Portland, OR, Feb. 01, 2023 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global motorized quadricycle market garnered $460.1 million in 2021 and is estimated to generate $1,156.5 million by 2031, manifesting a CAGR of 9.9% from 2022 to 2031. The report provides an extensive analysis of changing market dynamics, major segments, value chains, competitive scenarios, and regional landscapes. This research offers valuable guidance to leading players, investors, shareholders, and startups in devising strategies for sustainable growth and gaining a competitive edge in the market.
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Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2022–2031 |
| Base Year | 2021 |
| Market Size in 2021 | $460.1 million |
| Market Size in 2031 | $1,156.5 million |
| CAGR | 9.9% |
| No. of Pages in Report | 284 |
| Segments Covered | Type, propulsion type, end-use, price range, and region |
| Drivers | Rise in traffic congestion Increase in demand for lightweight vehicles Stringent governments rules and regulations |
| Opportunities | Incorporation of cutting-edge technology in motorized quadricycles The rise in popularity & demand for quadricycles among the elderly and young population |
| Restraints | Lack of passenger safety Low speed of motorized quadricycles |
Covid-19 Scenario:
- The outbreak of the COVID-19 pandemic hurt the growth of the global motorized quadricycle market, owing to the pre-existing lack of financial and technical resources, which resulted in hampering the end-use industry.
- The crisis places dealerships under extreme financial pressure, as most are small family-run operations. A prolonged downturn in demand, which is expected to continue even after operations resume, is likely to impact the OEMs’ profitability.
- Moreover, due to the economic slowdown, people's disposable income has dropped, affecting the demand for motorized quadricycles.
- However, the motorized quadricycle market has a high scope of growth opportunities in the future due to factors such as shifting consumer lifestyles & preferences and greater adoption of electric vehicles.
The research provides detailed segmentation of the global motorized quadricycle market based on type, propulsion type, end-use, price range, and region. The report discusses segments and their sub-segments in detail with the help of tables and figures. Market players and investors can strategize according to the highest revenue-generating and fastest-growing segments mentioned in the report.
Based on type, the light quadricycle segment held the highest share in 2021, accounting for more than two-thirds of the global motorized quadricycle market, and is expected to continue its leadership status during the forecast period. However, the heavy quadricycle segment is expected to register the highest CAGR of 10.6% from 2022 to 2031.
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Based on propulsion type, the ICE vehicle segment accounted for the highest share in 2021, contributing to more than 90% of the global motorized quadricycle market, and is expected to maintain its lead in terms of revenue during the forecast period. However, the electric vehicle segment is expected to manifest the highest CAGR of 10.5% from 2022 to 2031.
Based on end use, the others segment accounted for the highest share in 2021, holding more than two-thirds of the global motorized quadricycle market, and is expected to continue its leadership status during the forecast period. However, the commercial segment is estimated to grow at the highest CAGR of 11.2% during the forecast period.
Based on price range, the mid-segment accounted for the highest share in 2021, holding more than two-thirds of the global motorized quadricycle market, and is expected to continue its leadership status during the forecast period. However, the high segment is estimated to grow at the highest CAGR of 10.5% during the forecast period.
Based on region, Europe held the largest share in 2021, contributing to nearly half of the global motorized quadricycle market share, and is projected to maintain its dominant share in terms of revenue in 2031. However, North America is expected to manifest the fastest CAGR of 13.1% during the forecast period.
Leading market players of the global motorized quadricycle market analyzed in the research include Alke, Bajaj Auto Ltd., Goupil, Italcar Industrial S.r.l., LIGIER GROUP, Mahindra Electric Mobility Limited, Piaggio & C. SpA, Renault Group, Squad Mobility BV, and Yamaha Golf-Car Company.
The report provides a detailed analysis of these key players in the global motorized quadricycle market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
