The Tricity was developed by a Yamaha team in cooperation with race engineer Kazuhisa Takano. The project was initiated following the market success of the Piaggio MP3. Yamaha's primary goal was to create an accessible machine that would attract daily car commuters considering a transition to motorcycles.
Because of existing patent rights, Yamaha could not utilize the car-like suspension found on the Piaggio MP3. Instead, the engineering team developed a simpler double fork system. This design choice resulted in the two front wheels being positioned close together, which prevented the original Tricity from being registered as a three-wheeler under general European Union regulations. Consequently, the vehicle could not be operated with a car license in most EU countries, limiting its appeal to the specific market of car drivers seeking a motorcycle alternative.
The Tricity 125, the first model in the series, debuted in the Thai market in April 2014, followed by a Japanese release in September 2014. The scooter subsequently expanded into other Asian markets, Australia, and New Zealand. It reached the European market in 2015.
The initial models featured Unified Braking System (UBS) brakes, which were upgraded in 2015 to include optional Anti-lock Braking System (ABS) technology. To promote the vehicle, Yamaha utilized the marketing slogan "Try Tri Before You Buy Tri."
In September 2016, Yamaha introduced the 155cc model to the European market. While this version requires a motorcycle license in all EU countries, it is permitted for use on all European roads.
A second generation, the 300cc model, was introduced in 2019 to address criticisms directed at the original design. This iteration featured a larger engine and a revised configuration that allowed drivers in most countries to operate the vehicle with a car license. These improvements resulted in the 300cc model costing double the price of the original 125cc version.
The Tricity's market trajectory has been marked by varying regional receptions. It failed to achieve commercial success in Thailand and Japan. In Europe, the vehicle's performance is viewed inconsistently; while some sources categorize it as a failure, others describe it as a success. Yamaha dealers in Europe noted that the model struggled to attract the intended demographic of novice riders, instead finding a market among older riders who were "stepping down" from larger machinery. The vehicle found more consistent success in the Philippines, where bikes of 125cc or less maintain a significant market share.
The Tricity is recognized for its stability and its performance on degraded road surfaces. Its braking system is frequently cited as being unusually effective for a 125cc class vehicle. However, the 125cc engine has received negative feedback for being underpowered and noisy, and for requiring frequent service intervals.
The Tricity is one of two primary models in Yamaha's Leaning Multi Wheel (LMW) category, the other being the Niken. It occupies a market space alongside other tilting three-wheelers and motorized trikes such as the Piaggio MP3 and the Honda Gyro.