The latest report on Electric Trike Market by Infinium Global Research gives complete coverage of the electric trike market by type (cargo type, and leisure type), applications (operational use, and personal use) in terms of key trends, market size, forecast and CAGR growth over the period of 2023 to 2030. In addition, the study covers deep dive into key product and applications trends in the regional markets of electric trike such as North America, Europe, Asia-Pacific and Latin America over the short run and long run.
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The rising demand for energy-efficient and green vehicles in developed and developing countries is the major driving factor for the electric trike market. Furthermore, factors such as technological advancement, development of high-performance electric trite, and improvement in battery technology market are other driving factors for the market growth. The advances in battery technology are estimated to make the electric trike more desirable for the customers. The technological advancement in Lithium-Ion batteries in recent years has helped the electric trike manufacturers to reduce the overall weight of the vehicle as well as providing the longer lifespan of the battery as compared to conventional VRLA and lead-acid batteries.
The demand for electric trike is increasing due to trikes offer more stability and convenience as compared with traditional motorcycles. However, non-standard vehicle category licensing is restraining the growth of the market. Moreover, the development of a high-performance electric trike to attract sports vehicle enthusiasts toward electric trike is expected to provide growth opportunities to the market players.
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Key Market Players:
- 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.
- Other companies
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Geographically, Europe dominates the global electric trike market due to the high adoption of these vehicles by 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.
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