About Electric Trike
An electric trike is a friendly form of transportations. Its high adoption depends on the high demand for convenient transportation. It consists of an electrical and mechanical system. This combines the efficiency of bikes, with the internet of things framework, at a low price. This is highly adopted by disabled people. This market having strong competition from the regular recumbent tricycle, moped, regular bicycle, electric scooters. The electric trike target markets are mid-age 40’s and above. This bike is having rechargeable acid lead battery powered.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
The market is fragmented by key vendors who are focusing on production technologies, improving efficiency and shelf life. Growth opportunities can be captured by tracking the ongoing process improvement and financial flexibility to invest in optimal strategies. Analyst at AMA Research estimates that United States Vendors will contribute the maximum growth to Global Electric Trike market throughout the forecasted period. Established and emerging Vendors should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
Toyota Motor Corporation (Japan), BMW (Germany), Yamaha Motor Company (Japan), Electra Meccanica (Canada), Elio Motors (United States), Roots Industries India Limited (India), Quest 88 Limited (United Kingdom), Razor (India), MotoTec (United States) and Gotcha Mobility LLC (United States) are some of the key players that are part of study coverage.
Segmentation Overview
AMA Research has segmented the market of Global Electric Trike market by Type (Leisure Type and Cargo Type), Application (Operational Use and Personal Use) and Region.
On the basis of geography, the market of Electric Trike has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). If we see Market by Passenger Capacity, the sub-segment i.e. Single Passenger will boost the Electric Trike market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Technology Advancement Such As Micro-Mobility Solutions, High Adoption from Developed Regions Including Europe, America for Growing Concern for Low Powered Trike and Advancement in Batteries
Market Growth Drivers:
Growing Adoption of Electric Bikes and Rising Concern for Green Vehicles across the Globe
Challenges:
This Is Considered As Non-Standard Vehicle Category Licensing In Various Countries
Restraints:
High Competition from the Substitute Products and Less Consumer Awareness
Opportunities:
Growing Concern towards Growing Environmental Issues, This Market Has Huge Growth Potential In Future
Market Leaders and their expansionary development strategies
In November 2021 eBikego announced the acquisition of manufacturing rights for the smart electric trike, "Velocipedo" of Spanish automotive company Torrot in India. This acquisition will serve better in the electric vehicle market. eBikeGo now intends to enter the luxury electric three-wheeler market and to manufacture these scooters as a result of this. Velocipedo offers the advantages of an electric scooter in a safer and more convenient manner.
In May 2022 eBikego announced a partnership with Log9 Materials to launch a 10-minute InstaCharge for Electric Trike Velocipedo. With this alliance, eBikeGo wants to disrupt both the Indian and worldwide EV markets. Velocipedo will also be able to be charged in just 10 minutes thanks to Log9 Materials' InstaCharge technology.
Key Target Audience
Venture Capitalists and Private Equity Firms, New Entrants/Investors, Analysts and Strategic Business Planners, Electric Trike Manufacturers, Suppliers and Distributors, Raw Material Suppliers, Government Regulatory and Research Organizations and End-Use Industries
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.