According to the Market Statsville Group (MSG), the global electric tricycle market size is expected to grow from USD 3,117.9 million in 2021 to USD 12,228.9 million by 2030 at a CAGR of 16.4% from 2022 to 2030. Electric trikes provide greater stability and convenience than regular motorcycles, propelling the worldwide electric trike industry. Due to increased demand for energy-efficient and green cars worldwide, the electric trike market will rise significantly. The evolution of technology and the introduction of high-performance electric vehicles allowed travelers to enjoy both a car and a motorcycle journey in one vehicle. Local commuters in developed regions such as Western Europe and North America prefer the low-powered tricycle to other modes of transportation.
The advancements in battery technology are expected to increase the demand for electric trike buyers. For example, recent advancements in Lithium-Ion batteries have allowed electric trike producers to lower total vehicle weight while still providing a longer battery life than traditional VRLA and lead-acid batteries. However, the e-tricycle market's growth is hampered by high initial purchase costs, a lack of standards for EV charging infrastructure, and the lack of dedicated lanes for e-tricycles.
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COVID-19 Impact on the Global Electric Tricycle or e-Trikes Market
The global spread of the COVID-19 pandemic has significantly impacted the e-tricycle industry. Maintaining the same flow of goods in the industry was difficult. Many e-tricycle manufacturers' demand and supply cycles have been badly affected as governments throughout the world have imposed lockdowns in recent months. The pandemic has a negative impact on the market size for 2020 because the EV market is still in its early stages. During the epidemic's early stages, China's role as a global battery manufacturer diminished, substantially impacting the battery supply chain.
Scope of the Global Electric Tricycle or e-Trikes Market
The study categorizes the Electric Tricycle or e-Trikes market based on type and application at the regional and global levels.
By Type (Revenue, USD Million, 2017-2030)
- Folding electric tricycle
- Non-folding electric tricycle
By Application (Revenue, USD Million, 2017-2030)
- Cargo electric tricycle
- Passenger electric tricycle
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By Region (Revenue, USD Million, 2017-2030)
- North America
- The Netherlands
- Czech Republic
- Rest of Europe
- Asia Pacific
- South Korea
- Australia New Zealand
- Rest of Asia Pacific
- South America
- Rest of South America
- The Middle East Africa
- Saudi Arabia
- South Africa
- Northern Africa
- Rest of MEA
The passenger electric tricycle segment is projected to account for the largest market share, by application
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Based on application, the global electric tricycle or e-trikes market is divided into cargo electric tricycle, and passenger electric tricycle. In 2021, the passenger electric tricycle segment accounted for the largest market share in the global electric tricycle or e-trikes market. This dominance can be attributed to the high population increase, particularly in developing countries with a larger middle-class population who prefer public transportation to private vehicles for everyday commuting. Also, as the demand for last-mile connections grows, electric three-wheelers, which are more ecologically friendly and cost-effective than taxis and cabs, are gaining traction.
Asia Pacific accounts for the highest CAGR during the forecast period
Based on the regions, the global electric tricycle or e-trikes market has been segmented across North America, Asia-Pacific, Europe, South America, and the Middle East Africa. APAC's electric tricycle or e-trikes market is being driven by high demographic growth, a larger middle- and lower-middle-class income population, and an increasing inclination towards electrification of vehicles in the region. China is expected to account for the largest share in the market, followed by India and other developed and developing countries. The Government of India is actively taking initiatives to promote electric tricycles in the country due to the high pollution rate caused by fuel-based vehicles.
Key Market Players in the Global Electric Tricycle or e-Trikes Market
The global electric tricycle or e-trikes market is highly competitive, with key industry players adopting various strategies such as product development, partnerships, acquisitions, agreements, and expansion to strengthen their market positions. Most companies in the market are focused on expanding operations across regions, augmenting their capabilities, and building strong partner relations.
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Major players in the global Electric Tricycle or e-Trikes market are: