Electric Tricycle Market: Global Industry Analysis and Forecast (2023-2029)

Electric Tricycle Market was valued at US$ 14.18 Bn. in 2022 and the total revenue is expected to grow at 16.3% of CAGR through 2023 to 2029, reaching nearly US$ 40.83 Bn.
Electric Tricycle Market Overview:
An electric tricycle, also known as an e-trike, is the three-wheeled relative of the electric bike. It is a tricycle that is powered by an electric motor and runs on battery power. Many people claim that electric trike bikes are more convenient and easy to operate than manual tricycles.

The advancement of battery technology is one of the key elements influencing the market for electric tricycles because of batteries power of e-tricycles. Additionally, the use of Lithium-Iron batteries rather than traditional lead acid batteries has assisted the manufacturers of E-tricycles in reducing the total weight of the vehicle. This gives the battery a long life, making it more effective for consumers. Thanks to these technological advancements, more consumers are becoming enthusiastic travelers who want to use this vehicle to experience both a car and a motorbike journey. Due to their superior performance over traditional tricycles, e-tricycles are increasingly in demand in the market, creating growth and opportunities for new market players.To know about the Research Methodology :- Request Free Sample Report
Electric Tricycle Market Dynamics:
The Electric Tricycle creates sustainable mobility

E-bikes may offer a sustainable solution to the rising need for environmental stability. Designers can lessen the environmental effect of traffic by riding a three-wheel electric bicycle, which reduces the amount of traffic produced. To stay up with the future of transportation, people need to explore different, smarter energy sources, modes of transportation, and physical and technical infrastructure. Electric bikes create zero noise or exhaust emissions and take up minimal space. In the long run, the transition benefits the environment, which drives the electric tricycle market. E-bikes have become the world's most popular electric vehicle as an alternative to public transit, private autos, and traditional bicycles in recent years. Also, it shows how moving to motorized three-wheel bicycles for adults delivers long-term mobility in the future and create lucrative opportunity globally.

Electric bikes are becoming increasingly popular, and the market, like any rising industry, provides a diverse choice of goods. Electric trikes are among them. Electric trikes are particularly useful for persons of all ages, especially the elderly, and they may be readily ridden with little experience. Electric trikes can transport people or cargo effectively and efficiently, particularly over short distances. As a result, it is the best alternative to an automobile.

Economical Electric Tricycle creates new opportunities for new market players

E-trikes are shown to be more cost-effective than motorized tricycles. It was proven that an E-trike saves fuel in every aspect while also increasing the number of passengers it can transport. In comparison to powered vehicles, an e-trike can transport up to nine people. The four-stroke engine is powered by a lead battery, but the two-stroke engine is powered by a lithium rechargeable battery. Unlike fuel tricycles, e-trikes are powered by electricity, which costs P 11.00 (USD 0.22) per kWh. As a consequence, the cost of fuel is P 1.20 (US$ 0.024) per kilometer traveled on a motorized tricycle, while the cost of electricity is P 0.30. (USD 0.006). Thus, it is expected that the E-trike will save P 0.90 (USD 0.018) on fuel.

Smart IoT-based Electric Tricycle

Tricycles have long been the cheapest and most common mode of public transportation, particularly in poor countries such as Indonesia. Electrifying the classic tricycle layout and outfitting it with the Internet of Things (IoT) makes it more secure while also increasing the travel experience through ease of use and dependability. However, intelligent real-time monitoring of such electric transportation systems is critical to realizing a cost-effective, energy-efficient mode of public transit. evaluating the driving patterns in India's Tier II cities With the help of a web application, the suggested system allows remote monitoring of temperature, State of Charge (SoC), distance to empty (DTE), vehicle speed, and position (Google-Map). This enables the car lender/authority to assess vehicle performance, determine driving patterns, extend battery life by preventing overcharging and undercharging, get safety alerts, and locate vehicles, which drive the electric tricycle market during the forecast period.
Electric Tricycle Market Segment Analysis:
Based on Application, the Electric Tricycle Market is segmented into passenger electric tricycles and cargo electric tricycles. Passenger electric tricycle is expected to dominate the market during the forecast period. This dominance can be due to a high rate of population growth, especially in developing countries with bigger middle-class populations that prefer public transit over private automobiles for daily commuting. Additionally, electric three-wheelers, which are more cost-effective and environmentally friendly than taxis and cabs, are gaining popularity as the need for last-mile connectivity increases. Electric tricycle for passengers, and public transit serves several purposes. It improves the quality of life in civilizations if it delivers safe, efficient, and affordable transportation services. The capacity and necessity to carry huge amounts of products or large numbers of people across great distances at fast speeds in comfort and safety have been an indicator of civilization and, in particular, technical advancement, which helps to drive the electric tricycle market globally.

The purpose of E-Motor is to create a local alternative mode of transportation that can assist reduce our carbon footprint and zero emission. Public transportation performs a lot of functions for passengers. It enhances the quality of life in societies on the condition that it provides safe, efficient, and inexpensive transportation services.

Based on the Type, the Electric Tricycle Market is segmented into Folding Electrical Tricycle and Non-Folding Electrical Tricycles. Folding Electrical Tricycle is expected to dominate the market during the forecast period. The folded electric tricycle is designed for everyone who wants to go energetically or effortlessly on three wheels. The tiny design makes it convenient for travel and easy to navigate in small places. The Freedom folded electric Trike with the electrical system and strong hub motor allows it to easily traverse over most terrains and over respectable inclines. For convenient transit and storage, the trike folds and disassembles with innovative technology used by manufacturers to drive the electric tri-cycle market. It will fit into the majority of hatchbacks and automobile trunks. Because of the 24-inch back width, customers can roll it right through the front door (when completely assembled), which makes it more innovative. These e-tricycles are more spacious, which gives comfertness to users

Folding bikes solve all of these concerns while also opening up a world of potential and adventure while also improving their day-to-day navigation of city streets. Another advantage that the folding bike's wheels and compact dimensions give is greater quickness and flexibility, which is useful when it is necessary to slip past stationary traffic. Similarly, if someone makes a bad turn, there is no need to stop and turn around like you would with a traditional bike. folding bikes feature a narrow turning circle and are quick to steer and restart, making them ideal for city streets it helps to decrease accidents or damage.
Electric Tricycle Market Regional Insights:
The Asia Pacific dominated the market with a 49 % share in 2022. High demographic growth, a greater middle- and lower-middle-class income population, and a growing tendency for electrification of vehicles in the region are the main market drivers for electric tricycles or e-trikes in APAC. After India and other developed and emerging countries, China is expected to have the greatest market share. Due to the high pollution rate brought on by fuel-based vehicles, the Indian government is actively promoting electric tricycles throughout the country. The main drivers of demand for the electric three-wheeler market in China are the rising demand for electric rickshaws in major cities, government efforts and assistance, and the existence of significant electric three-wheeler manufacturers in the country.

China has developed an excellent infrastructure for the development of electric vehicles in recent years. Additionally, the favorable government rules provide the manufacturers an opportunity to research and develop these cars. The need for electric three-wheelers in the country is being met with growing assistance from policymakers, big-scale research facilities, and huge production facilities. Additionally, the Chinese market for light electric cars is growing as a result of growing urbanization and rising disposable incomes, which are encouraging a transition away from conventional vehicles to electric ones.

20 electric tricycles (e-trikes) were given to the City of Mandaluyong today by Philippine President Benigno S. Aquino III as a first step toward lowering air pollution and achieving energy independence. The initiative is being funded by the Asian Development Bank (ADB), and the introduction of the first 20 e-trikes is a part of a larger plan to incorporate 20,000 more into the country's traffic flow for use as public transportation. According to ADB, the Philippines currently has 3.5 million motorized tricycles in use, which generate more than 10 million tons of carbon dioxide and need the importation of $5 billion in fuel annually. The new fleet of e-trikes is designed to enhance air quality as well as save the Philippines $35 million yearly and relocate them closer to energy independence. According to Sohail Hasnie, the Principal Energy Specialist at ADB, "every 20,000 e-trikes that are brought to Manila's streets will save the Philippines 100,000 gallons of foreign fuel imports each day, saving the country nearly $35 million annually, which helps to drive the market globally.
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Electric Tricycle Market


Report Coverage
Details


Base Year:
2022
Forecast Period:
2023-2029


Historical Data:
2017 to 2022
Market Size in 2022:
US $ 14.18 Bn.


Forecast Period 2023 to 2029 CAGR:
16.3%
Market Size in 2029:
US $ 40.83 Bn.


 Segments Covered:
by Type
• Folding Electrical Tricycle
• Non-folding Electric Tricycle


by Application
• Cargo Electric Tricycle
• Passenger Electric Tricycle


by Battery Type
• Lithium Ion
• Nickel Metal Hydrid
• Lead Acid
• Others



Electric Tricycle Market, by Region
• North America (United States, Canada and Mexico)
• Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe)
• Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC)
• Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
• South America (Brazil, Argentina Rest of South America)
Electric Tricycle Market, Key Players  are:
• Mahindra Electric Mobility Limited
• Piaggio & C.SpA
• Terra Motors
• Kinetic Green Energy & Power Solutions Ltd.
• Gayam Motor Works Pvt. Ltd
• Lohia Auto Industries
• Omega Seiki Pvt. Ltd
• E-tuk
• Bodo Vehicle Group Co. Ltd
• Atul Auto Limited
• Toyota
• Yamaha Motor Co., Ltd.
• Arcimoto
• ElectraMeccanica
• Elio Motors Inc.
• Tork Motors Pvt. Ltd.
• Atelier Girfalco Limitée
• Riese & Müller GmbH

Frequently Asked Questions:

1] What segments are covered in the Global Electric Tricycle Market report?
Ans. The segments covered in the Electric Tricycle Market report are based on Product Type and End User.

2] Which region is expected to hold the highest share in the Global Electric Tricycle Market?
Ans. The asia pacific region is expected to hold the highest share in the Electric Tricycle Market.

3] What is the market size of the Global Electric Tricycle Market by 2029?
Ans. The market size of the Electric Tricycle Market by 2029 is expected to reach US$ 40.83 Bn.

4] What is the forecast period for the Global Electric Tricycle Market?
Ans. The forecast period for the Electric Tricycle Market is 2022-2029.

5] What was the market size of the Global Electric Tricycle Market in 2022?
Ans. The market size of the Electric Tricycle Market in 2022 was valued at US$ 14.18 Bn.