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Trike Market Size, Share & Industry Analysis, By Type (Conventional, Electric), By Application Type (Commercial, Leisure) and Regional Forecast, 2024-2032

Region : Global | Report ID: FBI103586 | Status : Ongoing

 

KEY MARKET INSIGHTS

Trikes are principally three-wheeled motorcycles, which are which is known for their increased safety and stability of the rider. These are mostly used for leisure and cruising purposes. Trikes are inexpensive and compact motorcycles. Improved stability is one of the key factors driving the global trikes market. However, the trikes market places high demands for first time motorcycle riders. Riding a trike is easier to learn as compared to two wheeled motorcycles as it does not require bike balancing skills and also has high stability. These factors have enabled the riders to travel safely thus creating high demand for trikes amongst young population. Moreover, traffic congestion is one of the major reason which increases the commuting time in urban areas. Owing to this, the demand for trikes is increasing in cities. The increasing traffic congestion also makes it difficult for the motorcycle riders, especially those who suffer from knee problems. Trikes offers great convenience and comfort for the motorcyclist. In addition, the rise in the accidents while riding traditional motorcycles is likely to further boost the demand for trikes.


Key Market Driver -

Increasing demand for comfort and convenience bike riding is expected to drive the growth of the market in the forecast period.

Key Market Restraint -

High cost trikes may hinder the growth of the market during the forecast period.


Market Segmentation:


Globally, the bicycle front derailleurs market is segmented by type, by application type, and by geographic coverage. Based on type, the market is further segmented into conventional trikes and electric trikes. The electric trikes market shows an exponential growth in the global market and is expected to dominate over the forecast period. Electric trikes are lightweight three-wheeled motorcycles that has functions similar to a car and are powered by lithium-ion batteries. These electric tricycles also have passenger capacity, seats, cargo space, as well as they protect the occupants from extreme weather conditions. As, these trikes are propelled by batteries, the technological development in batteries is one of the significant factors in the electric trike market. The application type is further segmented into commercial purposes and leisure purposes. Leisure segment holds the major share in the global market as the adoption of trikes amongst the young and female population has increased over the years. The enhanced comfort, convenience and stability are few of the key advantages which is propelling the trikes market for leisure purposes. Also, the rising disposable income, rising environmental concern, as well as rapid advancement in the motorcycle technology is gaining high traction in the market. However, the trikes are also used for cargo and transportation purposes which is fuelling the growth of trikes in the commercial purpose segment. Hotels and tourism industries have deployed trikes for transportation and rental purposes. People rent trikes for pleasure and thrill. Also, these trikes are used for shipping cargos from one place to another at short distances.                       

Key Players:


Major players operating in the global bicycle front derailleurs market include MTC Voyager, American Bike and Trike, HARLEY-DAVIDSON, Tilting Motor Works, BUHLER, BRP, Campagna Motors inc, Polaris Inc., and Motor Trike Inc. among others.

Key Insights



  • New Advancements in bicycle front derailleurs

  • Number of Products, Key Countries, 2019

  • New Product Launches, Key Players


Regional Analysis:


Geographically, the bicycle front derailleurs market is segmented into North America, Europe, Asia Pacific, and the rest of the world. North America holds the major revenue share in the global market owing to the rise in the demand amongst the young and female population. Also, the rising trend for trikes riding as well as increasing fuel emission from conventional vehicles is boosting the electric trikes in this region. Europe holds the second largest share in the global market owing to the presence of prominent key players as well as the rapid adoption of these motorcycles by the young generation in this region. Also, the government of various countries in this region are encouraging the use of electric rides and vehicles in order to curb the increasing air pollution caused by fuel emissions. Asia Pacific is also showing a steady growth in the global market owing to the rising urbanization, improvement in the living standards and rise in the income level of people in this region. The manufacturers are also investing to expand their business in the emerging economies of this region. Moreover, the increasing adoption and development in motorcycle technology especially in countries such as India, China and Japan are expected to boost the trike market in this region.

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Segmentation






















 ATTRIBUTE

  DETAILS

By Type



  • Conventional

  • Electric



By Application Type



  • Commercial

  • Leisure



By Geography



  • North America (USA, Canada, and Mexico)

  • Europe (Germany, France, U.K., and Rest of Europe)

  • Asia Pacific (Japan, China, India, South Korea, and Rest of Asia Pacific)

  • Rest of the World






  • Ongoing
  • 2023
  • 2019-2022

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