Trike Market to grow at a CAGR of 39.06% during 2024-2028
The Trike Market is expected to grow at a CAGR of 39.06% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 13395.3 million. The global trike market is currently in its introductory phase, experiencing significant growth due to the innovative design, features, and performance of these three-wheeled vehicles. Delta trikes, an evolution from traditional motorcycles, offer increased stability with two rear wheels. However, they present challenges in terms of instant turning and braking, as the rider's weight is displaced during these maneuvers, potentially causing hazardous situations. To address these concerns, reverse trikes, adopted by leading OEMs like Polaris Industries, Bombardier, and Campagna Motors, have emerged as a viable solution, offering improved handling and safety features.
Get more information on Trike Market by requesting a sample report
Technavio analysts predict that the Reverse trike subsegment will lead the Product segment during 2024 and 2028 In the motorcycle industry, reverse trikes have emerged as a commercially viable concept, with major Original Equipment Manufacturers (OEMs) such as Bombardier, Campagna Motors, and Polaris Industries leading the charge. Reverse trikes offer enhanced stability through superior weight distribution, enabling efficient braking. This segment caters primarily to older demographics, female riders, and novice motorcyclists. However, there is a growing trend among young consumers, who are drawn to the novelty of reverse trikes and their suitability for long-distance riding. The reverse trike market is projected to expand at a faster pace than the delta trike segment during the forecast period. Essentially, reverse trikes prioritize stability during braking and cornering maneuvers, enabling riders to decrease their turning radius.
Here are the various ways based on which the market is segmented:
There are several factors that are causing the market to flourish better stability in trikes when compared to conventional motorcycles
Learn which are the obstacles that the market is experiencing in the way of its growth by accessing the free PDF report
Title: Trikes: The Next Big Thing in Urban Mobility: Increased Mobility, Light Weight, and Easy Handling Trikes, the three-wheeled alternative to traditional motorcycles, are making waves in urban areas, especially among the young population. With increased mobility, trikes offer space-efficient dimensions, making them ideal for navigating traffic congestion and parking challenges in densely populated cities. Their light weight models ensure easy handling and maneuverability, making them an attractive option for riders. However, trikes come with their own set of challenges. High maintenance expenses, storage issues, and safety concerns are some of the critical factors that potential buyers need to consider. Industry statements, annual reports, and product literature provide valuable insights into the trike market, offering a glimpse into the latest trends and innovations. Professional opinions and critical independent perspectives are essential in understanding the true value of trikes. Lights, seats, mirrors, and other convenience features are essential considerations for any rider. With a focus on safety, trikes offer a unique riding experience, providing a sense of balance and stability that motorcycles cannot match. As the trike industry continues to grow, it is essential to keep abreast of the latest developments and expert opinions to make an informed decision.
The global motorcycle manufacturers market encompasses businesses involved in the production of motorcycles, scooters, trikes, and three-wheelers. According to Technavio, the market size is determined by the consolidated revenue generated by motorcycle manufacturing companies. Key growth drivers for this market include the surging demand for two-wheelers in the Asia-Pacific region, which accounts for over 60% of global sales. Notably, India, China, Indonesia, and Thailand collectively accounted for over 75% of sales in APAC, making India a significant market player.
The Trike Market is experiencing significant growth, fueled by the better stability in trikes when compared to conventional motorcycles. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/