The new report by Expert Market Research titled, ‘Global Three-Wheeled Motorcycle Market Price, Size, Share, Analysis, Report and Forecast 2023-2028’, gives an in-depth analysis of the global three-wheeled motorcycle market, assessing the market based on its segments like wheel positions, types, engine, and major regions.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
The key highlights of the report include:
Market Overview (2018-2028)
- Forecast CAGR (2023-2028): 12%
The increasing demand for three-wheeled motorcycle among beginners or driving aspirants is driving the market growth as the product provides balance and safety to the passengers. The increasing application of the product for touring, sporting, and recreational activities, owing to the rising disposable income and rapid urbanisation, is further propelling the market growth.
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Moreover, the increasing concerns related to road safety and traffic management are likely to escalate the demand for three-wheeled motorcycles in the forecast period. In terms of region, the Asia Pacific region accounts for a significant share of the market owing to the high population leading to higher traffic congestions and strong foothold of major market players.
Three-Wheeled Motorcycle Industry Definition and Major Segments
Three-wheeled motorcycle is defined as a vehicle which is equipped with three wheels. Often referred to as motorised tricycle, which is ideal for new motorcycle learners or beginners or physically challenged people, as they provide extra support on the sides, keeping the passenger from falling or crashing.
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On the basis of wheel position, the market can be segmented into:
- Two Wheels at Front
- Two Wheels at Rear
Based on type, the market has been segmented into:
The market can be broadly categorised based on engine into:
- Combustion Engines
- Up to 150 cc
- 151-300 cc
- 301-500 cc
- Above 500 cc
The regional markets for three-wheeled motorcycle include:
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
Three-Wheeled Motorcycle Market Trends
The key trends in the three-wheeled motorcycle market include the technological advancements in the automotive industry, bolstering the production of superior quality three-wheeled motorcycles with greater fuel efficiency and strength. The stringent regulations of the government across emerging economies against carbon emission are encouraging the demand for three-wheeled motorcycles.
Meanwhile, the increasing geriatric population are leading to a greater sale of the product for enhanced safety and security while driving. The increasing enthusiasm among the physically disabled population to travel and go for city exploration is also anticipated to be a crucial trend in the market.
Key Market Players
The major players in the market are:
- Honda Motor Co., Ltd.
- Yamaha Motors Co., Ltd.
- Harley-Davidson, Inc.
- Polaris Industries, Inc.
- Bombardier Recreational Products Inc.
- Piaggio & C. S.p.a
The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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