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.
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.
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.
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.
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.