Trike Industry Report, 2032
The global trike market size was valued at $2.6 billion in 2022, and is projected to reach $5.2 billion by 2032, growing at a CAGR of 7.6% from 2023 to 2032.
Report Key Highlighters:
- The trike market study covers regions such as North America, LAMEA, Europe, and Asia-Pacific. The research includes regional and segment analysis of each country in terms of value ($million) for the projected period 2023-2032.
- The study integrated high-quality data, professional opinions and analysis, and critical independent perspectives. The research approach is intended to provide a balanced view of global markets and to assist stakeholders in making educated decisions in order to achieve their most ambitious growth objectives.
- Over 3,700 product literature, annual reports, industry statements, and other comparable materials from major industry participants were reviewed to gain a better understanding of the market.
- The trike market share is highly fragmented, into several players including 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 companies have adopted strategies such as product launches, contracts, expansions, agreements, and others to improve their market positioning.
A trike refers to a vehicle with three wheels. It is used in various applications such as healthcare, leisure, and other activities which include learning to balance a bicycle. In healthcare, tricycles are utilized as part of therapy and rehabilitation programs, offering patients a means to engage in physical activity while improving coordination and muscle strength. In addition, tricycles are employed in adaptive sports and leisure activities, providing individuals with mobility challenges the opportunity to participate in recreational cycling and social events.
Furthermore, tricycles serve as valuable tools for children and adults learning to balance and ride, offering a stable and confidence-building platform for developing cycling skills. In educational settings, tricycles are utilized to teach fundamental balancing and coordination skills, providing a safe and supportive environment for individuals to gain confidence in cycling.
It has secured its place as a prevalent mode of transportation globally, with distinct patterns of usage across various regions. In Asia-Pacific, tricycles are favored for their maneuverability in navigating crowded urban areas and their role in providing accessible transportation for short-distance travel. The region has shown a particular interest in the adoption of electric tricycles (e-trikes), reflecting a growing emphasis on sustainable and eco-friendly mobility solutions.
In Latin America, tricycles are celebrated for their practicality in passenger transport, especially in densely populated urban centers. In Europe, trikes provide accessible and efficient transportation, particularly in urban areas where it offers a practical solution for short-distance travel. The countries in Europe have witnessed a surge in interest in electric trikes, which aligns with the motive of the European countries to reduce the emission and build an eco-friendly mobility solution.
The factors such as rising interest in leisure and recreational trikes and accessible to people with locomotor disability supplement the growth of the trike market. However, competition from other mobility options and the high price of trikes are the factors expected to hamper the growth of the market. In addition, growth of electric trikes and customization and personalization options in trikes creates market opportunities for the key players operating in the trike manufacturing industry.
The trike market is segmented into propulsion, application, type, and region. By propulsion, the market is classified into IC engine, electric, and human powered. By application, the market is classified into healthcare, leisure, and others. By type, the market is bifurcated into reverse trike and delta trike. By region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The rise in recreational activity and rising disposable income are driving up demand for trikes in the global market. People are looking for more entertaining and interesting leisure activities, and trikes offer a unique and exciting option. These three-wheeled vehicles provide a thrilling and enjoyable riding experience for people of all ages. The vehicles' stability and comfort are important factors driving the trike market's growth. Trikes have a stable and balanced platform, making them easier to ride for people who have difficulty with balance or coordination. This accessibility attracts a greater range of consumers, including those with varied levels of physical fitness or mobility.
Trikes are used for a variety of purposes in North America, including recreation and healthcare. Trikes are used in transportation, especially for people who have trouble pedaling a standard bicycle or need extra stability. People with physical limitations or elderly persons looking for a more secure and balanced form of transportation frequently use trikes. Trikes are also popular among children as a fun and safe method to learn to ride a bike. The support from government also helps to boost the demand for trike market in many regions. For instance, in March 2022, The Lupardo-Kennedy Autocycle Bill is passed in New York, allowing three-wheeled vehicles to be operated without a motorcycle license. Furthermore, the presence of companies like Can-Am and Harley-Davidson, which offer trikes alongside their motorcycles and other recreational vehicles, helps to grow the trike industry in North America. The manufacturers have a manufacturing plant in the U.S. and Harley- Davidson holds an adequate market share in the North-America region.
Key Developments in Trike Industry
The leading companies are adopting strategies such as acquisition, agreement, expansion, partnership, contracts, and product launches to strengthen their market position.
- In July 2023, Piaggio has updated its existing models MP3 400 and MP3 530 with a life support equipment. The product upgrade is expected to create a new customer base for the company and is anticipated to move quickly in the urban setting.
- In June 2023, Can-Am a BRP company partnered with shoe surgeon a shoe company to design three custom trikes. The partnership helps the company to advertise its trikes and attract new customers.
- In March 2023, Piaggio is expected to develop airbags for its trikes. The development is expected to increase the safety standard on the trikes and enhance the current models.
- In January 2023, Harley Davidson has launched the upgraded version of freewheeler trike. Upgrade included the change in rear wheel size from 15 inch to 18 inch and software upgrades in electronic systems such as cornering enhanced anti-lock braking system, and cornering enhanced traction control. The product upgrades are expected to attract new customers for the company.
Rising interest in leisure and recreational trikes
The rising interest in leisure and recreational trikes is playing a significant role in the growth of the trikes market. People are increasingly looking for enjoyable and engaging activities to pursue during their leisure time, and trikes offer a unique and exciting option. These three-wheeled vehicles provide a fun and thrilling riding experience that appeals to individuals of all ages. The key factors behind the growth of the trike market are the stability and comfort provided by the vehicles.
Trikes have a stable and balanced platform, which makes them easier to ride for people who have balance or coordination issues. This accessibility attracts a broader range of users, including individuals with different levels of physical fitness or mobility. Leisure and recreational trikes also offer versatility in terms of usage. They are used for leisurely rides in parks or scenic areas, as well as for more adventurous off-road experiences. This versatility expands the appeal of trikes and attracts a diverse group of enthusiasts.
Accessibility to people with locomotor disability
Trikes are incredibly beneficial for individuals with locomotor disabilities, providing them with increased mobility, independence, and opportunities for physical activity. Trikes offer a stable and balanced platform, allowing individuals with locomotor disabilities to move around more easily. The three-wheel design provides enhanced stability, reducing the risk of falls and accidents. It enables individuals with locomotor disabilities to travel independently without relying on assistance from others and significantly enhances people's sense of autonomy.
Cycling on a trike help improve muscle strength, and overall physical fitness, hence it be used as a form of physical therapy and rehabilitation for individuals with locomotor disabilities. The therapeutic benefits of trikes also promote cardiovascular health, improving circulation, and enhancing overall well-being. It also serves as a form of stress relief and relaxation.
Competition from other mobility options
There are various alternative modes of transportation available, such as bicycles, motorcycles, cars, and public transportation. These options provide different levels of speed, convenience, and accessibility, which make it challenging for trikes to compete for market share. Bicycles offer health benefits whereas public transportation provides mobility with affordable price. Consumer preferences and trends also influence the demand for trikes. While there is a rising interest in leisure and recreational trikes, some individuals prefer other forms of recreational activities or prioritize speed and efficiency in their transportation choices.
This limits the potential customer base for trikes and poses challenges for market growth. Technological advancements in the automotive industry, such as the development of electric vehicles and autonomous vehicles, attract attention and investment, diverting resources and attention away from the trikes market. Government regulations and policies favor or prioritize certain modes of transportation over others. For example, cities invest in improving public transportation infrastructure or implement measures like congestion pricing or parking management to discourage private vehicle usage. These initiatives indirectly impact the demand for trikes as people opt for other transportation options that align with these policies.
Growth of electric trikes
The key driving forces behind the growth of electric trikes are the increasing global emphasis on environmental awareness and sustainability. As concerns about climate change and pollution continue to escalate, individuals are seeking greener alternatives for transportation. Electric trikes offer a cleaner and more eco-friendly mode of transportation with no emission. Advancements in battery technology have significantly improved the ride quality which include performance and range of electric vehicles.
Therefore, electric trikes offer longer battery life, faster charging times, and increased power output, allowing for extended rides, improved overall performance, and ride quality for the user. These technological advancements have contributed to the growing appeal and acceptance of electric trikes as a viable mode of transportation. With a wide range of manufacturers and availability of models in the market, the electric trike industry is expected to expand rapidly. The presence of manufacturers, such as Yamaha and Harley Davidson, is expected to increase the innovation and the development in electric trikes and anticipated to offer varying features, designs, at different price points, further fueling the growth of the market.
Russia-Ukraine War Impact Analysis
The Russia-Ukraine war has impacted trike sales due to economic instability, affecting consumer confidence and purchasing power. The conflict has led to uncertainty in the region, causing a decline in overall economic activity, which in turn affects the willingness of people to invest in recreational vehicles like trikes. In addition, the geopolitical tensions have disrupted supply chains and increased production costs, resulting in higher prices for trikes. These factors combined have led to a decrease in trike sales as consumers prioritize essential expenses over discretionary purchases in the face of uncertain times.
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the trike market analysis from 2022 to 2032 to identify the prevailing market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global market trends, key players, market segments, application areas, and market growth strategies.
Trike Market Report Highlights
| Aspects | Details |
 Market Size By 2032 | USD 5.2 billion |
 Growth Rate | CAGR of 7.6% |
 Forecast period | 2022 - 2032 |
 Report Pages | 379 |
 By Propulsion |
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 By Application |
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 By Type |
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 By Region |
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 Key Market Players | Yamaha Motor Co., Ltd., Harley Davidson, Inc., BRP, Polaris Inc., Arcimoto, Boss Hoss Cycles, Inc., KWANG YANG MOTOR CO., LTD., Campagna Motors Inc., Electric Bike Technologies Inc., Piaggio & C. SpA |
Reverse trike is the upcoming trends of Trike Market in the world
Leisure and re-creational activity is the leading application of Trike Market
North America is the largest regional market for Trike
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.
The key players in the trike market 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.
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