Pune, India., Feb. 13, 2023 (GLOBE NEWSWIRE) -- The global motorized quadricycle market size is projected to grow from USD 0.97 billion in 2022 to USD 2.15 billion by 2029 with a CAGR of 11.9%. The market was valued at USD 0.90 billion in 2021 and is expected to show significant growth in the forecast period. Fortune Business Insights™ has published this information in report titled "Motorized Quadricycle Market, 2022-2029," which highlights the growth and trends in the motorized quadricycle industry.
A motorized quadricycle, also known as a four-wheeled microcar, is a compact vehicle that offers the convenience of a car but with a smaller footprint and lower emissions. The growth of the market can be attributed to the increasing demand for low-emission vehicles, rising fuel prices, and the need for efficient modes of transportation in urban areas.
According to the analysis, industry participants are poised to exhibit traction for fuel-efficient vehicles across urban regions. At a time when traffic congestion has become a global concern, investment in a lightweight vehicle could gain popularity in the ensuing period. Surge in traffic congestion is likely to prompt industry players to inject funds into motorized quadricycles. The market is dominated by several key players, including Aixam Mega, Ligier Group. These companies have a strong presence in the market, offering a range of motorized quadricycles that cater to the needs of different consumer segments.
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Report Highlights:
| Report Coverage | Details |
| Forecast Period | 2022-2029 |
| Forecast Period 2022 to 2029 CAGR | 11.9% |
| 2029 Value Projection | USD 2.15 billion |
| Base Year | 2021 |
| Market Size in 2022 | USD 0.97 billion |
| Historical Data for | 2018-2020 |
| No. of Pages | 400 |
Key Takeaways:
- Increasing Demand for Lightweight Vehicles to Drive Motorized Quadricycle Market Growth
- Fuel Efficiency and Need for Faster Commute Solutions to Drive Market Growth
- Internal Combustion Engine Segment to Hold the Largest Share Fueled by Low Carbon Footprint
Drivers & Restraints-
Rising Uptake of Lightweight Vehicles to Act as Growth Enabler
Industry players are poised to inject funds into lightweight vehicles across advanced and emerging economies. Major OEM players have upped investments in lightweight components to bolster penetration across untapped areas. Furthermore, an exponential rise in traffic congestion has triggered the demand for small-sized cars. Robust government policies and tax benefits have further boosted the motorized quadricycle market share. Growing penetration of the vehicle could be attributed to the demand for fuel efficiency and faster commute solutions. Stakeholders expect a surge in investments in technological advancements, thereby fostering the business outlook. However, an uptick in the number of road accidents is likely to be a major bottleneck over the next few years. Stakeholders are likely to boost campaigns to increase awareness among passengers.
The increasing demand for low-emission vehicles, rising fuel prices, and the need for efficient modes of transportation in urban areas are some of the major factors driving the growth of the global motorized quadricycle market. In addition, government initiatives to promote the use of eco-friendly vehicles and the development of infrastructure for electric vehicles are further propelling the growth of the market.
The global motorized quadricycle market presents several growth opportunities for manufacturers and suppliers. One of the major opportunities is the increasing demand for low-emission vehicles, which provides a platform for manufacturers to develop and launch eco-friendly motorized quadricycles. In addition, the growing demand for efficient modes of transportation in urban areas presents a significant opportunity for manufacturers to launch innovative and practical quadricycles that cater to the needs of consumers.
Despite the growth opportunities in the global motorized quadricycle market, there are several challenges that are hindering its growth. One of the major challenges is the lack of standardization and regulations regarding the production and use of motorized quadricycles, leading to inconsistencies in the quality of the products offered by different manufacturers. In addition, the high cost of electric quadricycles compared to traditional gasoline-powered vehicles is also a major challenge faced by the market.
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Competitive Landscape
Industry Players Infuse Funds into Portfolio Expansion to Bolster Footprint
Well-established players and new entrants are likely to increase their funds for collaborations, product launches, technological advancements, and mergers & acquisitions. Key companies could further invest in research and development activities to tap under-penetrated areas.
Segments-
Type, Application Type, Propulsion Type, End-Use, and Region are studied
- In terms of type, the market is segmented into heavy quadricycle (L7e) and light quadricycle (L6e).
- Based on application type, the market is segregated into commercial and household.
- On the basis of propulsion type, the market segmentation includes electric and internal combustion engine.
- With respect to end-use, the market is segmented into leisure, golf, industrial, and others.
- With regards to region, the market covers Europe, North America, Asia Pacific, and the rest of the world.
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| By Application Type |
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| By Propulsion Type |
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| By End-Use |
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Regional Insights-
Europe to Remain at the Helm with Investments in R&D and Bullish Policies
Current trends suggest Europe could be a popular region due to implementation of favourable initiatives and policies. The footfall of environment-friendly and compact motorized quadricycles is poised to encourage an investment spree across the U.K., France, Germany, and Italy. The Europe motorized quadricycle market growth will observe an upward trajectory during the forecast period, largely due to investments in research and development activities to develop autonomous vehicles.
The Asia Pacific industry outlook will be strong on the back of presence of leading OEMs and automakers across China, Japan, Australia, and India. For instance, China has emerged as a prominent market for L6e and L7e vehicles. Further, tax exemption and other tax benefits will further propel product adoption across the region. Considering that most vehicles are exported to Europe, Asia Pacific has fueled vehicle manufacturing in line with the European regulations.
Well-established players and new entrants are slated to inject funds into the North America industry following the demand for advanced vehicles. Millennials and Gen Z populations have exhibited traction for lightweight vehicles for leisure activities. Accordingly, ride-sharing companies are poised to implement autonomous self-driven taxis.
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A list of prominent Motorized Quadricycle manufacturers operating in the global market:
- Renault (France)
- Ingersoll Rand (U.S.)
- Yogomo (China)
- Textron (U.S.)
- Italcar Industrial S.r.l. (Italy)
- Polaris Inc. (U.S.)
- Yamaha Golf-Car Company (U.S.)
- Bajaj Auto (India)
Industry Development:
- January 2021 – Renault Group revealed its new two-seat urban mobility vehicle EZ-1 prototype. EZ-1 is a micro electric vehicle offered by Renault, and it is also the first machine offered under its latest Mobilize mobility brand. EZ-1 comes with a swappable battery system and measures 2.3 meters long with a similar footprint as the Twizzy.
Table Of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Industry Developments - Merger, Acquisitions, and Partnerships
- Distribution Analysis
- Growth and Penetration Analysis
- Porter’s Five Forces Analysis
- PEST Analysis
- Impact of COVID-19 on Motorized Quadricycle Market
- Cargo and Last Mile Delivery Applications of Small Electric Vehicles Trends
- Key Developments - Cargo and Last Mile Delivery Applications
- E-Commerce Logistics Companies Europe
- Global Motorized Quadricycle Market Analysis, Insights and Forecast, 2018-2029
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Type
- Light Quadricycle (L6e)
- Heavy Quadricycle (L7e)
- Market Analysis, Insights and Forecast – By Application
- Household
- Commercial
- Market Analysis, Insights and Forecast – By Propulsion Type
- Internal Combustion Engine
- Electric
- Market Analysis, Insights and Forecast – By End-Use
- Golf
- Leisure
- Industrial
- Others
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia Pacific
- Rest of The World
- North America Motorized Quadricycle Market Analysis, Insights and Forecast, 2018-2029
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Type
- Light Quadricycle (L6e)
- Heavy Quadricycle (L7e)
- Market Analysis, Insights and Forecast – By Application
- Household
- Commercial
- Market Analysis, Insights and Forecast – By Propulsion Type
- Internal Combustion Engine
- Electric
- Market Analysis, Insights and Forecast – By End-Use
- Golf
- Leisure
- Industrial
- Others
- Market Analysis, Insights and Forecast – By Country
- United States
- By Type
- Light Quadricycle (L6e)
- Heavy Quadricycle (L7e)
- By Application
- Household
- Commercial
- By Propulsion Type
- Internal Combustion Engine
- Electric
- By End-Use
- Golf
- Leisure
- Industrial
- Others
- By Type
- Canada
- By Type
- Light Quadricycle (L6e)
- Heavy Quadricycle (L7e)
- By Application
- Household
- Commercial
- By Propulsion Type
- Internal Combustion Engine
- Electric
- By End-Use
- Golf
- Leisure
- Industrial
- Others
- By Type
- Mexico
- By Type
- Light Quadricycle (L6e)
- Heavy Quadricycle (L7e)
- By Application
- Household
- Commercial
- By Propulsion Type
- Internal Combustion Engine
- Electric
- By End-Use
- Golf
- Leisure
- Industrial
- Others
- By Type
- United States
- Europe Motorized Quadricycle Market Analysis, Insights and Forecast, 2018-2029
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Type
- Light Quadricycle (L6e)
- Heavy Quadricycle (L7e)
- Market Analysis, Insights and Forecast – By Application
- Household
- Commercial
- Market Analysis, Insights and Forecast – By Propulsion Type
- Internal Combustion Engine
- Electric
- Market Analysis, Insights and Forecast – By End-Use
- Golf
- Leisure
- Industrial
- Others
- Market Analysis, Insights and Forecast – By Country
- United Kingdom
- By Type
- Light Quadricycle (L6e)
- Heavy Quadricycle (L7e)
- By Application
- Household
- Commercial
- By Propulsion Type
- Internal Combustion Engine
- Electric
- By End-Use
- Golf
- Leisure
- Industrial
- Others
- By Type
- Germany
- By Type
- Light Quadricycle (L6e)
- Heavy Quadricycle (L7e)
- By Application
- Household
- Commercial
- By Propulsion Type
- Internal Combustion Engine
- Electric
- By End-Use
- Golf
- Leisure
- Industrial
- Others
- By Type
- France
- By Type
- Light Quadricycle (L6e)
- Heavy Quadricycle (L7e)
- By Application
- Household
- Commercial
- By Propulsion Type
- Internal Combustion Engine
- Electric
- By End-Use
- Golf
- Leisure
- Industrial
- Others
- By Type
- Italy
- By Type
- Light Quadricycle (L6e)
- Heavy Quadricycle (L7e)
- By Application
- Household
- Commercial
- By Propulsion Type
- Internal Combustion Engine
- Electric
- By End-Use
- Golf
- Leisure
- Industrial
- Others
- By Type
- Russia
- By Type
- Light Quadricycle (L6e)
- Heavy Quadricycle (L7e)
- By Application
- Household
- Commercial
- By Propulsion Type
- Internal Combustion Engine
- Electric
- By End-Use
- Golf
- Leisure
- Industrial
- Others
- By Type
- Spain
- By Type
- Light Quadricycle (L6e)
- Heavy Quadricycle (L7e)
- By Application
- Household
- Commercial
- By Propulsion Type
- Internal Combustion Engine
- Electric
- By End-Use
- Golf
- Leisure
- Industrial
- Others
- By Type
- United Kingdom
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