Trikes: Key market research findings
- North America dominates the market geographically
- Delta trikes account for a majority of the market’s revenue
- Key vendors – Harley-Davidson, Polaris Industries, BRP, and Campagna Motors
Technavio’s market research analysts predict the global trike market to grow at a CAGR of more than 13% between 2016 and 2020. The growth of the market can be attributed to the increased stability and convenience compared to traditional motorcycles that trikes bring about. Trikes are three-wheeled motorcycles with a low center of gravity and do not need balancing. The increased stability also allows riders to travel with passengers safely, further pushing the demand for trikes in the household segment. During 2015, North America dominated the global trike market with a market share of around 61%. A high population of baby boomers and the rising number of women motorcycle riders across the globe are the key factors that will drive the market for trikes in North America during the forecast period.
The new market research report from Technavio presents a breakdown and analysis of the trike segments based on the type.
“Of late, there has been an increasing focus on the development of high-performance trikes. OEMs like Polaris and Can-Am have moved to tap potential customers who have never ridden motorcycles in their lives and do not want to join the motorcycle learning curve. Can-Am offers four different versions of trikes, targeted at different needs of customers from daily commuter to touring trikes. These trikes are powered by BMW and Harley-Davidson engines, generate 160 horsepower, and have advanced features such as marine-grade waterproof seats, RMS Alpine audio systems, and Sirius satellite radio,” says Siddarth Jaiswal, Lead Analyst, Automotive, Technavio Research.
By 2020, the delta trike segment is expected to continue its dominance over the market by accounting for around 61% of the overall market revenue. Delta trikes have two wheels at the rear side and one wheel at the front. They have more built-in space for cargo and are ideal for long trips with a passenger onboard. Such trikes are more preferred by aged people, women, and the differently abled.
The key vendors in the market include Harley-Davidson, Polaris Industries, BRP, and Campagna Motors. The market is currently characterized by the presence of a limited number of OEMs and increasing technological advancements. Increasing vendor investments in developing lighter and high-performance trikes and the entry of new trike companies in the market will intensify the level of competition during the forecast period.
A more detailed analysis is available in the Technavio report, Global Trike Market 2016-2020.
We can customize reports by other regions and specific segments upon request.
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