Looking at the overall situation of the tricycle market, tricycle companies are beginning to move towards formalization. Whether it is product quality, technical standards, brand management or strategic planning and positioning, it will continue to show strong momentum in the coming period. BENLG is the popular top 10 electric tricycle manufacturers in China.
Market standardization and competition intensify
Electric tricycle brand competition has become mainstream
In the past, the competition between electric motorcycle and tricycle companies was generally a game between small workshops, and the manufacturing technology was not high.
In recent years, due to the setting of entry thresholds and the huge development space of the three industries, many excellent large-scale two-wheeled motorcycle companies have been involved in the tricycle manufacturing industry.
The main battlefield in the future will be the competition between big brands, and its technical content and management mode will be a new competition model.
The level of scale will increase rapidly
In the next 2-3 years, some of the weaker companies will be eliminated. Even some small and medium-sized three-wheeler companies supported by two-wheeler companies will gradually withdraw from competition due to the small size and limited profits of these two-wheeler companies.
Its development trend is: First, the enterprises in the industry will form rapidly and take a leading position in the industry, and the polarization of the scale of the tricycle industry will increase unprecedentedly.
Secondly, the ability to make market profits will gradually be transformed into comprehensive strength, and enterprises will increasingly rely on product refinement and the launch of new products.
Reasons for increased competition
With the strengthening of supervision and management, standardized competition in the electric tricycle industry will be intensified unprecedentedly:
First, licensing, market spot checks and the protection of consumers’ own rights will become increasingly standardized. Also electric dirt bikes.
Secondly, technological competition will become the main core competitiveness, including the pursuit of intellectual property rights and the use of new technologies will be issues that tricycle companies must consider.
Third, sales management capabilities will be improved, and information links between manufacturers, agents and retailers will be closer. Retailers will shift from the pursuit of pure profit to the full pursuit of brand, profit, new product launch capability and their own sense of belonging.
The fourth is to increase the concentration of enterprise scale, driving the improvement of market coverage. Well-known brands will gradually take shape in the next two to three years.
Fifth, market competition will shift from price competition to quality competition.
Sixth, after-sales service will become an important component of an enterprise brand. In addition to product quality, the evaluation of after-sales service will become the main content of consumer reputation.
Overview of the industrial chain of electric tricycles
Electric tricycles are three-wheeled means of transport with three wheels that carry goods, people or other special purposes driven by batteries as energy sources and motors as power sources.
Electric tricycles can move flexibly between narrow roads. And with its strong applicability, flexible mobility, simple maintenance, convenient maintenance, low price and other advantages, it is widely used in households, urban and rural areas, factories, mining areas, sanitation, community cleaning and other short-distance transportation fields.
Electric tricycles can be divided into cargo electric tricycles, manned electric tricycles and special vehicles according to their use. The development of China’s electric vehicle industry has gone through three stages.
The first is the initial development period. From 2001 to 2005, more enterprises began to enter the market, and there were many problems with the development of the industry.
In 2006, it entered a period of rapid development. The pattern of competition in the industry began to become clear, and the industrial chain was continuously improved.
In 2017, it entered a period of adjustment, and the strict implementation of policies eliminated some non-compliant enterprises, and the competition pattern of the industry became more prominent.
From the perspective of the industrial chain, electric tricycles are generally composed of electrical systems, control systems, decorative parts, body parts, and vehicle accessories.
- The electrical system is mainly composed of motor, controller, battery, converter, flasher, lamp, horn, main wiring harness, etc.
- The control system is composed of speed control handle, brake handle, brake cable, brake, switch, etc. The decorative parts mainly include body cover parts and rear tail box.
- The body parts mainly include special parts such as frame, front fork, steering handle, rear flat fork, rear hanger, saddle, rear shock absorber, etc., and special standard parts for electric tricycles (such as center axle, crank pedal, flywheel, chain, chain adjuster, etc.).
- The accompanying accessories consist of chargers, bumpers, mirrors, etc. The core components of an electric tricycle are the frame, battery, motor, controller, and charger.
Global industrial development status
Asia is the world’s largest producer and consumer of electric tricycle. Apart from China, many countries in South and Southeast Asia have their own unique three-wheeled motorcycle culture.
Thailand, Cambodia, Philippines, Indonesia and India, etc., the application range and demand scale of three-wheeled motorcycles are large. Over the past two years, affected by the production and sales of electric tricycles in China, global production and sales of electric tricycles have rebounded.
Data show that in 2022, the global production of electric tricycles will be about 24.453 million units, and the sales volume will be 22.872 million units. In the future, global consumption of electric tricycles will continue to grow as global demand for energy-efficient and green vehicles continues to grow.
Tricycles are growing vigorously with the online shopping format, and the demand for electric tricycles has begun to increase significantly. With the rapid development of e-commerce online shopping, the demand for electric tricycles in terminal distribution formats such as express logistics continues to grow, superimposing the demand for stock renewal.
China’s demand for electric tricycles continues to grow, and data show that China’s demand for electric tricycles has rebounded significantly since 2020. In 2021, demand for electric tricycles in China reached 13.012 million units, and in 2022, 13.95 million units.
In terms of production variation, China’s electric tricycle production in 2021-2022 will be 13.05 million units and 14.04 million units respectively. The price change in the subdivided electric tricycle category, the overall sales price of special tricycles and three-wheeled caravans increased rapidly.
The electric tricycle industry started relatively late, and the competition was relatively not fierce, but compared with previous years, the number of enterprises has grown rapidly in recent years due to the growth rate of the industry.
Electric tricycles are low-speed electric vehicles, and the overall policy orientation tends to be gradually strict, which is the key to the healthy development of electric tricycles.
At present, there are few actual policies subdivided into electric tricycles, and electric tricycles must be registered or filed to obtain a license and purchase third-party liability insurance before they can be driven on the road. At the same time, driving an electric tricycle must wear a safety helmet.
Due to the impact of regulation, consumers are more enthusiastic than ever to buy branded cars in the catalog. It can be seen from the current management policy that standardization and qualification have become the mainstream of the market in the three power industries.
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