Reports Description

　　The demand for a convenient, eco-friendly mode of transportation is boosting the market.

　　According to Custom Market Insights (CMI), The Global Electric Trike Market size was worth around USD 3.4 billion in 2021 and is expected to reach USD 4.7 billion in 2022 and is predicted to grow to around USD 15.5 billion by 2030 with a compound annual growth rate (CAGR) of roughly 30% between 2022 and 2030.

　　The report analyses the Electric Trike market’s drivers and restraints and the impact they have on-demand throughout the projection period. In addition, the report examines global opportunities in the global Electric Trike market.

　　Electric Trike Market: Overview

　　The electric trike is a compact vehicle with features similar to a car powered by electricity stored in batteries. Some electric trikes can carry passengers or freight and have seats, mirrors, lights, and weather protection.

　　Since electric trikes are battery-powered vehicles, the advancement of battery technology is one of the critical variables affecting the market for electric trikes. In addition, the well-balanced weight of the electric trikes allows for more effective braking while providing a stable ride for the user.

　　Electric Trike Market: COVID–19 Impact Analysis

　　Nearly every business has been impacted by the unprecedented worldwide public health emergency known as COVID-19, and the long-term impacts are expected to influence industry growth throughout the forecast period. Our continuous study expands upon our research approach to ensure the inclusion of underlying COVID-19 concerns and potential future directions.

　　The report offers information on COVID-19, considering the changes in consumer demand and behavior, supply chain rerouting, buying habits, dynamics of contemporary market forces, and significant government initiatives. Insights, analyses, projections, and forecasts are provided in the updated study, which takes the market impact of COVID-19 into account.

　　Electric Trike Market: Growth Drivers

　　Rising demand for a convenient, eco-friendly mode of transportation

　　Due to the growing demand for environmentally friendly and energy-efficient vehicles around the world, the global market for electric trikes is anticipated to expand significantly. The advent of high-performance electric vehicles and technological advancements have made it possible for travelers to enjoy both a car and a motorcycle ride simultaneously. As a result, the low-powered tricycle is becoming increasingly popular among local commuters in industrialized nations like North America and Western Europe.

　　Advancements in battery technology

　　Because, unlike motorcycles, this electric trike does not lean when cornering, this vehicle’s cornering continues to pose a challenge for its leading vendors. Tilting electric trikes were created due to this problem since battery energy systems are what power these vehicles, the advancement in battery technology is a crucial component of the global market for electric trikes.

　　The advancements in battery technology are anticipated to increase consumer demand for the electric trike. For instance, the recent development in lithium-ion batteries has made it possible for makers of electric trikes to reduce the total weight of the vehicle while still providing a battery with a longer lifespan than traditional VRLA and lead acid batteries.

　　Electric Trike Market: Segmentation Analysis

　　Our research scope segments the electric kick-scooter market into types and applications. The electric trikes market is segmented into the leisure electric tricycle and the electric cargo tricycle. The need for the leisure electric tricycle segment led to the overall electric trikes market in 2021. This dominance is due to the high rate of population increase, particularly in developing countries with larger middle-class populations that prefer public transportation over private vehicles for everyday commuting. Additionally, electric three-wheelers, which are more cost-effective and ecologically friendly than taxis and cabs, are becoming popular because of the need for last-mile connections. However, the demand for cargo e-trike is expected to increase owing to the rising e-commerce market resulting in high demand for home delivery services. Furthermore, the application segment is categorized into personal use and operational use.

　　Report Scope

　　Feature of the Report

　　Details

　　Market Size in 2021

　　USD 3.4 Billion

　　Projected Market Size in 2030

　　USD 15.5 Billion

　　Market Size in 2022

　　USD 4.7 Billion

　　CAGR Growth Rate

　　30% CAGR (2022-2030)

　　Base Year

　　2023

　　Forecast Period

　　2024-2033

　　Prominent Players

　　AKO Trike, Arcimoto, Atelier Girfalco, DAMIUSÂ, Electra Meccanica, swaymotor sports, eTrikes Canada, ETrikeCo, IOEV, WUXI KAINING ELECTRIC TECHNOLOGY CO. LTD., and Others

　　Key Segment

　　By Type, Application, and Region

　　Report Coverage

　　Revenue Estimation and Forecast, Company Profile, Competitive Landscape, Growth Factors and Recent Trends

　　Regional Scope

　　North America, Europe, Asia Pacific, Middle East & Africa, and South & Central America

　　Buying Options

　　Request tailored purchasing options to fulfil your requirements for research.

　　Key Insights:

　　As per the analysis shared by our research analyst, the Electric Trike market is estimated to grow annually at a CAGR of around 30% over the forecast period (2022-2030).

　　In terms of revenue, the Electric Trike market size was valued at around USD 3.4 billion in 2021 and is projected to reach USD 15.5 billion by 2030. Due to a variety of driving factors, the market is predicted to rise at a significant rate.

　　Based on type segmentation, the leisure segment was estimated to hold the maximum market share in 2021.

　　The personal segment was the top revenue-generating category based on application segmentation in 2021.

　　Based on geography/region, the Europe region was the leading revenue generator in 2021.

　　Recent Development

　　February 2022: The first electric three-wheeler experience center was launched in Kolkata by Piaggio Vehicles Private Limited (PVPL), a wholly-owned subsidiary of the Piaggio Group. The business now has a presence in West Bengal. Essem Tekno Services Private Ltd Ltd. is the name of the business’s first experience center for three-wheeled electric vehicles in Kolkata (India).

　　February 2022: Arcimoto revealed The Mean Lean Machine, a ground-breaking new full-suspension, three-wheeled electric bike (MLM). The new e-bike can turn more like a two-wheeler while maintaining three-wheeler stability thanks to tilting technology.

　　Regional Landscape

　　Western Europe, followed by North America, dominates the global market for electric trikes. The need for electric trikes worldwide is dominated by Western Europe, which accounts for close to half of the market. Over the projection period, the market is likely to be driven by significant critical players in this region and the rising adoption of these vehicles by the younger generation. The use of the electric trike market is being promoted by the governments of several nations in this region. Germany, France, and Italy are among the countries that embraced this technology early. Over the following years, the market for electric trikes is expected to be driven by the growth of some APAC nations, including China and India, and the regional trend toward smart cities.

　　Competitive Landscape

　　Over the anticipated period, the market is likely to be driven by significant critical players in this region and the rising adoption of these vehicles by the younger generation. The use of the electric trike market is being promoted by the governments of several nations in this region. Germany, France, and Italy are among the countries that embraced this technology early. Over the following years, the market for electric trikes is expected to be driven by the growth of some APAC nations, including China and India, and the regional trend toward smart cities.

　　Prominent Players:

　　AKO Trike

　　Arcimoto

　　Atelier Girfalco

　　DAMIUSÂ

　　ElectraMeccanica

　　swaymotorsports

　　eTrikes Canada

　　ETrikeCo

　　IOEV

　　WUXI KAINING ELECTRIC TECHNOLOGY CO. LTD.

　　The global Electric Trike market is segmented as follows:

　　By Type

　　Leisure Electric Tricycle

　　Cargo Electric Tricycle

　　By Application

　　Personal

　　Operational

　　On the basis of Geography

　　North America

　　U.S.

　　Canada

　　Mexico

　　Rest of North America

　　Europe

　　Germany

　　France

　　U.K.

　　Italy

　　Spain

　　Rest of Europe

　　Asia Pacific

　　China

　　Japan

　　India

　　New Zealand

　　Australia

　　South Korea

　　Rest of Asia Pacific

　　The Middle East & Africa

　　Saudi Arabia

　　UAE

　　Egypt

　　Kuwait

　　South Africa

　　Rest of the Middle East & Africa

　　Latin America

　　Brazil

　　Argentina

　　Rest of Latin America