The global electric tricycle market size was US$ 3,111.9 million in 2021. The global electric tricycle market is forecast to grow to US$ 12,221.9 million by 2030 by registering a compound annual growth rate (CAGR) of 15.4% during the forecast period from 2022 to 2030.

COVID-19 Impact Analysis
The global e-tricycle market was drastically affected by the COVID-19 pandemic. The COVID-19 disease outbreak initially impeded the flow of goods across industries. Manufacturing units recorded a massive shortage of raw materials and laborers. As a result, it affected the global electric tricycle market. Moreover, China, the epicentre of the pandemic, witnessed a sharp decline in economic growth. Thus, it affected the global electric tricycle industry.

Regional Analysis
Based on region, the Asia-Pacific electric tricycle market will hold the largest share during the study period. It is due to the high demographic growth of the region and the presence of a middle and lower-middle-class income population. Apart from that, rising inclination towards electrification of vehicles is forecast to benefit the market during the study period. China is expected to have the largest contribution to the electric tricycle market, followed by India. Moreover, the government of India is making significant efforts to spur the adoption of electricity-powered vehicles. Thus, it will boost the growth of the Asia-Pacific electric tricycle market during the forecast period.

Factors Influencing the Market:
Electric tricycles offer great stability and convenience compared to conventional motorcycles. Apart from that, they are energy efficient and cut the cost of fuel associated with traditional vehicles. Thus, all of these benefits will primarily drive the growth of the electric tricycle market during the forecast period. Apart from that, the outperforming performance of electric tricycle is expected to open new doors of opportunity for the overall electric tricycle market in the coming years.
Growing disposable income and an increasing inclination towards electric vehicles will benefit the electric tricycle market during the forecast period. Apart from that, rising efforts in the advancement of Lithium-Ion batteries will benefit the manufacturers.
The steadily growing advancements in electric tricycles will also benefit the electric tricycle market during the study period. For instance, Piaggio Vehicles Private Limited (PVPL) unveiled its first electric three-wheeler experience centre in Kolkata recently. More advancements in this sector are expected to stimulate the demand for electric tricycles in the coming years. 
On the flip side, high costs of electric tricycles may limit the market's growth during the study period. 

Competitors in the Market
• Piaggio
• Toyota
• Yamaha Motor Co., Ltd.
• Arcimoto
• ElectraMeccanica
• Elio Motors, Inc.
• Tork Motors Pvt. Ltd.
• Atelier Girfalco Limitée
• Riese & Müller GmbH
• Other Prominent Players

Market Segmentation
The global electric tricycle market segmentation focuses on Type, Application, and Region.
By Type 
• Folding electric tricycle
• Non-folding electric tricycle
By Application 
• Cargo electric tricycle
• Passenger electric tricycle
By Region
● North America
o The U.S.
o Canada
o Mexico
● Europe
▪ Western Europe
o The UK
o Germany
o France
o Italy
o Spain
o Rest of Western Europe
▪ Eastern Europe
o Poland
o Russia
o Rest of Eastern Europe
● Asia Pacific
o China
o India
o Japan
o Australia & New Zealand
o ASEAN
o Rest of Asia Pacific
● Middle East & Africa (MEA)
o UAE
o Saudi Arabia
o South Africa
o Rest of MEA
● South America
o Brazil
o Argentina
o Rest of South America