Trike Market Expected to Reach $5.2 Billion by 2032—Allied Market Research

According to a new report published by Allied Market Research, titled, “Trike Market," The trike market was valued at $2.6 billion in 2022, and is estimated to reach $5.2 billion by 2032, growing at a CAGR of 7.6% from 2023 to 2032.

The global trike market has seen significant growth and change due to rising interest in leisure and recreational trikes, and accessibility to people with locomotor disability. With the rising interest in leisure and recreational trikes there is a demand for trikes for sustainable mode of transport in the cities and for improved mobility. Trikes are designed to provide thrill, comfort, and stability to the rider of various age and people with locomotor disability.

The trike market is estimated to continue to grow at a moderate growth rate due to rising interest in leisure and recreational trikes, and accessibility to people with locomotor disability. Advancements in technology, including growth of electric trikes and customization and personalization in trikes, are likely to have an impact on the future of the industry. While the trike market offers significant opportunities, it faces challenges, including competition from other mobility options and high price of trikes. The market's growth prospects are closely tied to industry-specific demands, economic stability, and technological advancements.  

The trike market is segmented on the basis of propulsion, application, type, and region. Depending on the propulsion, the market is segregated into internal combustion engine (IC engine), Electric, and human powered. Based on application, it is classified into healthcare, leisure, and others. On the basis of type, it is bifurcated into delta, and reverse. Region-wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA regions.

In addition, the market is highly competitive, with several key players dominating the industry. Prominent manufacturers focus on product development/upgrade, product launch, partnership, and new product development to maintain their market positions. 

The growth in recreational activity and high disposable income is boosting the demand for the trikes in the global market. People are increasingly looking for enjoyable and engaging leisure activities, and trikes provide a unique and exciting option. These three-wheeled vehicles offer a thrilling and fun riding experience that appeals to people of all ages. The vehicles' stability and comfort are significant reasons driving the expansion of the trike market. Trikes offer a firm and balanced base, making them easier to ride for persons who struggle with balance or coordination. This ease of access draws a broader spectrum of users, including those with varying levels of physical fitness or mobility.

Furthermore, Trikes are extremely advantageous for people with locomotor disabilities because they give them more mobility, independence, and opportunity for physical activity. Trikes provide a firm and balanced platform, making it easier for people with locomotor difficulties to walk around. The three-wheel design improves stability, lowering the likelihood of falls and accidents.

It allows people with locomotor limitations to go independently without relying on others and considerably increases people's sense of autonomy. Cycling on a trike improves muscle strength and overall physical fitness, therefore it can be utilized as a type of physical therapy and rehabilitation for people who have locomotor difficulties. Trikes' therapeutic advantages also increase cardiovascular health, improve circulation, and improve general well-being. It can also be used to relieve tension. 

On the basis of propulsion, the trike market is divided into internal combustion engine (IC engine), electric, and human powered. Electric segment will create lucrative growth opportunities. When in use, it produces no pollution. Electric trikes are used for transportation, entertainment, and short-distance deliveries. Electric trikes' electric motors are frequently powered by rechargeable lithium-ion batteries. The battery ranges vary depending on the size of the battery and the model chosen. Electric trikes are available in both delta and reverse configurations.

Electric trikes have lower running costs than gasoline-powered vehicles, thus they are increasing market share globally since these bikes provide an easy and comfortable ride that is accessible to individuals of all ages and physical abilities. For instance, in May 2022, Arcimoto and Cable Car Wine Tours have joined forces. According to the agreement, Arcimoto will equip the Cable Car Wine Tours company with its Fun utility vehicle or trikes. The collaboration is expected to bring the company additional consumers in the tourism sector.

KEY FINDINGS OF THE STUDY

• By propulsion, the electric segment is anticipated to exhibit significant growth in the trike market in the near future.
• By Application, the leisure segment is anticipated to exhibit significant growth in the market in the near future.
• By Type, the reverse segment is anticipated to exhibit significant growth in the market in the near future.
• By Region, Europe is anticipated to register the highest CAGR during the forecast period.

Key players covered in the trike market report include 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.