Tricycle is three wheeled cycles which are also customized regarding end-user demand. Tricycle is basically conventional and electric, demand for electric tricycle is growing at the fast pace due to its easy going properties. Tricycles have wide range of users such as used by a special individual, children and commercial outlets (food and beverages and rickshaw). Tricycles contribute comparatively small share in cycle market but will grow at high CAGR in forecast year
Tricycles Market: Drivers & Restraints
The major factors which are boosting the growth of Tricycles market are increasing usage of tricycle product type from specials population and also from children in developing regions, rising globalization, technology advancement in the bicycle industry, and high disposable income.
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Moreover, increasing the share of specials through product differentiation is an opportunistic platform for tricycles manufacturers across the globe. Tricycles manufacturers are more incline towards high growth, high margins specials segment of the market. Thus, specials tricycle is booming the growth of overall tricycles market across the regions. The growing tricycle mobile food outlets in developed as well as developing region has embraced the new growth trend in tricycle industry. This introductory segment is enhancing the demand of tricycle at the business level and also responsible for the product and technology advancement of tricycles industry in the present and also maintain in upcoming years.
Further, the tricycle is an attractive segment for children of age group 1-4 years, as the demand for tricycle is rapidly growing in this segment. Tricycle manufacturers are expanding their business by introducing lightweight and high comfort ability product in the market. On the other side, the major factor hindering the overall tricycle market are consumer inclination n toward electronic bikes and high-end cost.
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Tricycles Market: Market Segmentation
The tricycles market is segmented into six parts based on the wheel types, technology type, product type, end users type, sales type, and geography. Among technology type, electric tricycle demand is growing rapidly due to the market competition is estimated to boom up with the rise in M&A activities and technological innovation in the coming years. Moreover, many domestic and regional manufacturers are offering definite application products for diverse end users range. The new entrants in the tricycles market are ruling it hard to compete with the international vendors based on reliability, quality, and innovations in product and technology.
Based on the wheel type tricycles market is segmented into:
- Delta Tricycles
- Tadpole Tricycles
Based on the technology type tricycles market is segmented into:
Based on the product type tricycles market is segmented into:
- Upright Tricycles
- Recumbent Tricycles
o Recumbent delta
o Recumbent tadpole
o Recumbent hand trike
o Recumbent tandem
Based on the end use tricycles market is segmented into:
- Cycle Rickshaws
- Food outlets
Based on the sales type tricycles market is segmented into:
Tricycles Market: Regional Outlook
Regarding geography, Tricycles market has been fragmented into seven key regions including North America, Eastern Europe, APEJ, Western Europe, Latin America, Japan, and the Middle East & Africa. Tricycles market is expected to register healthy CAGR during the forecast period due to high demand of tricycles in application such as food and beverages outlets, and technological advancement in the tricycle product type. In terms of regions, North America accounts for significant share for Tricycles market, due to the high growth and demand due to factors such as tricycles of increased stability and low center gravity have removed the requirement for balancing and have consequently resulted in an increase in the number of electric tricycle riders.
Moreover, the North America region accounts for healthy share in terms of usage of tricycle in commercial purpose in the region is predicted to further add value to the tricycles market in the region. In terms of developing region of Asia-Pacific, the growth of the tricycles is comparatively high and with relatively high CAGR in forecast period due to factors such as globalization, rapid economic development, and is a high demand and growth of conventional bicycles in the developing region due to significantly low disposable income and labor population and increasing middle class
In addition, Over the forecast period, Asia-Pacific market for is expected to grow significantly owing to the growth of electric cycle industry in the region. Overall, the global market for Tricycles is expected to grow significantly by the end of forecast period. Tricycles market for Asia Pacific is also expected to witness constant growth during the forecast period majorly attributed to the demand and growth of bicycle market and increasing usage of Tricycles in different end uses, especially in China and India. The Tricycles market is growing at faster rate and is expected to grow at high CAGR in forecasted years.
Tricycles Market: Few Players
In tricycles market International, regional, and domestic players are coming with up gradation and innovation in terms of technology as well as end use. Recently, Hobart electric tricycles for parcel and mail delivery. Moreover, Fujitsu Limited and Global Mobility Service, Inc., has begun field testing to expand services in the Republic of the Philippines so as to increase the prevalence of electric tricycles that use ICT.