Electric Trike Market Size, Trends and Insights By Type (Leisure Electric Tricycle, Cargo Electric Tricycle), By Application (Personal, Operational), and By Region - Global Industry Overview, Statistical Data, Competitive Analysis, Share, Outlook, and Forecast 2024–2033
Report Snapshot
| Study Period: | 2024-2033 |
| Fastest Growing Market: | Asia-Pacific |
| Largest Market: | Europe |
Major Players
- AKO Trike
- Arcimoto
- Atelier Girfalco
- DAMIUSÂ
- ElectraMeccanica
- swaymotorsports
- Others
Reports Description
The demand for a convenient, eco-friendly mode of transportation is boosting the market.
According to Custom Market Insights (CMI), The Global Electric Trike Market size was worth around USD 3.4 billion in 2021 and is expected to reach USD 4.7 billion in 2022 and is predicted to grow to around USD 15.5 billion by 2030 with a compound annual growth rate (CAGR) of roughly 30% between 2022 and 2030.
The report analyses the Electric Trike market’s drivers and restraints and the impact they have on-demand throughout the projection period. In addition, the report examines global opportunities in the global Electric Trike market.
Electric Trike Market: Overview
The electric trike is a compact vehicle with features similar to a car powered by electricity stored in batteries. Some electric trikes can carry passengers or freight and have seats, mirrors, lights, and weather protection.
Since electric trikes are battery-powered vehicles, the advancement of battery technology is one of the critical variables affecting the market for electric trikes. In addition, the well-balanced weight of the electric trikes allows for more effective braking while providing a stable ride for the user.
Electric Trike Market: COVID–19 Impact Analysis
Nearly every business has been impacted by the unprecedented worldwide public health emergency known as COVID-19, and the long-term impacts are expected to influence industry growth throughout the forecast period. Our continuous study expands upon our research approach to ensure the inclusion of underlying COVID-19 concerns and potential future directions.
The report offers information on COVID-19, considering the changes in consumer demand and behavior, supply chain rerouting, buying habits, dynamics of contemporary market forces, and significant government initiatives. Insights, analyses, projections, and forecasts are provided in the updated study, which takes the market impact of COVID-19 into account.
Electric Trike Market: Growth Drivers
Rising demand for a convenient, eco-friendly mode of transportation
Due to the growing demand for environmentally friendly and energy-efficient vehicles around the world, the global market for electric trikes is anticipated to expand significantly. The advent of high-performance electric vehicles and technological advancements have made it possible for travelers to enjoy both a car and a motorcycle ride simultaneously. As a result, the low-powered tricycle is becoming increasingly popular among local commuters in industrialized nations like North America and Western Europe.
Advancements in battery technology
Because, unlike motorcycles, this electric trike does not lean when cornering, this vehicle’s cornering continues to pose a challenge for its leading vendors. Tilting electric trikes were created due to this problem since battery energy systems are what power these vehicles, the advancement in battery technology is a crucial component of the global market for electric trikes.
The advancements in battery technology are anticipated to increase consumer demand for the electric trike. For instance, the recent development in lithium-ion batteries has made it possible for makers of electric trikes to reduce the total weight of the vehicle while still providing a battery with a longer lifespan than traditional VRLA and lead acid batteries.
Electric Trike Market: Segmentation Analysis
Our research scope segments the electric kick-scooter market into types and applications. The electric trikes market is segmented into the leisure electric tricycle and the electric cargo tricycle. The need for the leisure electric tricycle segment led to the overall electric trikes market in 2021. This dominance is due to the high rate of population increase, particularly in developing countries with larger middle-class populations that prefer public transportation over private vehicles for everyday commuting. Additionally, electric three-wheelers, which are more cost-effective and ecologically friendly than taxis and cabs, are becoming popular because of the need for last-mile connections. However, the demand for cargo e-trike is expected to increase owing to the rising e-commerce market resulting in high demand for home delivery services. Furthermore, the application segment is categorized into personal use and operational use.
Report Scope
| Feature of the Report | Details |
| Market Size in 2021 | USD 3.4 Billion |
| Projected Market Size in 2030 | USD 15.5 Billion |
| Market Size in 2022 | USD 4.7 Billion |
| CAGR Growth Rate | 30% CAGR (2022-2030) |
| Base Year | 2023 |
| Forecast Period | 2024-2033 |
| Prominent Players | AKO Trike, Arcimoto, Atelier Girfalco, DAMIUSÂ, Electra Meccanica, swaymotor sports, eTrikes Canada, ETrikeCo, IOEV, WUXI KAINING ELECTRIC TECHNOLOGY CO. LTD., and Others |
| Key Segment | By Type, Application, and Region |
| Report Coverage | Revenue Estimation and Forecast, Company Profile, Competitive Landscape, Growth Factors and Recent Trends |
| Regional Scope | North America, Europe, Asia Pacific, Middle East & Africa, and South & Central America |
| Buying Options | Request tailored purchasing options to fulfil your requirements for research. |
Key Insights:
- As per the analysis shared by our research analyst, the Electric Trike market is estimated to grow annually at a CAGR of around 30% over the forecast period (2022-2030).
- In terms of revenue, the Electric Trike market size was valued at around USD 3.4 billion in 2021 and is projected to reach USD 15.5 billion by 2030. Due to a variety of driving factors, the market is predicted to rise at a significant rate.
- Based on type segmentation, the leisure segment was estimated to hold the maximum market share in 2021.
- The personal segment was the top revenue-generating category based on application segmentation in 2021.
- Based on geography/region, the Europe region was the leading revenue generator in 2021.
Recent Development
- February 2022: The first electric three-wheeler experience center was launched in Kolkata by Piaggio Vehicles Private Limited (PVPL), a wholly-owned subsidiary of the Piaggio Group. The business now has a presence in West Bengal. Essem Tekno Services Private Ltd Ltd. is the name of the business’s first experience center for three-wheeled electric vehicles in Kolkata (India).
- February 2022: Arcimoto revealed The Mean Lean Machine, a ground-breaking new full-suspension, three-wheeled electric bike (MLM). The new e-bike can turn more like a two-wheeler while maintaining three-wheeler stability thanks to tilting technology.
Regional Landscape
Western Europe, followed by North America, dominates the global market for electric trikes. The need for electric trikes worldwide is dominated by Western Europe, which accounts for close to half of the market. Over the projection period, the market is likely to be driven by significant critical players in this region and the rising adoption of these vehicles by the younger generation. The use of the electric trike market is being promoted by the governments of several nations in this region. Germany, France, and Italy are among the countries that embraced this technology early. Over the following years, the market for electric trikes is expected to be driven by the growth of some APAC nations, including China and India, and the regional trend toward smart cities.
Competitive Landscape
Over the anticipated period, the market is likely to be driven by significant critical players in this region and the rising adoption of these vehicles by the younger generation. The use of the electric trike market is being promoted by the governments of several nations in this region. Germany, France, and Italy are among the countries that embraced this technology early. Over the following years, the market for electric trikes is expected to be driven by the growth of some APAC nations, including China and India, and the regional trend toward smart cities.
Prominent Players:
- AKO Trike
- Arcimoto
- Atelier Girfalco
- DAMIUSÂ
- ElectraMeccanica
- swaymotorsports
- eTrikes Canada
- ETrikeCo
- IOEV
- WUXI KAINING ELECTRIC TECHNOLOGY CO. LTD.
The global Electric Trike market is segmented as follows:
By Type
- Leisure Electric Tricycle
- Cargo Electric Tricycle
By Application
- Personal
- Operational
On the basis of Geography
North America
- U.S.
- Canada
- Mexico
- Rest of North America
Europe
- Germany
- France
- U.K.
- Italy
- Spain
- Rest of Europe
Asia Pacific
- China
- Japan
- India
- New Zealand
- Australia
- South Korea
- Rest of Asia Pacific
The Middle East & Africa
- Saudi Arabia
- UAE
- Egypt
- Kuwait
- South Africa
- Rest of the Middle East & Africa
Latin America
- Brazil
- Argentina
- Rest of Latin America
Table of Contents
- Chapter 1. Preface
- 1.1 Report Description and Scope
- 1.2 Research scope
- 1.3 Research methodology
- 1.3.1 Market Research Type
- 1.3.2 Market research methodology
- Chapter 2. Executive Summary
- 2.1 Global Electric Trike Market, (2022 – 2030) (USD Billion)
- 2.2 Global Electric Trike Market : snapshot
- Chapter 3. Global Electric Trike Market – Industry Analysis
- 3.1 Electric Trike Market: Market Dynamics
- 3.2 Market Drivers
- 3.2.1 Rising demand for a convenient
- 3.2.2 Eco-friendly mode of transportation
- 3.2.3 Advancements in battery technology
- 3.3 Market Restraints
- 3.4 Market Opportunities
- 3.5 Market Challenges
- 3.6 Porter’s Five Forces Analysis
- 3.7 Market Attractiveness Analysis
- 3.7.1 Market attractiveness analysis By Type
- 3.7.2 Market attractiveness analysis By Application
- Chapter 4. Global Electric Trike Market- Competitive Landscape
- 4.1 Company market share analysis
- 4.1.1 Global Electric Trike Market: company market share, 2021
- 4.2 Strategic development
- 4.2.1 Acquisitions & mergers
- 4.2.2 New Product launches
- 4.2.3 Agreements, partnerships, cullaborations, and joint ventures
- 4.2.4 Research and development and Regional expansion
- 4.3 Price trend analysis
- 4.1 Company market share analysis
- Chapter 5. Global Electric Trike Market – Type Analysis
- 5.1 Global Electric Trike Market overview: By Type
- 5.1.1 Global Electric Trike Market share, By Type, 2021 and 2030
- 5.2 Leisure Electric Tricycle
- 5.2.1 Global Electric Trike Market by Leisure Electric Tricycle, 2022 – 2030 (USD Billion)
- 5.3 Cargo Electric Tricycle
- 5.3.1 Global Electric Trike Market by Cargo Electric Tricycle, 2022 – 2030 (USD Billion)
- 5.1 Global Electric Trike Market overview: By Type
- Chapter 6. Global Electric Trike Market – Application Analysis
- 6.1 Global Electric Trike Market overview: By Application
- 6.1.1 Global Electric Trike Market share, By Application, 2021 and 2030
- 6.2 Personal
- 6.2.1 Global Electric Trike Market by Personal, 2022 – 2030 (USD Billion)
- 6.3 Operational
- 6.3.1 Global Electric Trike Market by Operational, 2022 – 2030 (USD Billion)
- 6.1 Global Electric Trike Market overview: By Application
- Chapter 7. Electric Trike Market – Regional Analysis
- 7.1 Global Electric Trike Market Regional Overview
- 7.2 Global Electric Trike Market Share, by Region, 2021 & 2030 (USD Billion)
- 7.3. North America
- 7.3.1 North America Electric Trike Market, 2022 – 2030 (USD Billion)
- 7.3.1.1 North America Electric Trike Market, by Country, 2022 – 2030 (USD Billion)
- 7.3.1 North America Electric Trike Market, 2022 – 2030 (USD Billion)
- 7.4 North America Electric Trike Market, by Type, 2022 – 2030
- 7.4.1 North America Electric Trike Market, by Type, 2022 – 2030 (USD Billion)
- 7.5 North America Electric Trike Market, by Application, 2022 – 2030
- 7.5.1 North America Electric Trike Market, by Application, 2022 – 2030 (USD Billion)
- 7.6. Europe
- 7.6.1 Europe Electric Trike Market, 2022 – 2030 (USD Billion)
- 7.6.1.1 Europe Electric Trike Market, by Country, 2022 – 2030 (USD Billion)
- 7.6.1 Europe Electric Trike Market, 2022 – 2030 (USD Billion)
- 7.7 Europe Electric Trike Market, by Type, 2022 – 2030
- 7.7.1 Europe Electric Trike Market, by Type, 2022 – 2030 (USD Billion)
- 7.8 Europe Electric Trike Market, by Application, 2022 – 2030
- 7.8.1 Europe Electric Trike Market, by Application, 2022 – 2030 (USD Billion)
- 7.9. Asia Pacific
- 7.9.1 Asia Pacific Electric Trike Market, 2022 – 2030 (USD Billion)
- 7.9.1.1 Asia Pacific Electric Trike Market, by Country, 2022 – 2030 (USD Billion)
- 7.9.1 Asia Pacific Electric Trike Market, 2022 – 2030 (USD Billion)
- 7.10 Asia Pacific Electric Trike Market, by Type, 2022 – 2030
- 7.10.1 Asia Pacific Electric Trike Market, by Type, 2022 – 2030 (USD Billion)
- 7.11 Asia Pacific Electric Trike Market, by Application, 2022 – 2030
- 7.11.1 Asia Pacific Electric Trike Market, by Application, 2022 – 2030 (USD Billion)
- 7.12. Latin America
- 7.12.1 Latin America Electric Trike Market, 2022 – 2030 (USD Billion)
- 7.12.1.1 Latin America Electric Trike Market, by Country, 2022 – 2030 (USD Billion)
- 7.12.1 Latin America Electric Trike Market, 2022 – 2030 (USD Billion)
- 7.13 Latin America Electric Trike Market, by Type, 2022 – 2030
- 7.13.1 Latin America Electric Trike Market, by Type, 2022 – 2030 (USD Billion)
- 7.14 Latin America Electric Trike Market, by Application, 2022 – 2030
- 7.14.1 Latin America Electric Trike Market, by Application, 2022 – 2030 (USD Billion)
- 7.15. The Middle-East and Africa
- 7.15.1 The Middle-East and Africa Electric Trike Market, 2022 – 2030 (USD Billion)
- 7.15.1.1 The Middle-East and Africa Electric Trike Market, by Country, 2022 – 2030 (USD Billion)
- 7.15.1 The Middle-East and Africa Electric Trike Market, 2022 – 2030 (USD Billion)
- 7.16 The Middle-East and Africa Electric Trike Market, by Type, 2022 – 2030
- 7.16.1 The Middle-East and Africa Electric Trike Market, by Type, 2022 – 2030 (USD Billion)
- 7.17 The Middle-East and Africa Electric Trike Market, by Application, 2022 – 2030
- 7.17.1 The Middle-East and Africa Electric Trike Market, by Application, 2022 – 2030 (USD Billion)
- Chapter 8. Company Profiles
- 8.1 AKO Trike
- 8.1.1 Overview
- 8.1.2 Financials
- 8.1.3 Product Portfolio
- 8.1.4 Business Strategy
- 8.1.5 Recent Developments
- 8.2 Arcimoto
- 8.2.1 Overview
- 8.2.2 Financials
- 8.2.3 Product Portfolio
- 8.2.4 Business Strategy
- 8.2.5 Recent Developments
- 8.3 Atelier Girfalco
- 8.3.1 Overview
- 8.3.2 Financials
- 8.3.3 Product Portfolio
- 8.3.4 Business Strategy
- 8.3.5 Recent Developments
- 8.4 DAMIUSÂ
- 8.4.1 Overview
- 8.4.2 Financials
- 8.4.3 Product Portfolio
- 8.4.4 Business Strategy
- 8.4.5 Recent Developments
- 8.5 ElectraMeccanica
- 8.5.1 Overview
- 8.5.2 Financials
- 8.5.3 Product Portfolio
- 8.5.4 Business Strategy
- 8.5.5 Recent Developments
- 8.6 swaymotorsports
- 8.6.1 Overview
- 8.6.2 Financials
- 8.6.3 Product Portfolio
- 8.6.4 Business Strategy
- 8.6.5 Recent Developments
- 8.7 eTrikes Canada
- 8.7.1 Overview
- 8.7.2 Financials
- 8.7.3 Product Portfolio
- 8.7.4 Business Strategy
- 8.7.5 Recent Developments
- 8.8 ETrikeCo
- 8.8.1 Overview
- 8.8.2 Financials
- 8.8.3 Product Portfolio
- 8.8.4 Business Strategy
- 8.8.5 Recent Developments
- 8.9 IOEV
- 8.9.1 Overview
- 8.9.2 Financials
- 8.9.3 Product Portfolio
- 8.9.4 Business Strategy
- 8.9.5 Recent Developments
- 8.10 WUXI KAINING ELECTRIC TECHNOLOGY CO. LTD.
- 8.10.1 Overview
- 8.10.2 Financials
- 8.10.3 Product Portfolio
- 8.10.4 Business Strategy
- 8.10.5 Recent Developments
- 8.1 AKO Trike
List Of Figures
Figures No 1 to 18
List Of Tables
Tables No 1 to 52
Report Methodology
In order to get the most precise estimates and forecasts possible, Custom Market Insights applies a detailed and adaptive research methodology centered on reducing deviations. For segregating and assessing quantitative aspects of the market, the company uses a combination of top-down and bottom-up approaches. Furthermore, data triangulation, which examines the market from three different aspects, is a recurring theme in all of our research reports. The following are critical components of the methodology used in all of our studies:
Preliminary Data Mining
On a broad scale, raw market information is retrieved and compiled. Data is constantly screened to make sure that only substantiated and verified sources are taken into account. Furthermore, data is mined from a plethora of reports in our archive and also a number of reputed & reliable paid databases. To gain a detailed understanding of the business, it is necessary to know the entire product life cycle and to facilitate this, we gather data from different suppliers, distributors, and buyers.
Surveys, technological conferences, and trade magazines are used to identify technical issues and trends. Technical data is also gathered from the standpoint of intellectual property, with a focus on freedom of movement and white space. The dynamics of the industry in terms of drivers, restraints, and valuation trends are also gathered. As a result, the content created contains a diverse range of original data, which is then cross-validated and verified with published sources.
Statistical Model
Simulation models are used to generate our business estimates and forecasts. For each study, a one-of-a-kind model is created. Data gathered for market dynamics, the digital landscape, development services, and valuation patterns are fed into the prototype and analyzed concurrently. These factors are compared, and their effect over the projected timeline is quantified using correlation, regression, and statistical modeling. Market forecasting is accomplished through the use of a combination of economic techniques, technical analysis, industry experience, and domain knowledge.
Short-term forecasting is typically done with econometric models, while long-term forecasting is done with technological market models. These are based on a synthesis of the technological environment, legal frameworks, economic outlook, and business regulations. Bottom-up market evaluation is favored, with crucial regional markets reviewed as distinct entities and data integration to acquire worldwide estimates. This is essential for gaining a thorough knowledge of the industry and ensuring that errors are kept to a minimum.
Some of the variables taken into account for forecasting are as follows:
• Industry drivers and constraints, as well as their current and projected impact
• The raw material case, as well as supply-versus-price trends
• Current volume and projected volume growth through 2030
We allocate weights to these variables and use weighted average analysis to determine the estimated market growth rate.
Primary Validation
This is the final step in our report’s estimating and forecasting process. Extensive primary interviews are carried out, both in-person and over the phone, to validate our findings and the assumptions that led to them.
Leading companies from across the supply chain, including suppliers, technology companies, subject matter experts, and buyers, use techniques like interviewing to ensure a comprehensive and non-biased overview of the business. These interviews are conducted all over the world, with the help of local staff and translators, to overcome language barriers.
Primary interviews not only aid with data validation, but also offer additional important insight into the industry, existing business scenario, and future projections, thereby improving the quality of our reports.
All of our estimates and forecasts are validated through extensive research work with key industry participants (KIPs), which typically include:
• Market leaders
• Suppliers of raw materials
• Suppliers of raw materials
• Buyers.
The following are the primary research objectives:
• To ensure the accuracy and acceptability of our data.
• Gaining an understanding of the current market and future projections.
Data Collection Matrix
| Perspective | Primary research | Secondary research |
| Supply-side |
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| Demand-side |
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Market Analysis Matrix
| Qualitative analysis | Quantitative analysis |
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Prominent Players:
- AKO Trike
- Arcimoto
- Atelier Girfalco
- DAMIUSÂ
- ElectraMeccanica
- swaymotorsports
- eTrikes Canada
- ETrikeCo
- IOEV
- WUXI KAINING ELECTRIC TECHNOLOGY CO. LTD.
- Others
FAQs
“Asia Pacific” region will lead the global Electric Trike market during the forecast period 2022 to 2030.
The key factors driving the market are rising demand for a convenient, eco-friendly mode of transportation and advancements in battery technology.
The key players operating in the Electric Trike market are AKO Trike, Arcimoto, Atelier Girfalco, DAMIUSÂ, ElectraMeccanica, swaymotorsports, eTrikes Canada, ETrikeCo, IOEV, WUXI KAINING ELECTRIC TECHNOLOGY CO. LTD.
The global Electric Trike market is expanding growth with a CAGR of approximately 30% during the forecast period (2022 to 2030).
The global Electric Trike market size was valued at USD 3.4 Billion in 2021 and it is projected to reach around USD 15.5 Billion by 2030.