Global Motorized Quadricycle Market, Size, Share, and COVID-19 Impact Analysis By Product Type (Light Quadricycles, Heavy Quadricycles), By Application (Household, Commercial), By Region (North America, Europe, Asia Pacific, Middle East & Africa, and South America) Analysis and Forecast 2021 – 2030Industry: Automotive & Transportation
The Global Motorized Quadricycle Market is projected to grow from USD 0.97 billion in 2021 to USD 2.15 billion by 2030, exhibiting a CAGR of 11.9% during the forecast period. The key driver of the global motorized quadricycle market during the projected period is anticipated to be the increase in demand for reasonably priced personal transportation. The global market will expand as more people become aware that quadricycles are less expensive to buy and maintain than two-wheeled cars. The quadricycle, with a top speed of 45 to 100 kilometres per hour and a weight limit of 400 to 500 kilos, is expected to be a well-liked means of transportation. Over the course of the projected period, these factors are expected to fuel market expansion.
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A motorised quadricycle is a four-wheeled motor vehicle that is categorised under the same heading as mopeds. Generally speaking, it is a vehicle with a speed range of 45 to 100 kilometres per hour that is not designed for high-speed travel. The quadricycle additionally benefits from being quite lightweight, typically weighing between 400 and 500 kg. The quadricycle is a smart idea for internal transit along city's narrow streets. Because they are largely powered by motors, these vehicles are categorised as motor tricycles. The strict restrictions and safety inspections that are necessary for passenger vehicles do not apply to quadricycles. They may not need a complete driving licence to operate and are also authorised to drive on public highways.
The market for motorised quadricycles could experience significant expansion because to the idea of autonomous quadricycles. As an illustration, Gordon Murray Design recently unveiled Motiv, an electric quadricycle in the form of a pod with a single door. It is only 1310mm wide and 2537mm long. The market for motorised quadricycles could experience significant expansion as a result of these innovations throughout the anticipated timeframe. Many people are choosing small-sized vehicles as a result of the escalating problem of traffic congestion brought on by increasing urbanisation. This feature could represent a significant market expansion opportunity for motorised quadricycles.
Increasing demand for lightweight vehicles, growing traffic congestion problems, fuel efficiency and the need for quicker commute solutions, as well as favourable government regulations, are the market's growth drivers. Lightweight quadricycles are being developed by manufacturers in an effort to increase performance while lowering fuel consumption. The weight of the vehicle is expected to be significantly reduced as a result of the manufacturing process' usage of lightweight materials. The weight of these vehicles shall not exceed 750 kg, as per the European Regulation Act. As a result, the vast majority of manufacturers choose lightweight parts with fewer linkages since they will have better performance and use less gasoline.
The automobile industry would earn a sizable profit from the rising number of automobiles sold globally as a result of consumers' increased desire for fuel-efficient and environmentally friendly vehicles. A number of issues have arisen as a result of the worrisome rise in vehicle sales, including traffic congestion and a lack of parking spaces in emerging cities. As a result, there is now a greater global demand for small and compact cars. Over the past few years, motorised quadricycles have gained popularity among consumers.
Due to their compact size and superb mobility, they are anticipated to aid in easing urban traffic congestion. In addition, it is projected that low prices, laxer rules, and tax incentives for electric quadricycles will all contribute to the market's increase in the upcoming years.
Global Motorized Quadricycle Market Report Coverage
|Market Size in 2021:||USD 0.97 Billion|
|Forecast Period:||2021 - 2030|
|Forecast Period 2021 - 2030 CAGR:||11.9%|
|2030 Value Projection:||USD 2.15 Billion|
|Historical Data for:||2017 - 2020|
|No. of Pages:||200|
|Tables, Charts & Figures:||135|
|Segments covered:||By Product Type, By Application, By Region|
|Companies Covered:||2H Offshore, Soil Machine Dynamics, SEAS Offshore, Saab Seaeye, Robert Bosch, Odyssey Marine Exploration, Kongsberg Maritime, Deep Reach Technology, Cellular Robotics|
|Pitfalls & Challenges:||COVID-19 Empact, Challenge, Future, Growth, & Analysis|
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One of the key issues that could seriously impede the market for motorised quadricycles from expanding is safety. The lightweight construction of the quadricycles raises concerns about their safety. Through research and development, the participants are attempting to make the quadricycle as secure as they can.
Covid 19 Impact
The lockdown had a significant effect on many different business sectors due to the COVID outbreak. Travel restrictions have a significant impact on the motorised quadricycle market. Additionally, the manufacture of motorised quadricycles has been impacted by social distance rules, a lack of raw materials, and a labour shortage in the manufacturing facilities. Motorized Quadricycle is anticipating a stable after the covid epidemic, nonetheless, due to the shifting lifestyle and preferences of the consumer.
The global motorized quadricycle market is segmented into product, application, and region.
Global Motorized Quadricycle Market, By Product
The market is segmented into Light Quadricycles and Heavy Quadricycles based on Product Type. Light Quadricycles weigh no more than 425 kilos at their greatest reported weight. 450 kilos or less is the maximum weight limit for heavy quadricycles. Although light quadricycles move more slowly than heavy ones, both categories are anticipated to expand quickly in the years to come.
Global Motorized Quadricycle Market, By Application
The market is classified into two categories: Commercial and Household, depending on Application. With the aid of public education, household use of quadricycles is predicted to expand significantly throughout the forecast period and have the biggest market share. Commercial quadricycle applications, the second segment, are predicted to have the second-largest market share at the conclusion of the projection period.
Global Motorized Quadricycle Market, By Region
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The Global Quadricycle Market is divided into four regions based on geography: North America, Europe, Asia Pacific, and the Rest of the World. North America is the greatest consumer of quadricycles. In the past, Asia-Pacific has held the biggest market share. Over the course of the projection period, developing countries like China and India are predicted to contribute to market growth. With the aid of technology breakthroughs and a growing global consciousness, Europe is rising to increase the worldwide market. North American, Middle Eastern, and African nations are expected to dramatically increase their market share during the projection period.
Recent Developments in Global Motorized Quadricycle Market
- January 2022: Waev Inc., a car manufacturer, purchased the low-speed vehicle production operations of Polaris Inc.'s GEM and Taylor-Dunn brands.
List of Key Market Players
- 2H Offshore
- Soil Machine Dynamics
- SEAS Offshore
- Saab Seaeye
- Robert Bosch
- Odyssey Marine Exploration
- Kongsberg Maritime
- Deep Reach Technology
- Cellular Robotics
- Light Quadricycles
- Heavy Quadricycles
- North America, by Country
- North America, by Product
- North America, by Application
- Europe, by Country
- The Netherlands
- Rest of Europe
- Europe, by Product
- Europe, by Application
- Asia Pacific, by Country
- South Korea
- Rest of Asia Pacific
- Asia Pacific, by Product
- Asia Pacific, by Application
Middle East & Africa
- Middle East & Africa, by Country
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
- Middle East & Africa, by Product
- Middle East & Africa, by Application
- South America, by Country
- Rest of South America
- South America, by Product
- South America, by Application
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