Infinium Global Research has recently published a report on “Electric Trike Market (Type - Cargo Type, and Leisure Type; Applications - Operational Use, and Personal Use): Global Industry Analysis, Trends, Size, Share and Forecasts to 2025”. Electric trike market is projected to grow at a healthy CAGR over the forecast period.
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Electric Trike Market: Drivers and Restraints
The electric trike is a lightweight vehicle which offers car-like features and is powered by electric power through batteries. The global electric trike market is expected to gain positive traction over the forecast period due to an increase in demand for energy-efficient and green vehicles across the world. Furthermore, factors such as technological advancement, development of high-performance electric trike, and improvement in battery technology market are other driving factors for the market growth. However, non-standard vehicle category licensing is restraining the growth of the market. Nonetheless, recent advancement in the lithium-ion batteries and development of high-performance electric trike to attract sports vehicle enthusiasts toward electric trike is expected to provide growth opportunities to the market players.
Electric Trike Market: Segmentation
This report gives an in-depth analysis of the global electric trike market, focuses on the market opportunities along with the trends driving the market. The report on global electric trike market covers segments such as type and applications. On the basis of type, the sub-markets include cargo type and leisure type.
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Based on type the sub-markets include cargo type and leisure type. E-cargo bikes are trending in the market and are a great alternative for delivery vans currently operating in large cities. Automotive companies are also investing in the scene – VW is to start making a tilting e-cargo trike at its Hannover plant and is billing it as the “smallest Volkswagen commercial vehicle ever.” It will hit the streets in 2019.
Based on application, the sub-markets include operational use and personal use. The personal use segment is expected to contribute more to the growth of global electric trike market.
Electric Trike Market: Competitive Analysis
Key players in the market are Toyota Motor Corporation, Yamaha Motor Company, Piaggio & C. SpA, Arcimoto, Bayerische Motoren Werke AG, Electra Meccanica Vehicles Corporation, Elio Motors, Girfalco Workshop Limited, Sway Motorsports, TORQ Ltd., and other companies. In October 2019, Japanese multinational automaker Toyota Motor Corporation announced that the company will showcase its new, production-ready Ultra-compact BEV (battery electric vehicle) at the Future Expo special exhibition of the 2019 Tokyo Motor Show. The next-generation mobility solution is designed to provide short-distance mobility while limiting the impact on the environment. In October 2019, Yamaha announced new electric motorcycles scooters and is headed to the Tokyo Motor Show 2019 to show off a wide range of new electric vehicles. In September 2019, Acrimoto announced it's fun electric trike has come off the production line, and that customers who placed deposits in California, Washington, and Oregon are about to get their vehicles, too.
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Electric Trike Market: Regional Analysis
Geographically, Europe is dominating the global electric trike market due to the growing popularity of electric trikes among the younger generation in this region. North America is the second-largest market for electric trike. The concept of smart cities trending in countries such as China and India is driving the market in the Asia-Pacific region.
Reasons to Buy this Report:
- Comprehensive analysis of global as well as regional markets of the electric trike.
- Complete coverage of all the product type and applications segments to analyze the trends, developments, and forecast of market size up to 2025.
- Comprehensive analysis of the companies operating in this market. The company profile includes analysis of product portfolio, revenue, SWOT analysis and the latest developments of the company.
- Infinium Global Research- Growth Matrix presents an analysis of the product segments and geographies that market players should focus to invest, consolidate, expand and/or diversify.
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