New York, United States , April 18, 2023 (GLOBE NEWSWIRE) -- The Global Quadricycle Market Size is to grow from USD 18.6 billion in 2021 to USD 41.6 billion by 2030, at a Compound Annual Growth Rate (CAGR) of 9.36% during the forecast period. Rising urban traffic congestion, expanding self-driving car R&D initiatives, high demand for lightweight and fuel-efficient cars, and the presence of supportive government regulations are key factors influencing market revenue growth.
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Quadricycles, also known as quadcycles or microcars, are four-wheeled vehicles that can travel at speeds ranging from 45 to 100 kilometers per hour. It could specifically refer to an all-terrain vehicle, also known as a quad or quad bike. The two types of quadricycles are the L6e light quadricycle and the L7e heavy quadricycle. Light quadricycles have a top speed of 45 kilometers per hour, whereas heavy quadricycles do not and can reach speeds of up to 100 kilometers per hour. Given the global rise in vehicle emissions, several OEMs are working to improve battery-powered, lighter-weight quadricycles that can perform similarly to conventional vehicles while using less fuel. Furthermore, due to the vulnerability of two-wheel riders to extreme weather conditions, these vehicles are expected to replace long-established taxis in the coming years.
Browse key industry insights spread across 200 pages with 100 market data tables and figures & charts from the report on "Global Quadricycle Market Size, Share, and COVID-19 Impact Analysis, By Type (Heavy Quadricycle, Light Quadricycle), By Propulsion Type (Electric, Internal Combustion Engine), By Application (Household, Commercial, Others (Resorts, Golf, Museums, Leisure, Others)), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2021 – 2030" Get Detailed Report Description Here:
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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. This is due to the growing popularity of last-mile delivery services, as well as the high demand for freight transport in congested areas.
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 because there is a high demand for fuel-efficient vehicles for a variety of services such as last-mile delivery, tourist rentals, private touring, and factory utilization. Furthermore, over the forecast period, the personal mobility segment is expected to grow with a significant revenue share.
Europe dominates the market with the largest market share over the forecast period.
Europe is dominating the market with more than 32.5% market share over the forecast period. Alongside many EU initiatives to promote environmentally friendly vehicles, France is one of Europe's leading manufacturers, and its revenue market is expanding. In contrast, Asia Pacific is expected to grow the fastest during the forecast period. Rising demand from emerging economies like China, Japan, India, and South Korea is propelling the region's quadricycle market growth. Quadricycles have grown in popularity in China as a result of the country's growing traffic problems, as they provide quick and easy urban transportation.
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Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the Global Quadricycle Market include 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, and many others. Key players are implementing a variety of methods, including mergers and acquisitions, strategic partnerships and contracts, and the development, testing, and introduction of more effective quadricycle vehicles.
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Key Market Developments
In November 2022, PMV Electric, a Mumbai-based electric vehicle startup, has unveiled the EaS-E, a two-seater Quadricycle. With a starting price of Rs 479,000, the EaSE is now India's most affordable four-wheeled electric vehicle. There are three driving range options available: 120km, 160km, and 200km. The 550kg car, which can accommodate two adults and a child, has a top speed of 70kph and an 0-40kph time of less than 5 seconds.
In December 2020, Toyota Motor Corporation announced a limited release of the C+pod ultra-compact battery electric vehicle (BEV) to corporate users, local governments, and other organizations looking for new ways to drive BEV adoption. The C+pod has a cruising range of up to 150 kilometers (93 miles) (WLTC mode, Class 1 test cycle when running on battery power; Japanese Ministry of Land, Infrastructure, Transport and Tourism).
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