The latest market research report by global trike market predicts a CAGR of around 14% during the period 2017-2021.
The report segments the global trike market by end-users (OEMs, aftermarket, custom-builders), by product (delta trike and reverse trike), and by geography (North America, Europe, and APAC). It provides a detailed illustration of the major factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
Here are some key findings of the global trike market, according to Technavio automotive researchers:
- Trikes offer better stability compared to conventional motorcycles: a major market driver
- The delta trike segment is the dominant segment with OEMs like Harley-Davidson and aftermarket focusing on this segment
- North America dominated the trike market with a market share of close to 62% in 2016
- Bombardier Recreational Products, Campagna Motors, Harley Davidson, and Polaris Industries are the leading players in the market
Market growth analysis
Better stability is one of the major factors driving the global trike market. The global trike market has observed high demand from those who have never ridden a motorcycle before in regions like the US, Japan, and Europe where the use of a car is high compared to motorcycles. Riding a trike is simple to learn as it does not require any kind of balance as trikes are three-wheeledmotorcycles, which offer high stability. These factors have allowed the riders to travel safely pushing the demand for trikes in household segments also.
Tilting trikes are becoming more popular in the market among the consumers today. These tilting trikes allow the trike to tilt while turning in a manner similar to traditional motorcycles. This development reduced the turning radius needed for trikes and provided greater stability, which has further helped in reducing the gap between traditional motorcycles and trikes.
Technavio researchers anticipate high growth in the global trike market in North America due to increased demand from baby boomers and female motorcycle riders. The North American motorcycle market is dominated by aging motorcycle riders with the average age of a rider being 48 years. Female riders account for 15%, while they influence 25% of total motorcycle sales. This influence is pushing the demand for trikes in the household market, which earlier preferred traditional motorcycles. All these factors trigger the need for trikes in North America and are expected to be the driving force during the forecast period.
According to Ganesh Subramaniam, a lead analyst at Technavio for research on automotive manufacturing, "The presence of all OEMs in this region is helping to create more awareness among customers. Harley-Davidson's entry into the trike market was received positively by its customers, and its customer demography made this segment ideal for the company. Harley-Davidson's market leadership in the heavyweight motorcycle market in North America also helped the company to push the demand for trikes in the market through its robust dealership network."
Competitive vendor landscape
The global trike market is highly concentrated due to the presence of few key players. The trike motorcycles market is characterized by rapid technological innovations and has limited OEM's. The growth of new OEM's like Elio motors will intensify the competition among the existing players in the market which will prove beneficial for customers in terms of cost as well as performance. Investments toward the development of lighter and high-performance trikes with higher mileage are expected to continue during the forecast period.
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