Albany, New York, January 4, 2017: Constant innovations in the field of automotive is a major factor i.e. fuelling its market growth in terms of sales, purchases and developments. Recently, a new market study has been added to the vast archive of Market Research Hub which briefly analyzes the growing market of electric trikes. This report is entitled as, “Global Electric Trike Market 2016-2020” and describes the market development by studying current market scenario and its growth prospects for the coming years. Key regions focused in this report are APAC, Europe and North America. By looking at the market highlights, the research analysts have estimates that the market will grow till 2020, with a strong CAGR of 13.22%.
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Firstly, the report describes the market overview of electric trikes along with its introduction, market dynamics, competitive scenario and landscape. Electric trikes are light weighted three-wheeled vehicles that utilize an electric engine for propulsion. With the effectiveness of an attached electric motor, it provides an ease in riding. An electric trike offers the mixture of pedaling and motoring for those who want some physical activity but might not be able to utilize the effort needed to bike alone. It has also been studies that, great aspirants for an electric trike are senior citizens, rehabilitation patients and duty runners with short to medium drives.
These three-wheeled motorcycles are known for its increased stability & safety for the rider, because of the high demand of environmentally friendly vehicles globally and also due to the increasing traffic congestion. Currently, Europe is the major revenue contributor and will remain the same throughout the forecast period. To determine the market size, the report considers the revenue generated by its sales in the past few years. Moreover, France and Germany will emerge as the key revenue generator, as observed by the study.
In the next section, the report presents a detailed market segmentation. The market has been segmented by power output and also by trike type. On the basis of power output, it covers low-powered trike and high-performance trike. It has also been studied that, high-performance trikes are much popular than low-powered models. Manufacturers around the globe are also adopting high-performance trikes and this is currently tagged as the major market trend. On the other hand, the various types of trikes include:
- Delta trike
- Reverse trike
The motorization of these trikes is quite popular with many varied designs based on each primary style. According to the study, the reverse trike offers increased stability and convenience during cornering; and the growing demand of high performance trikes will also boost the demand of reverse trikes. One of the most common types of electric trike is recumbent in design. The recumbent tadpole is measured the best in terms of balance, steerage and safety. It is regarded as a major driver for the market during the forecast period.
Further, one of the major challenges studied by the analysts is due to non-standard vehicle category licensing in some countries.
Key vendors operating in the global market are as follows:
- Yamaha Motor Company
- Toyota Motor Corporation
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Some of the prominent vendors in the market are Arcimoto, Electra Meccanica, Sway Motorsports, Aprilia Magnet, Torq, Elio Motors and Valene Motors.
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