Electric Trike Market Report 2024 (Global Edition)

Global Electric Trike Market Report 2024 Market Size Split by Type Outlook: (Foldable, Non-Foldable), by Application Outlook: (Commercial Use, Personal Use), by Product (Cargo, Factory-Type, Motorize...

Electric Trike Market Report Description

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Electric Trike Market Insights Video

Competitive Landscape of the Electric Trike Market

The competitive landscape of the electric trike market has been defined by the presence of multiple producers offering a wide range of models for personal as well as commercial use. Companies are concentrating on battery efficiency, design, and customization to meet a wide range of consumer needs. Key market tactics include extending distribution networks, making products more affordable, and focusing on urban transportation solutions. The increased rivalry between e-bikes and electric scooters influences market dynamics.

In September 2022, TI Clean Mobility launched the Montra Electric three-wheeler, featuring several industry-first innovations. The vehicle is equipped with a category-best 10 kWh battery pack, offering an impressive range of 197 km (ARAI certified) and 155+/-5 km in typical conditions. It also boasts an industry-leading peak torque of 60 Nm and a top speed of 55 kmph. (Source: https://emobilityplus.com/2022/09/07/ti-clean-mobility-launches-electric-three-wheeler-montra-electric/#google_vignette) In December 2022, Rad Power Bikes announced the launch of a trike version of its electric bikes. Customers were invited to test ride demo models at the company's Seattle store. The RadTrike could be pre-ordered in the U.S. for $2,499 and was set to become available in mid-January. The company stated that this three-wheeled design had been the most requested by customers, making cycling accessible for those unable to ride traditional bicycles. (Source: https://www.geekwire.com/2022/rad-power-bikes-launches-radtrike-a-three-wheeled-model-of-its-e-bike/) In December 2023, Creatara, an innovative electric vehicle (EV) in the urban mobility space, celebrated its official launch at the IIT Delhi Research & Innovation Park. The e-bike aimed to revolutionize urban commuting with its blend of safety and advanced technology, entering the growing Indian e-bike market projected to exceed USD 1.18 billion in 2023. (Source: https://emobilityplus.com/2023/12/08/creatara-launches-e-bike-redefining-urban-commuting-with-safety-and-customization/)

Top Companies Market Share in Electric Trike Industry: (In no particular order of Rank)

• AKO Trike
• Arcimoto
• Atelier Girfalco
• DAMIUSÂ
• ElectraMeccanica
• swaymotorsports
• eTrikes Canada
• ETrikeCo
• IOEV
• WUXI KAINING ELECTRIC TECHNOLOGY CO. LTD.
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*List of Second Tier Companies, List of Third Tier/ Start-up Companies (Inquire with sales executive) Request Any Company Profile for Preview Purpose OR Data Validation!

If any Company(ies) of your interest has/have not been disclosed in the above list then please let us know the same so that we will check the data availability in our database and provide you the confirmation or include it in the final deliverables.

Regional Analysis of the Electric Trike Market

Which Region Dominates the Electric Trike Market in 2024?

According to Cognitive Market Research, North America currently dominates the Electric Trikes market, and the region is expected to have significant growth during the projected period. The region's focus on reducing carbon emissions coupled with advancements in battery technology and urban mobility infrastructure, positions it as a leader in the adoption of electric trikes for personal and commercial use.

Which Region is Expanding at the Fastest CAGR?

Asia-Pacific is expected to make significant gains during the projected period, with the greatest compound annual growth rate (CAGR). The region's expanding infrastructure for electric vehicles and the growing popularity of eco-friendly alternatives for short-distance travel contribute to this growth, positioning Asia Pacific as a key player in the market's expansion.

The current report Scope analyzes Electric Trike Market on 5 major region Split (In case you wish to acquire a specific region edition (more granular data) or any country Edition data then please write us on info@cognitivemarketresearch.com

• North America (United States, Canada, Mexico)
• Europe (United Kingdom, France, Germany, Italy, Russia, Spain, Sweden, Denmark, Netherlands, Switzerland, Belgium)
• Asia-Pacific (China, Japan, Korea, India, Australia, Philippines, Singapore, Malaysia, Thailand, Indonesia, Rest of APAC)
• South America (Brazil, Argentina, Colombia, Peru, Chile, Rest of South America)
• Middle East and Africa (Saudi Arabia, Turkey, Nigeria, UAE, Egypt, South Africa, GCC Countries, Rest of MEA)

The above graph is for illustrative purposes only.

North America Electric Trike

According to Cognitive Market Research, the global Electric Trike market size was estimated at USD 5514.5 Million, out of which North America held the major market share of more than 40% of the global revenue with a market size of USD 2205.80 million in 2024 and will grow at a compound annual growth rate (CAGR) of 25.2% from 2024 to 2031.

• According to Cognitive Market Research, the US had a major share in the Electric Trike market with a market size of USD 1740.38 million in 2024 and is projected to grow at a CAGR of 25.0% during the forecast period. The US holds a major share of the electric trike market, driven by increasing consumer interest in sustainable transportation alternatives.
• The Canada Electric Trike market had a market share of USD 264.70 million in 2024 and is projected to grow at a CAGR of 26.0% during the forecast period. Canada's electric trike market growth is driven by increased adoption of sustainable transportation, government incentives, and rising environmental awareness.
• The Mexico Electric Trike market is projected to witness growth at a CAGR of 25.7% during the forecast period, with a market size of USD 200.73 million in 2024.

Europe Electric Trike

According to Cognitive Market Research, the global Electric Trike market size was estimated at USD 5514.5 Million, out of which Europe held the market share of more than 30% of the global revenue with a market size of USD 1654.35 million in 2024 and will grow at a compound annual growth rate (CAGR) of 25.5% from 2024 to 2031.

• The United Kingdom Electric Trike market had a market share of USD 277.93 million in 2024 and is projected to grow at a CAGR of 26.3% during the forecast period. The UK is leading the electric trike market with increasing adoption of green transport solutions and government sustainability initiatives.
• The France Electric Trike market is projected to witness growth at a CAGR of 24.7% during the forecast period, with a market size of USD 152.20 million in 2024.
• According to Cognitive Market Research, the German Electric Trike market size was valued at USD 327.56 million in 2024 and is projected to grow at a CAGR of 25.7% during the forecast period. Germany's electric trike market is growing due to rising demand for sustainable transport, innovation in e-mobility, and urban mobility solutions.
• The Italy Electric Trike market is projected to witness growth at a CAGR of 24.9% during the forecast period, with a market size of USD 142.27 million in 2024.
• The Russia Electric Trike market is projected to witness growth at a CAGR of 24.5% during the forecast period, with a market size of USD 256.42 million in 2024.
• The Spain Electric Trike market is projected to witness growth at a CAGR of 24.6% during the forecast period with a market size of USD 135.66 million in 2024
• The Luxembourg Electric Trike market is projected to witness growth at a CAGR of 25.6% during the forecast period, with a market size of USD 51.28 million in 2024.
• The Portugal Electric Trike market is projected to witness growth at a CAGR of 25.3% during the forecast period, with a market size of USD 34.74 million in 2024.
• The Greece Electric Trike market is projected to witness growth at a CAGR of 25.8% during the forecast period, with a market size of USD 19.85 million in 2024.
• The Rest of Europe's Electric Trike market is projected to witness growth at a CAGR of 24.2% during the forecast period, with a market size of USD 256.42 million in 2024.

Asia Pacific Electric Trike

According to Cognitive Market Research, the global Electric Trike market size was estimated at USD 5514.5 Million, out of which Asia Pacific held the market share of around 23% of the global revenue with a market size of USD 1268.34 million in 2024 and will grow at a compound annual growth rate (CAGR) of 29.0% from 2024 to 2031.

• According to Cognitive Market Research, the China Electric Trike market size was valued at USD 570.75 million in 2024 and is projected to grow at a CAGR of 28.5% during the forecast period. China holds the largest share of the electric trike market driven by high demand for efficient urban transportation and environmental initiatives.
• The Japan Electric Trike market is projected to witness growth at a CAGR of 27.5% during the forecast period, with a market size of USD 175.03 million in 2024.
• The India Electric Trike market had a market share of USD 152.20 million in 2024 and is projected to grow at a CAGR of 30.8% during the forecast period. India is the fastest-growing electric trike market, reflecting rising urban mobility needs and increasing awareness of sustainable transportation options.
• The South Korean Electric Trike market is projected to witness growth at a CAGR of 28.1% during the forecast period, with a market size of USD 126.83 million in 2024.
• The Australian Electric Trike market is projected to witness growth at a CAGR of 28.7% during the forecast period, with a market size of USD 65.95 million in 2024.
• The South East Asia Electric Trike market is projected to witness growth at a CAGR of 30.0% during the forecast period, with a market size of USD 87.52 million in 2024.
• The Rest of Asia Pacific Electric Trike market is projected to witness growth at a CAGR of 28.8% during the forecast period, with a market size of USD 90.05 million in 2024.

South America Electric Trike

According to Cognitive Market Research, the global Electric Trike market size was estimated at USD 5514.5 Million, out of which Latin America held the market share of around 5% of the global revenue with a market size of USD 275.73 million in 2024 and will grow at a compound annual growth rate (CAGR) of 26.4% from 2024 to 2031.

• According to Cognitive Market Research, the Brazil Electric Trike market size was valued at USD 118.01 million in 2024 and is projected to grow at a CAGR of 27.0% during the forecast period. Brazil controls a significant share of the electric trike market, highlighting its commitment to sustainable transportation and urban mobility solutions.
• Argentina's Electric Trike market had a market share of USD 46.32 million in 2024 and is projected to grow at a CAGR of 27.3% during the forecast period. Argentina is experiencing a growing demand for electric trikes due to increasing urbanization and a push for sustainable transportation solutions.
• Colombia Electric Trike market is projected to witness growth at a CAGR of 26.2% during the forecast period, with a market size of USD 24.54 million in 2024.
• Peru Electric Trike market is projected to witness growth at a CAGR of 26.6% during the forecast period, with a market size of USD 22.61 million in 2024.
• Chile Electric Trike market is projected to witness growth at a CAGR of 26.7% during the forecast period, with a market size of USD 19.85 million in 2024.
• The Rest of Latin America's Electric Trike market is projected to witness growth at a CAGR of 25.5% during the forecast period, with a market size of USD 44.39 million in 2024.

Middle East and Africa Electric Trike

According to Cognitive Market Research, the global Electric Trike market size was estimated at USD 5514.5 Million, out of which the Middle East and Africa held the major market share of around 2% of the global revenue with a market size of USD 110.29 million in 2024 and will grow at a compound annual growth rate (CAGR) of 26.7% from 2024 to 2031..

• The GCC Countries Electric Trike market is projected to witness growth at a CAGR of 27.5% during the forecast period, with a market size of USD 47.20 million in 2024. GCC countries dominate the electric trike market due to their investment in sustainable transportation and rapid urban development initiatives.
• The Egypt Electric Trike market is projected to witness growth at a CAGR of 27.0% during the forecast period, with a market size of USD 11.58 million in 2024.
• The South Africa Electric Trike market is projected to witness growth at a CAGR of 27.7% during the forecast period, with a market size of USD 17.43 million in 2024. South Africa's electric trike market is flourishing due to rising interest in eco-friendly transport and the need for affordable mobility solutions.
• The Turkey Electric Trike market is projected to witness growth at a CAGR of 26.2% during the forecast period, with a market size of USD 9.48 million in 2024.
• The Nigeria Electric Trike market is projected to witness growth at a CAGR of 25.8% during the forecast period, with a market size of USD 11.58 million in 2024.
• The Rest of the MEA Electric Trike market is projected to witness growth at a CAGR of 25.7% during the forecast period, with a market size of USD 13.01 million in 2024.

Electric Trike Market Analysis

How are Segments Performing in the Global Electric Trike Market?

Electric Trike Market Type Segment Analysis

According to Cognitive Market Research, the non-foldable sector dominates the electric trike industry due to its stability and increased longevity, making it suitable for a variety of applications. These trikes frequently provide more storage capacity and better performance on various terrains. As customer preferences evolve towards more durable and dependable transportation alternatives, the non-foldable sector is likely to retain a considerable market share.

The foldable segment is the fastest-growing in the electric trike industry, catering to urban consumers who value convenience and mobility. These compact designs provide for easy storage and transportation, making them suitable for city living and multi-modal commuting. As urban populations grow, so does the demand for space-efficient and diverse mobility options, promoting additional growth in this market.

The above Chart is for representative purposes and does not depict actual sale statistics. Access/Request the quantitative data to understand the trends and dominating segment of Electric Trike Industry. Request a Free Sample PDF!

Electric Trike Market Application Segment Analysis

According to Cognitive Market Research, the commercial application segment leads the electric trike industry driven by businesses seeking cost-effective and sustainable transportation alternatives. Electric trikes are rapidly being employed for last-mile delivery, urban logistics, and public transportation, providing affordable alternatives to regular cars. Their adaptability and cheap running costs make them ideal for commercial applications which helps to continue market growth.

Personal application is the fastest-growing segment in the electric trike market owing to rising consumer interest in sustainable and convenient modes of transportation. As urban populations grow, people demand effective solutions for short commutes and recreational activities. Electric trikes provide a versatile, ecologically conscious alternative to traditional vehicles, appealing to those who value environmental awareness and practicality in their daily lives.

The above Graph is for representation purposes only. This chart does not depict actual Market share.

Electric Trike Product Segment Analysis

Electric Trike Market Product Segment Analysis

According to Cognitive Market Research, the cargo segment dominates the electric trike industry owing to the increasing demand for effective last-mile delivery options. Businesses are increasingly using electric trikes to transport goods in cities, where traffic and environmental laws are major problems. Their ability to handle tiny streets while reducing emissions makes them an excellent choice for logistics and delivery operations.

Leisure is the fastest-growing segment of the electric trike industry, as more individuals look for sustainable solutions for recreational activities. Electric trikes offer an entertaining and practical way to explore parks, trails, and attractive routes as outdoor recreation and sustainability become more popular. This expansion is being driven by breakthroughs in design, comfort, and battery technology, which improve the overall user experience.
 

• Cargo
• Factory-Type
• Motorized
• Leisure

Author's Detail

Sneha Mali

Research Analyst at Cognitive Market Research

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I am a research analyst working in the Transport & Logistics domain, and my primary responsibility is to conduct thorough research on various subjects and provide valuable insights to support client requirements. I have knowledge of research methodologies, and data mining which enables me to analyze large data sets, draw meaningful conclusions, and communicate them effectively. I stay up-to-date with the latest research trends, methodologies, and technologies to ensure that my research is accurate, relevant, and impactful.

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