The three wheeled motorcycle market is considered to be a completely new market across the globe. A three wheeled motorcycle is a special type of motorcycle having two wheels at the front and one in the rear. These motorcycles are generally used by learners and beginners as well as physically-disabled persons. A shifting trend is also being witnessed in the three wheeled motorcycle market. Consumers are considering a three wheeled motorcycle as the new style icon due to its unique stylish design. Performance tricycles are reflected to be an outlandish segment among the motorcycles. Owing to features such as enhanced safety, eye-catching design, comfort, and others, the demand for three wheeled motorcycles is anticipated to witness significant growth in the near future. This, in turn, is estimated to significantly contribute to the global three wheeled motorcycle market during the forecast period.
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Three Wheeled Motorcycle Market: Dynamics
The rising traffic congestion is an inescapable condition, particularly in large and growing metropolitan areas across the globe. Peak-hour traffic congestion is an inherent result of the way modern societies operate. Everyone hates traffic congestion, but it keeps getting worse despite the attempted remedies. According to TomTom’s traffic data, traffic jams have increased 13% globally since 2008. In 2010, traffic congestion delayed people worldwide for 9 billion hours and wasted 7 billion gallons of fuel. Lengthy commute time is considered to be a key factor responsible for the adoption of motorcycles by consumers. This, in turn, is anticipated to contribute to the growth of the three wheeled motorcycle market in the coming years.
The World Health Organization states that the problem of road crashes is both predictable and preventable. Crashes involving motorcycles resulted in the most number of deaths among other vehicle types. Attributing to the rising number of road crashes involving motorcycles, consumers feel four wheelers are a safer option. This is one of the key factors restraining the growth of motorcycles and subsequently impacting the three wheeled motorcycle market.
The ongoing trend gaining momentum across the globe is the availability of various types of bikes for rental purposes at tourism spots. Increasing traction towards motorcycle adventures and road trips among youth is estimated to fuel the demand for motorcycles and scooters in the coming years. Three wheeled motorcycles are considered to be an attractive touring option among consumers owing to their enhanced safety as compared to that of a traditional two-wheeled motorcycle.
Three Wheeled Motorcycle Market: Segmentation
The global three wheeled motorcycle market has been segmented by wheel position type, motorcycle type, and engine capacity.
By type of wheel position, the global three wheeled motorcycle market is segmented into-
- Two Wheels at Front
- Two Wheels at Rear
By type of motorcycle, the global three wheeled motorcycle market is segmented into-
- Sports Three Wheeled Motorcycles
- Cruiser Three Wheeled Motorcycles
- Touring Three Wheeled Motorcycles
- Recreational Three Wheeled Motorcycles
By type of engine, the global three wheeled motorcycle market is segmented into-
- C. Engine Three Wheeled Motorcycles
- Up to 150 cc
- 151-300 cc
- 301-500 cc
- Above 500 cc
- Electric Three Wheeled Motorcycles
Three Wheeled Motorcycle Market: Regional Outlook
Easy availability of financing options that give consumers the required purchasing power with flexible payment terms is one of the key factors responsible for manufacturers seeking opportunities in the developing markets of India, Indonesia, Vietnam, and Philippines. Better financing can provide immediate access to the required purchase of vehicle with a much lower-up front cost with competitive interest rates and low down payments. This, may significantly contribute to the growth of the global three wheeled motorcycle market. Developed regions including North America and Europe are also anticipated to witness significant growth, particularly in the touring and sports segments of the three wheeled motorcycle market.
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Three Wheeled Motorcycle Market: Key Participants
Examples of some of the market participants identified across the value chain of the global three wheeled motorcycle market include:
- Honda Motor Co., Ltd.
- Yamaha Motors Co., Ltd.
- BRP / Bombardier Recreational Products
- Harley-Davidson, Inc.
- Polaris Industries, Inc.