In recent years, the global market share of electric tricycles has been increasing. The electric tricycle market is segmented into passenger electric tricycles and cargo electric tricycles. In Southeast Asian countries such as Indonesia and Thailand, the government has begun to introduce a series of incentives to promote the transformation of local freight tricycles to electric vehicles.

According to the Market Statsville Group (MSG), the global electric tricycle market size is expected to grow from USD 3,117.9 million in 2021 to USD 12,228.9 million by 2030 at a CAGR of 16.4% from 2022 to 2030. Electric trikes provide greater stability and convenience than regular motorcycles, propelling the worldwide electric trike industry. Due to increased demand for energy-efficient and green cars worldwide, the electric trike market will rise significantly. The evolution of technology and the introduction of high-performance electric vehicles allowed travelers to enjoy both a car and a motorcycle journey in one vehicle. Local commuters in developed regions such as Western Europe and North America prefer the low-powered tricycle to other modes of transportation.

In addition, in 2021, the passenger electric tricycle segment accounted for the largest market share in the global electric tricycle or e-trikes market. This advantage can be attributed to the large increase in population, especially in developing countries, where there are more middle class people, who prefer public transport to private vehicles as daily commuting tools. In addition, as the demand for the last mile connection increases, more environmentally friendly and cost-effective electric tricycles than taxis and taxis are becoming increasingly popular.

Original Source: https://www.cyclemixcn.com/news/electric-bikes%ef%bc%9amore-emission-reducing-lower-cost-and-more-efficient-modes-of-travel/

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