Recently, several electric bicycle companies have released their annual revenue data for 2024. Leading companies such as Yadea, Xinri, and Aima are facing growth bottlenecks, with revenue growth slowing down and net profits starting to decline. Faced with difficulties, some companies choose to upgrade their products and transform towards intelligence and high-end. On the other hand, electric leisure tricycles (also known as "Xiu San") are driving a new round of market demand and are receiving high praise and attention from consumers and businesses.
Leisure tricycles, also known as passenger
Electric Tricycles, are divided into two types based on speed, driver's license requirements, and approved passenger capacity: light tricycles and three wheeled passenger motorcycles. Like two wheeled motorcycles, they comply with the national standard "General Technical Conditions for Electric Motorcycles and Electric Light Motorcycles" (GB/T 24158-2018). Lightweight tricycles with a speed of 50km/h or below are required to have a blue background and white license plate, and the driver must hold one of the D, E, or F driver's licenses; A three wheeled passenger motorcycle with a speed of 50km/h or above must hang a yellow background black license plate and be driven by a driver with a D-type license.
Compared to two wheeled electric vehicles, leisure tricycles have a stable structure and are less likely to overturn. Moreover, many new products are equipped with rain shelters to provide shelter from wind and rain, making riding more comfortable and safe. Therefore, they are gradually gaining popularity among consumers in county-level markets and grassroots towns. According to data from Zhiyan Consulting, the demand for electric tricycles in China reached 13.85 million units in 2022, with the demand for leisure electric vehicles increasing from 1.5 million units in 2016 to 2.882 million units in 2023. According to industry estimates, the sales of leisure tricycles will be approximately 3.5 million units in 2024, and consumer demand is continuing to grow.
The traditional user group of "rest three" is the elderly. It fills the gap left by the elimination of non-standard low-speed electric vehicles commonly known as "old man's happiness". Compared to the "Old Man Le", leisure tricycles can be included in the directory of "Road Motor Vehicle Production Enterprises and Product Announcement", so they can obtain official licenses and have legal road rights, which can replace the "Old Man Le" and meet the rigid needs of elderly people for travel, grocery shopping, and picking up and dropping off children.
Some young users also use electric tricycles as commuting tools. Compared to small new energy vehicles, electric tricycles have lower prices, generally not exceeding 20000 yuan, and lower operating costs, which are in line with the economic consumption preferences of young users.
In addition to daily needs, electric tricycles have also become a good assistant for short distance travel. Some tourist attractions, campuses, and industrial parks have also launched shared electric tricycle rental services. Not only does it meet the needs of transportation, but it also presents business opportunities for electric vehicle manufacturers.
Overall, with the increasing proportion of elderly population in China and the tightening of three - and four round supervision, the "three day off" has a rare opportunity for development. From commuting to leisure, from personal use to rental, electric tricycles are gaining popularity among consumers and have broad market demand and application scenarios.
