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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) |
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Region Covered |
North America, Europe, APAC, Middle East and Africa, and South America |
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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. |
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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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.
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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.
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SOURCE Technavio