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Trike Market size is set to grow by USD 13.39 billion from 2024-2028, better stability in trikes when compared to conventional motorcycles to boost the market growth, Technavio

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NEW YORK, June 19, 2024 /PRNewswire/ — The global trike market size is estimated to grow by USD 13.39 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of 39.06% during the forecast period. Better stability in trikes when compared to conventional motorcycles is driving market growth, with a trend towards frequent modification in concept of trikes. However, high price of trikes when compared to traditional motorcycles poses a challenge. Key market players include AKO Technical, Arcimoto Inc., AZUB BIKE s.r.o., Bombardier Recreational Products Inc., Boss Hoss Cycles Inc., Campagna Motors Inc., CHAMPION TRIKES OF ARIZONA, Cheetah Trikes Inc., HANNIGAN MOTORSPORTS, Harley Davidson Inc., Motor Trike Inc., Motorcycle Tour Conversions Inc., Piaggio and C. Spa, Polaris Inc., Qooder SA, Renegade Trike Corp., Roadsmith Inc., Tilting Motor Works Inc., Van Raam Reha Bikes B.V., and Yamaha Motor Co. Ltd.

Get a detailed analysis on regions, market segments, customer landscape, and companies – Click for the snapshot of this report

Forecast period

2024-2028

Base Year

2023

Historic Data

2018 – 2022

Segment Covered

Product (Reverse trike and Delta trike), Retail Channel (OEMs, Aftermarket, and Custom builders), and Geography (North America, Europe, APAC, Middle East and Africa, and South America)

Region Covered

North America, Europe, APAC, Middle East and Africa, and South America

Key companies profiled

AKO Technical, Arcimoto Inc., AZUB BIKE s.r.o., Bombardier Recreational Products Inc., Boss Hoss Cycles Inc., Campagna Motors Inc., CHAMPION TRIKES OF ARIZONA, Cheetah Trikes Inc., HANNIGAN MOTORSPORTS, Harley Davidson Inc., Motor Trike Inc., Motorcycle Tour Conversions Inc., Piaggio and C. Spa, Polaris Inc., Qooder SA, Renegade Trike Corp., Roadsmith Inc., Tilting Motor Works Inc., Van Raam Reha Bikes B.V., and Yamaha Motor Co. Ltd.

Key Market Trends Fueling Growth

The trike market is in its introductory stage, growing rapidly due to design, features, and performance. Delta trikes, with two rear wheels, offer stability but face challenges with instant turning and braking. Reverse trikes, keeping the rider’s weight inside, provide more stability and safety, making them increasingly popular among OEMs. Tilting conversion kits enhance trike handling, giving a motorcycle feel. Delta trikes, with strong aftermarket adoption and Harley-Davidson presence, will dominate the market during the forecast period. 

The trike market is currently experiencing significant growth with various capacities and types in demand. Cargo trikes, for instance, are popular for their cargo transport capabilities. Techno trikes, on the other hand, are gaining traction due to their electric power and eco-friendly nature. The market also includes recreational trikes for leisure use. The trend towards lighter, more efficient vehicles is driving innovation in the industry. Additionally, the increasing popularity of urban living and the need for sustainable transportation solutions are contributing factors to the market’s growth. Overall, the trike market is an exciting space to watch, with new developments and applications continually emerging. 

Research report provides comprehensive data on impact of trend. For more details- Download a Sample Report

Market Challenges

The high initial cost and low mileage of trikes, such as Harley Davidson’s Tri Glide Ultra, hinder their market adoption. Priced at USD33,499, it is significantly more expensive than conventional motorcycles like the Street Glide and Ultra-Limited, priced at USD20,899 and USD26,399, respectively. This limits the trike market to older riders with high disposable income, excluding potential female customers who prefer aftermarket or alternative options. This is a challenge for Harley-Davidson and may impede the growth of the global trike market.In the trike market, several challenges exist. These include powering trikes adequately, ensuring reliability, and providing sufficient storage. Additionally, trikes must be lightweight and easy to maneuver. Balancing cost and performance is also a significant challenge. Furthermore, trikes must meet regulatory requirements and offer a comfortable riding experience. Lastly, integrating technology such as electric power and connectivity adds complexity to the design process. Addressing these challenges requires innovative solutions and a deep understanding of the trike market.

For more insights on driver and challenges – Download a Sample Report

Segment Overview 

This trike market report extensively covers market segmentation by

Product 1.1 Reverse trike1.2 Delta trikeRetail Channel2.1 OEMs2.2 Aftermarket2.3 Custom buildersGeography 3.1 North America3.2 Europe3.3 APAC3.4 Middle East and Africa3.5 South America

1.1 Reverse trike- The reverse trike segment in the trike market has seen significant growth in recent years, driven by commercial developments from manufacturers like Bombardier, Campagna Motors, and Polaris Industries. Reverse trikes offer improved stability through better weight distribution, making them popular among older riders, females, and beginners. However, there’s increasing demand from young people for long-distance riding and trying new concepts. The market is expected to expand at a faster rate than the delta trike segment. Innovations like tilting trikes, which allow riders to lean while turning, are crucial for reducing the gap between motorcycles and trikes. Aftermarket vendors, such as Tilting Motor Works, offer reverse conversion kits for motorcycles like Harley-Davidson and Honda Goldwing, priced at around USD13,000. Elio Motors is also adopting the reverse trike concept in its upcoming trike model. These developments will fuel market growth during the forecast period.

For more information on market segmentation with geographical analysis including forecast (2024-2028) and historic data (2018 – 2022) – Download a Sample Report

Research Analysis

The Trike market caters to the growing demand for high-quality transportation solutions in urban areas, particularly among the young population. These three-wheeled vehicles offer increased mobility, easy handling, and space-efficient dimensions, making them an attractive alternative to motorcycles and cars. Safety is a top priority, with critical independent perspectives and industry statements emphasizing the importance of balancing skills and traffic congestion. Product literature and annual reports provide valuable insights into the latest innovations, including Mirrors, Seats, Lights, and Light weight models. However, high maintenance expenses and parking challenges are considerations for potential buyers. Contracts and industry statements offer crucial information on the latest trends and regulations shaping the market.

Market Research Overview

In the dynamic world of mobility solutions, Trike Market holds a significant position. This market is characterized by the production, sale, and use of three-wheeled vehicles, also known as trikes. These vehicles offer agility, maneuverability, and affordability, making them an attractive alternative to traditional motorbikes and cars. The trike market caters to various industries, including transportation, logistics, and personal use. The market’s growth is driven by factors such as increasing urbanization, rising demand for fuel-efficient vehicles, and technological advancements. The trike market encompasses a diverse range of products, from small, lightweight trikes for personal use to heavy-duty trikes designed for commercial applications. The market’s future looks promising, with ongoing research and development efforts aimed at enhancing the performance, safety, and comfort of trikes.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

ProductReverse TrikeDelta TrikeRetail ChannelOEMsAftermarketCustom BuildersGeographyNorth AmericaEuropeAPACMiddle East And AfricaSouth America

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

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SOURCE Technavio

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Motorcyclist and Mechanic Share Evidence of Critical Engine Failure, Highlighting Widespread Issues with MV Agusta’s Product Quality and Customer Service

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A longtime MV Agusta owner is publicly raising concerns about severe engine failure and a lack of response from MV Agusta USA after his newly purchased 2018 MV Agusta F3 800 RC motorcycle experienced a “valve drop” malfunction, leading to extensive engine damage. Despite an initial promise of a goodwill repair, the company ceased communication, leaving the owner without support. Detailed documentation of the damage and images were shared in a blog post, revealing similar failures reported among other MV Agusta models. The owner is now urging the National Highway Traffic Safety Administration (NHTSA) to investigate this widespread and potentially hazardous issue.

ATLANTA, Nov. 13, 2024 /PRNewswire-PRWeb/ — A motorcyclist and long-time MV Agusta owner is coming forward to share his troubling experience with MV Agusta USA, highlighting what he describes as critical product failures and unresponsiveness from the company’s customer service team. After purchasing an MV Agusta F3 800 RC second-generation motorcycle in April 2024, he experienced a significant engine failure only one month later, sparking a months-long struggle to obtain support from MV Agusta USA, which eventually ceased communication. This incident raises concerns not only about product quality but also about safety, as similar mechanical failures have been reported among other MV Agusta owners.

“This is a serious design flaw that could put lives at risk. The lack of response from MV Agusta USA is unacceptable, and I would caution anyone considering buying from the brand until they demonstrate a commitment to supporting their customers and addressing these safety issues.”

The motorcyclist, who purchased the bike with under 7,000 miles, describes how the bike suffered a “valve drop” failure, a known issue with first-generation MV Agusta 800 CC engines that the company purportedly addressed in subsequent models. Despite this, the engine failure led to complete destruction of essential engine components, resulting in a total loss of the engine. The failure mode itself, related to valve spring malfunction, poses a serious safety risk, as it can cause the engine to stall during operation – a situation that could be fatal in uncontrolled environments. Fortunately, the failure occurred in a safe setting for this rider.

“When I first contacted MV Agusta USA about the engine failure, they initially acknowledged the issue and agreed to consider a goodwill repair, given the bike’s low mileage,” the rider explains. “However, after three months of delayed responses and countless back-and-forth emails, the company stopped responding altogether, leaving me with a bike in pieces and no available parts for repair.” said George B, the owner of the motorcycle.

The engine failure, which left the bike in need of extensive repairs, has proven to be a common issue among MV Agusta motorcycles, with several other owners reporting similar incidents of “valve drop” and engine failure across both first- and second-generation models. Many affected customers have voiced their concerns in online groups, underscoring what appears to be a widespread issue that the manufacturer has yet to adequately address.

The Atlanta mechanic that inspected and attempted repairs on the damaged engine has published a blog post, with the permission of the owner of the motorcycle, with detailed images of the engine damage, explaining the severity of the valve drop failure. The post also references other sources indicating that this issue is known to MV Agusta USA, yet it remains unaddressed for customers. By sharing his professional perspective, the Atlanta mechanic aims to inform other MV Agusta owners and call attention to the product’s potentially hazardous design flaw.

The rider emphasizes that this ongoing problem with MV Agusta’s product quality and customer service should be subject to scrutiny by the National Highway Traffic Safety Administration (NHTSA) to consider a recall for the affected models. “This is a serious design flaw that could put lives at risk. The lack of response from MV Agusta USA is unacceptable, and I would caution anyone considering buying from the brand until they demonstrate a commitment to supporting their customers and addressing these safety issues” ,said George B

The lack of available parts and MV Agusta USA’s limited response has now left the rider’s bike inoperable for over seven months. As an owner of multiple MV Agusta motorcycles, he states, “I love the brand, but this experience has been nothing short of frustrating and disappointing. It’s not only about the money but about the complete disregard for customer safety and satisfaction.”

About MV Agusta USA

MV Agusta USA is a subsidiary of MV Agusta, the renowned Italian motorcycle manufacturer known for its premium sport bikes. The company is dedicated to delivering high-performance motorcycles crafted with Italian engineering excellence. MV Agusta’s motorcycles are favored by enthusiasts worldwide, with a commitment to innovation and luxury that has been part of the brand since its founding.

Media Contact

George B, Mini Boss Mobile Mechanic, 1 678-608-0681, customers@minibossmobilemechanic.com, https://minibossmobilemechanic.com/

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SOURCE Mini Boss Mobile Mechanic; Mini Boss Mobile Mechanic

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The Globalization Path of EPG CEO Alick Wan: a New Player Ready to Rock the Data Center Industry

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SHANGHAI, Nov. 14, 2024 /PRNewswire/ — On October 9-10, EPG Group made its second consecutive appearance at the 2024 Data Centre World Asia (Singapore Data Centre Exhibition) after making a successful debut at last year’s exhibition. During the exhibition, EPG showcased its advanced liquid cooling system developed for AIDC, as well as several prefabricated (modular) solutions for IDC&AIDC construction.

EPG, a leading AI infrastructure service provider, an integrated enterprise that combines R&D, manufacturing, and services of prefabricated data centers, is gradually gaining prominence in the data center industry, redefining the future with its innovative products.

Alick Wan, the chairman and CEO of EPG, with exceptional foresight and courage, has spent nearly three decades, building his own business empire from the ground up.

From Small County to Nationwide

Wan was born in Jinhu County, a small city in northern Jiangsu surrounded by lakes. Rivers and streams were where Wan spent his childhood at. From an early age, he understood the deceptive power of water – serene yet forceful. These early experiences shaped his calm demeanor and resilient spirit.

In 1997, six years after graduating from college, Wan founded his first company. As a first-time entrepreneur, he chose the electromechanical equipment industry, leveraging his familiarity with the sector.

Wan always had an international vision and an open mindset for his business, and was intent on spotting new opportunities in the market. He established joint ventures with business partners from Singapore and Hong Kong, China, which gave him access to business opportunities from large multinational engineering companies.

After participating in projects in more than 60 countries worldwide, his company gradually emerged in the power system segment, accumulating considerable influence.

In 2004, to realize the bigger blueprint in his mind, Wan decided to start his next business chapter. That year, he founded EPG.

Engine, Power, and Generate

Wan says that the company’s name, “EPG,” stands for Engine, Power, and Generate, symbolizing the company’s mission to serve as a powerful engine that drives significant advancements in society.

“In the past, building data centers in China followed the mindset of constructing buildings” said Wan. “However, the ever-growing trend of data centers also faced growing pains—high costs, being time consuming, and not to mention higher energy consumption and more water consumption, which not only increased their costs but also had more negative environmental impacts.”

Wan then sensed a “green trend” and the market demand behind it.

To this end, EPG developed a green data center construction solution: Besides conventional renewable energy sources such as wind and solar power, microgrid technology can provide a more stable and diverse combination of renewable energy.

In addition, cold plate liquid cooling’s internal circulation and dry cooler’s external circulation can cool high-power AI servers, significantly reducing data centers’ water consumption.

Amid the trends of green energy conservation and efficient standardization, the construction method of data centers has also undergone tremendous changes, shifting away from the traditional civil engineering approach to a “Lego-like” one.

The fully prefabricated modular data center solution overcomes the downsides of traditional data center construction. It redesigns and optimizes the distribution of computer rooms, power generators, and other modules, concentrating them in cabins. For clients, these cabins serve as ready-to-use “building blocks” that can be flexibly combined into a data center based on different client needs.

Overseas, this new construction method can shorten the delivery cycle of traditional data centers from 24 to 36 months to 9 to 12 months. At the same time, prefabricated data centers can reduce the total construction cost of overseas projects by 30 to 50%.

Growing with AI, EPG Explores Globalization Path

In recent years, the field of AI has ushered in a surging wave of development. Wan quickly seized these new development opportunities.

“The development of AI will promote the development of chip and server technologies, bringing disruptive challenges to data center construction, and we need to make fast moves too,” Wan said, expressing his views on the AI market, “AI is a large-scale, fast-growing industry, expected to grow at a compound annual growth rate of 36.6% from 2024 to 2030. On the other hand, AI is also a highly globalized industry, requiring a global perspective and execution for almost all business aspects.” Wan said.

Wan firmly believes that only by entering the most frontier markets and mastering first-hand information can the best business decisions be made. Therefore, EPG’s globalization blueprint is unfolding.

In recent years, EPG has extended its business to the Southeast Asian region and established a Southeast Asian subsidiary. Wan stated that the demand for cloud services, artificial intelligence (including AIGC and AGI.), and the Internet of Things (IoT) is continuously growing in the region. At the same time, public and private organizations, as well as multinational companies, are actively investing in IDC (Internet Data Centers) and AIDC (Artificial Intelligence Data Centers) in Southeast Asian countries. Wan believes that the Southeast Asian market is the next growth point for EPG to seek business breakthroughs.

“We have invested in factories in the Southeast Asian region and have attracted many talents to join, aiming to create a more localized business development model,” Wan said, “In addition, EPG is also actively exploring data center markets in Europe, America, and other global regions. In the future, we will use Southeast Asia as a bridgehead to integrate and optimize the supply chain ecosystem and create data center products and solutions with global competitiveness.”

Currently, EPG has strong R&D and manufacturing capabilities overseas, as well as a strong sales network. As the only prefabricated service provider with self-built factories both domestically and internationally, EPG’s footprint has covered markets in Singapore, Malaysia, Indonesia, Vietnam, Thailand, UAE, Spain, and the United States, and is gradually exploring multiple emerging markets.

In 2023, Wan enrolled in CKGSB (Cheung Kong Graduate School of Business), and after completing his studies in 2024, he signed up for the fifth session of the ASEAN-RCEP Leaders Program at CKGSB. As the enterprise enters a new stage of development, he recognizes the need to continuously be on a learning journey, so in order to successfully meet the challenges of today and tomorrow

About EPG Group

EPG Group is a leading manufacturing company specializing in prefabricated (modular) data center products. With a robust R&D team based in Shanghai, our high-end manufacturing plants in Shanghai and Malaysia, and a significant presence across Southeast Asia, the Middle East, and the United States, we are at the forefront of innovation in the data center and power systems industry.

Our global footprint includes company setups in Hong Kong, Shanghai, Beijing, Suzhou, Shenzhen, Chengdu, and Langfang. With over 20 years of experience, we have delivered innovative solutions for hyperscale data center projects across Asia, Africa, South America, and the Middle East.

EPG Group is committed to pushing the boundaries of technology and providing top-tier solutions to meet the evolving demands of the industry, bringing cutting-edge technology and unparalleled expertise to our clients worldwide.

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SOURCE EPG Group

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Shawn Carter Foundation in Collaboration with Coalition for Equity and Opportunity at the Wharton School of the University of Pennsylvania with support from Toyota Launch ‘Champions for Financial Legacy’ Program for HBCUs

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NEW YORK, Nov. 13, 2024 /PRNewswire/ — The Shawn Carter Foundation, with generous support from Toyota Motor North America, is proud to introduce Champions for Financial Legacy (CFFL), a comprehensive financial education initiative designed to empower students at Historically Black Colleges and Universities (HBCUs) and surrounding communities.

Developed in collaboration with The Coalition for Equity and Opportunity at the Wharton School of the University of Pennsylvania, CFFL is modeled after Professor Keith Weigelt’s accredited curriculum at the Wharton School and Bridges to Wealth, a financial education and wealth-building program that Dr. Weigelt has offered to the Shawn Carter Foundation community of scholars and families since 2017.

CFFL is the latest initiative resulting from the ongoing collaboration between the Shawn Carter Foundation (SCF) and Toyota Motor North America, a long-time supporter of SCF’s annual HBCU Bus Tour.  With Toyota’s generous support of CFFL, the vision to expand the program to HBCU students and local communities is made possible. 

“We are excited to see our partnership with the Shawn Carter Foundation evolve to include this innovative initiative,” said Monica Womack, general manager, D+I and community engagement, Toyota. “One that not only provides resources to HBCU students but also reaches the heart of the community, through advocacy for financial literacy.”

CFFL aims to reduce the growing wealth gap by equipping students with the financial knowledge and skills needed for economic success and social mobility. Topics include budgeting, market risks and returns, mutual funds, credit scores, stock markets, and more. By fostering financial fluency and community engagement, the program seeks to change the trajectory of intergenerational wealth and build a more equitable future.

“Every day at the Shawn Carter Foundation, we dedicate ourselves to uplifting students and communities that are underserved,” said Dr. Gloria Carter, Shawn Carter Foundation CEO and Co-Founder. “To launch a financial education program that will reach more students and communities, along with dedicated partners like Toyota and the Wharton School of Business, is a vision we are finally seeing come to fruition.  We are so excited to see the incredible impact of CFFL unfold and look forward to its growth.”

“One way to strengthen the resiliency of middle-class households is to increase their ability to generate wealth,” said Dr. Keith Weigelt, Marks-Darivoff Family Professor of Strategy at The Wharton School, University of Pennsylvania and Founder of Bridges to Wealth. “I thank both the Shawn Carter Foundation and Toyota for their foresight in addressing a long-neglected social disparity.”

The curriculum includes real-world applications and service-learning components, allowing students to apply their financial knowledge in community settings, thereby expanding the ecosystem of wealth-building and fostering local development.

“The Wharton Coalition for Equity and Opportunity (CEO) is pleased to partner with the Shawn Carter Foundation and Toyota in launching the financial legacy program with several HBCUs. This partnership will help us remain committed to closing the wealth gap through an evidence-based approach,” said Dr. Fareeda Griffith, CEO managing director.

The inaugural CFFL program will be implemented in Spring 2025 at Lincoln University, Norfolk State University, and Virginia State University, with plans to expand to other HBCUs. University-appointed faculty from each school will receive free professional development training, and trained student ambassadors will amplify the Champions for Financial Legacy course offerings on their respective campuses for enrollment.

For more information, visit Champions for Financial Legacy.

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SOURCE Shawn Carter Foundation

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