Global Quadricycle Market Insights Forecasts to 2030
- The Quadricycle Market Size was valued at USD 18.6 Billion in 2021.
- The Market is growing at a CAGR of 9.36% from 2021 to 2030
- The Worldwide Quadricycle Market is expected to reach USD 41.6 Billion by 2030
- Asia Pacific is expected to grow the fastest during the forecast period
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The Global Quadricycle Market Size is expected to reach USD 41.6 billion by 2030, at a CAGR of 9.36% during the forecast period 2021 to 2030.
Quadricycle, also known as quadcycle or microcar, is a four-wheeled vehicle with a speed range of 45 to 100 kilometers per hour. More specifically, it could relate to an all-terrain vehicle, also known as a quad or quad bike. The first quadricycle automobile was powered by a steam engine and was known as a steam quadricycle. The term "quadricycle" is used to describe a vehicle that moves slowly. It belongs to a new class of small, fuel-efficient automobiles that are primarily used for local transportation in densely populated urban areas of developed cities. Furthermore, when compared to traditional four-wheelers, these vehicles are lighter in weight, resulting in lower environmental carbon emissions. The L6e light quadricycle and the L7e heavy quadricycle are the two types of quadricycles. Light quadricycles have a maximum speed of 45 kmph, whereas heavy quadricycles are not and can reach speeds of up to 100 kmph. Quadricycles, on the other hand, are excluded from the exacting standards and security assessments that apply to passenger cars. They don't need a valid driving license to operate a vehicle or to drive on public roads.
Global Quadricycle Market Report Coverage
|Market Size in 2021:||USD 18.6 billion|
|Forecast Period 2021-2030 CAGR:||9.36%|
|2030 Value Projection:||USD 41.6 billion|
|Historical Data for:||2017-2020|
|No. of Pages:||200|
|Tables, Charts & Figures:||105|
|Segments covered:||By Type, By Propulsion Type, By Application and By Region.|
|Companies Covered:||Ligier Group, Renault Group, Aixam, Italcar Industrial S.r.l., Alke, Yogomo, Citroën, Honda Motor Co., Ltd., Mahindra & Mahindra Ltd., Toyota Motor Corporation, BELLIER AUTOMOBILES, Polaris Inc., Piaggio & C. SpA, Yamaha Golf-Car Company, Suzuki Motor Corporation|
|Pitfalls & Challenges:||COVID-19 Empact, Challenge, Future, Growth, & Analysis|
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Given the rising levels of vehicle emissions around the world, several OEMs are seeking to enhance battery-powered, lighter-weight quadricycles that can perform similarly to conventional vehicles while using less fuel. Furthermore, because two-wheel riders are vulnerable to extreme weather conditions, these vehicles are expected to replace long-established taxis in the coming years. For example, Uber will include the Bajaj Qute broad variety in its UberXS amenities, a first process toward revising the regulations of alternative transport and mobility infrastructure. Moreover, Original Equipment Manufacturers (OEMs) have made significant investments in research and development to introduce highly autonomous quadricycles.
Key factors influencing market revenue growth include rising urban traffic congestion, expanding self-driving car R&D initiatives, high demand for lightweight and fuel-efficient cars, and the existence of supportive government regulations. Manufacturers strive to include cutting-edge components and features that are environmentally friendly, fuel-efficient, and high-tech. Quadricycles (micro-cars) are also being outfitted with high-end cameras, LiDAR, RADAR, and sensors. These top-of-the-line sensor nodes and Transponders can operate in adverse weather conditions.
Furthermore, rising concerns about vehicular emissions and the overexploitation of fossil fuel-based energy resources have prompted several nations to invest in electric mobility. As a result, the growing global acceptance of EVs is anticipated to witness significant growth in the global quadricycle market.
However, inspite of the benefits of quadricycles in regards to versatility, small and light, and ease of driving, such vehicles are trying to cope in developing nations due to their high production costs. Furthermore, the lack of passenger safety and the slow speed of electric quadricycles are anticipated to constrain market demand during the forecast period. Additionally, L7e vehicle registration laws impose significantly lower safety standards.
By Type Insights
The heavy quadricycle segment is dominating the market with the largest revenue share over the forecast period.
On the basis of type, the global quadricycle market is segmented into heavy quadricycle and light quadricycle. Among these, the heavy quadricycle segment is dominating the market with the largest revenue share of 65% over the forecast period. Quadricycles are classified into two types: L6e light quadricycles and L7e heavy quadricycles. This is because last-mile delivery services are becoming increasingly popular, and there is a high demand for freight transport in crowded areas. Heavy quadricycles are not limited by a top speed restriction, but they are still restricted to a maximum output of only 15 kW and a gross weight mass of 400 kg, which rises to 550 kg for quadricycles utilized for freight transport.
By Application Insights
The commercial segment accounted for the largest revenue share of more than 57% over the forecast period.
On the basis of application, the global Quadricycle market is segmented into household, commercial, and others - resorts, golf, museums, leisure, and others. Among these, the commercial segment is dominating the market with the largest revenue share of 57% over the forecast period. This is primarily due to the high demand for fuel-efficient vehicles for a variety of services including last-mile delivery, tourist rentals, private touring, and factory utilization. Furthermore, the functionality, outstanding quality, and extremely contemporary architecture of quadricycles are significant factors that make battery-powered minicars a functional and trendy alternative for traveling around in urban traffic or tourist spots, as well as for rental or ride-sharing.
Furthermore, the personal mobility segment is also expected to grow with a significant revenue share over the forecast period. This is due to an increase in accommodating regulations for personal quadricycle use, increased electrification, and rising heavy traffic in urban areas. Furthermore, the growing older population and the high demand for mobility are propelling the growth of the quadricycles market.
Europe dominates the market with the largest market share over the forecast period.
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Europe is dominating the market with more than 32.5% market share over the forecast period. Despite many EU initiatives for environmentally friendly vehicles, France is one of Europe's top manufacturers, and its market is expanding in terms of revenue. Furthermore, rising fuel economy standards, an emphasis on decreasing greenhouse gas emissions, and urban traffic have led to significant demand among European buyers for light vehicles which are simple and easy to park and can maneuver high-density urban centers more efficiently. Furthermore, as per UK laws, learning to drive a quadricycle does not mandate a driver's license, which is projected to fuel product demand.
Asia Pacific, on the contrary, is expected to grow the fastest during the forecast period. Rising demand from emerging economies such as China, Japan, India, and South Korea is driving the quadricycle market growth in the region. Given rapid urbanization and an ever-growing amount of vehicles on the road, China has experienced traffic congestion over the past few decades in cities like Shanghai and Beijing. Quadricycles have grown increasingly popular in China as a result of the country's increasing traffic problems since they offer quick and simple urban transportation. The market for quadricycles in India is anticipated to be high for commercial uses, with the majority of these vehicles being targeted for taxi services. This market is also anticipated to continue growing in the future. As a result of their less upkeep compared to ICE vehicles and their preference for last-mile delivery services, electric quadricycle demand is rising in South Korea.
List of Key Market Players
- Ligier Group
- Renault Group
- Italcar Industrial S.r.l.
- Honda Motor Co., Ltd.
- Mahindra & Mahindra Ltd.
- Toyota Motor Corporation
- BELLIER AUTOMOBILES
- Polaris Inc.
- Piaggio & C. SpA
- Yamaha Golf-Car Company
- Suzuki Motor Corporation
Key Market Developments
- In September 2022, Citroen partnered with charging provider Ubitricity to provide free charging for the first 2,000 Citroen Ami customers for three months. The collaboration aims to provide EV drivers and local governments with a full range of services.
- In June 2021, E-Z-GO, a Textron Inc. specialized vehicle brand, introduced the E-Z-GO Liberty, the industry's first vehicle with four forward-facing seats in a compact, golf-car-sized footprint. To provide a premium driving experience, the vehicle is powered by a Samsung SDI lithium-ion battery system.
- In November 2021, The JS60 SUV-styled quadricycle with a lightweight body was introduced by the Ligier Group. LED lighting, front and rear disc brakes, and multimedia systems are all standard features of the new model.
This study forecasts revenue at global, regional, and country levels from 2019 to 2030. Spherical Insights has segmented the Global Quadricycle Market based on the below-mentioned segments:
Quadricycle Market, By Type Analysis
- Heavy Quadricycle
- Light Quadricycle
Quadricycle Market, By Propulsion Type Analysis
- Internal Combustion Engine
Quadricycle Market, By Application Analysis
Quadricycle Market, Regional Analysis
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- South America
- Rest of South America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
Frequently Asked Questions (FAQ)
1. Which region is dominating the Quadricycle market?Europe is dominating the Quadricycle market with more than 32.5% market share.
2. What is the market size of the Quadricycle market?The Global Quadricycle Market is expected to grow from USD 18.6 billion in 2021 to USD 41.6 billion by 2030, at a CAGR of 9.36% during the forecast period 2021-2030.
3. What are the elements driving the growth of the Quadricycle market?Rising urban traffic congestion, expanding R&D initiatives for self-driving automobiles, high demand for lightweight and fuel-efficient automobiles, and the presence of favorable government regulations are key factors driving growth in the global quadricycle market.
4. Which are the key companies in the market?Ligier Group, Renault Group, Aixam, Italcar Industrial S.r.l., Alke, Yogomo, Citroën, Honda Motor Co., Ltd., Mahindra & Mahindra Ltd., Toyota Motor Corporation, BELLIER AUTOMOBILES, Polaris Inc., Piaggio & C. SpA, Yamaha Golf-Car Company, Suzuki Motor Corporation
5. Which segment dominated the Quadricycle market share?The commercial segment in application type dominated the Quadricycle market in 2021 and accounted for a revenue share of over 57%.
6. Which segment holds the largest market share of the Quadricycle market?The heavy quadricycle segment based on type holds the maximum market share of the Quadricycle market
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