Electric Trike Market (Type - Cargo Type, and Leisure Type; Applications - Operational Use, and Personal Use): Global Industry Analysis, Trends, Size, Share and Forecasts to 2025

A recent report published by Infinium Global Research on the electric trike market provides an in-depth analysis of segments and sub-segments in the global as well as regional electric trike market. The study also highlights the impact of drivers, restraints, and macro indicators on the global and regional electric trike market over the short term as well as long term. The report is a comprehensive presentation of trends, forecast and dollar values of the global electric trike market. According to the report, the global electric trike market is projected to grow at a healthy CAGR over the forecast period of 2019-2025.

Market Insight

In most developed countries, there is a considerable number of private vehicles and an effectively run public transportation system. Transportation plays a major role in the economic growth and development of a country. However, in some developing countries, there are insufficient or under-developed road and transport infrastructure and networks. People ride tricycles primarily due to lack of alternative modes of transportation and convenience, giving the advantage of speed and cost. It is easy to get on and off of a stable trike, which is specifically designed for Baby Boomers. It has properties such as lightweight, lithium battery, folding, quality parts, nice workmanship and attention to detail. Most electric vehicles use a battery pack as the main source of energy storage.

The rising demand for energy-efficient and green vehicles in developed and developing countries is the major driving factor for the electric trike market. Furthermore, factors such as technological advancement, development of high-performance electric trite, and improvement in battery technology market are other driving factors for the market growth. The advances in battery technology are estimated to make the electric trike more desirable for the customers. The technological advancement in Lithium-Ion batteries in recent years has helped the electric trike manufacturers to reduce the overall weight of the vehicle as well as providing the longer lifespan of the battery as compared to conventional VRLA and lead-acid batteries. The demand for electric trike is increasing due to trikes offer more stability and convenience as compared with traditional motorcycles. However, non-standard vehicle category licensing is restraining the growth of the market. Moreover, the development of a high-performance electric trike to attract sports vehicle enthusiasts toward electric trike is expected to provide growth opportunities to the market players.

Geographically, Europe dominates the global electric trike market due to the high adoption of these vehicles by the younger generation in this region. North America is the second-largest market for electric trike. The concept of smart cities trending in countries such as China and India is driving the market in the Asia-Pacific region.

Segment Covered

The report on the global electric trike market covers segments such as type and applications. On the basis of type, the sub-markets include cargo type, and leisure type. On the basis of applications, the sub-markets include operational use, and personal use.

Companies Profiled:

The report provides profiles of the companies in the market such as Toyota Motor Corporation, Yamaha Motor Company, Piaggio & C. SpA, Arcimoto, Bayerische Motoren Werke AG, Electra Meccanica Vehicles Corporation, Elio Motors, Girfalco Workshop Limited, Sway Motorsports, TORQ Ltd., and other companies.

Report Highlights:

The report provides deep insights into the demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of the electric trike market. Moreover, the study highlights current market trends and provides forecast from 2019-2025. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players.