The global electric trike market was valued at almost 4 million units in 2015 and is expected to reach around 22 million units by 2020, says Technavio.
Technavio has announced its latest market research report on electric trikes for the forecast period, 2016-2020. This market analysis, under the automotive manufacturing vertical, discusses the major drivers and key emerging trends that will influence the growth of the global electric trike market during the forecast period. Some of the top vendors listed in this industry analysis include Piaggio, Toyota Motor Corporation, BMW, and Yamaha Motor Company.
In terms of geographical analysis, Europe is expected to be the dominant shareholder in the global market with an estimated revenue of around 10,000 units by 2020. France and Germany will emerge as the key revenue-generators.
“The need for high acceleration and high-performance trikes has resulted in the development of reverse trikes. The reverse trike concept is being adopted increasingly by OEMs such as Piaggio, Toyota, Electra Meccanica, Torq, and Valene Motors in their versions of trikes. The main reason for the adoption of this concept is higher stability and safety during turning and braking, by keeping the weight of the rider inside the trike,” says Siddharth Jaiswal, a lead analyst at Technavio for automotive manufacturing.
Click here to request a free sample of this report
The new industry research report from Technavio analyzes some of the key drivers and trends responsible for the growth of this market and its sub-segments.
Rising urban traffic congestion pushing demand for trikes
Increasing traffic congestion across the globe is propelling the demand for electric trikes. Rising traffic congestion means rising stop-and-go traffic, causing discomfort to motorcycle who are old. This is because the frequent stops cause stress to their knees and with aging, the knee problem increases frequently. For instance, the maximum proportion of heavyweight motorcycles in the US is owned by people aged above 50 years.
Government policies and electric mobility subsidies to drive electric trike adoption
Governments of many countries are extending benefits in the form of financial incentives to buyers of battery electric vehicles, leading to the increased the adoption of EVs. Incentives and price reductions by OEMs help in reducing the price gap between EVs and ICEs of similar performance. The amount of these incentives usually depends on the battery size. For example, the US government gives a Federal tax credit of 10% of the purchase price in all 50 states with a maximum cap of USD2,500. Furthermore, these incentives are also dependent on the price of the electric trike, which varies as per battery size.
Large pool of baby boomers and rising women riders to push trike demand
Trikes were developed to allow senior people to continue their passion for riding. However, the global market is currently witnessing an upsurge in the adoption of trikes among female riders as well.
Baby boomers have greater buying power compared when compared with younger generations and hence, catering to their needs always helps companies gain market shares. For instance, the US has 32% of its total population in the baby boomer segment and people above 50 control 77% of the total net worth in that nation, creating tremendous potential for OEMs in the trike market to push their products.
Some of the other prominent vendors identified in this report are Aprilia Magnet, Arcimoto, Electra Meccanica, Elio Motors, Sway Motorsports, Torq, and Valene Motors.
This research report includes an in-depth analysis, market shares, and sizes of the sub-segments and geography. It provides a comprehensive analysis of the key companies, including their market shares, business overview, and key financials. The market study also offers a detailed analysis of key drivers, challenges, and opportunities influencing this market.
A more detailed analysis is available in the Technavio report titled, ‘Global Electric Trike Market 2016-2020’. Technavio also customizes reports by other regions and specific segments upon request.
Other related reports:
- Global Trike Market 2016-2020
- Global Electric Vehicle Charger Market 2016-2020
- Global Electric Vehicle Market 2016-2020
To read more press releases- click here.
For any assistance or query, please contact our media team at:
media@technavio.com
US: +1 630 333 9501
UK: +44 208 123 1770
https://www.technavio.com/
