Dublin, May 18, 2023 (GLOBE NEWSWIRE) -- The "Quadricycle And Tricycle Global Market Report 2023" report has been added to ResearchAndMarkets.com's offering.
The global quadricycle and tricycle market is expected to grow from $5.33 billion in 2022 to $5.98 billion in 2023 at a compound annual growth rate (CAGR) of 12.15%. The quadricycle and tricycle market is expected to grow to $9.24 billion in 2027 at a CAGR of 11.48%.
The increasing demand for lightweight vehicles is expected to boost the growth of the quadricycle and tricycle market going forward. Light weighting vehicles refers to a concept in the auto industry about building cars and trucks that are less heavy to achieve better fuel efficiency and handling. The growing demand for lightweight vehicles is expected to drive the quadricycle and tricycle market.
For instance, in January 2022, according to the China Passenger Car Association (CPCA), a non-governmental organization that provides sales data of cars in China, the Wuling Hong Guang MINI EV, a battery-electric city car manufactured by SAIC-GM-Wuling, a China-based automobile company, was the best-selling electric vehicle in China, ending 2021 on a high note. 50,561 Wuling Hong Guang MINI EVs were sold in December 2021, setting a new monthly record and up 42.9% from the previous year.
In 2021, 395,451 Wuling Hong Guang MINI EVs were sold in China, an increase of 250.7% over the previous year. It indicates that overall sales in China since June 2020 have exceeded 500,000 units in 19 months. Therefore, the increasing demand for lightweight vehicles is driving the growth of the quadricycle and tricycle market.
Innovative products are a key trend gaining popularity in the quadricycle and tricycle market growth. Major companies operating in the quadricycle and tricycle market are focused on developing innovative solutions to strengthen their position in the market. For instance, in November 2022, Estrima Srl, an Italy-based company that designs, manufactures, and distributes the world's smallest electric vehicle with four wheels and two seats, launched Biro, the world's smallest four-wheel electric vehicle, which offers the perfect solution for micro-mobility in a time of human-centered cities.
The innovative Biro aims to be the replacement for contemporary urban mobility and micro-mobility. It weighs a comparatively light 350 kg and has the same exterior measurements as previous models: 179 cm in length and 111 cm in width (70.5 x 43.7 in) (771.6 lb). Estrima has increased the amount of space inside for the driver, passenger, and freight while maintaining its identical parking footprint of just 2 m2 (21.5 ft2).
In January 2022, Waev Inc., a US-based electric vehicle company, acquired Polaris Inc.'s GEM and Taylor-Dunn electric vehicle (EV) businesses for an undisclosed amount. This acquisition helps Waev strengthen its position and explore more opportunities in electric vehicles. Polaris Inc. is a US-based manufacturer of RZR, motorcycles, all-terrain vehicles, snowmobiles, quadricycles, and neighborhood electric vehicles. It has two businesses: GEM is specialized in low-speed vehicles (LSVs) for both personal and professional use, and Taylor-Dunn manufactures EVs for ground support, industrial, and commercial uses.
Asia-Pacific was the largest region in the quadricycle and tricycle market in 2022. The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The countries covered in the quadricycle and tricycle market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Reasons to Purchase
- Gain a truly global perspective with the most comprehensive report available on this market covering 50+ geographies.
- Understand how the market has been affected by the COVID-19 and how it is responding as the impact of the virus abates.
- Assess the Russia - Ukraine war's impact on agriculture, energy and mineral commodity supply and its direct and indirect impact on the market.
- Measure the impact of high global inflation on market growth.
- Create regional and country strategies on the basis of local data and analysis.
- Identify growth segments for investment.
- Outperform competitors using forecast data and the drivers and trends shaping the market.
- Understand customers based on the latest market shares.
- Benchmark performance against key competitors.
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Description:
Where is the largest and fastest growing market for quadricycle and tricycle? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The quadricycle and tricycle market global report answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
- The market characteristics section of the report defines and explains the market.
- The market size section gives the market size ($b) covering both the historic growth of the market, and forecasting its development.
- The forecasts are made after considering the major factors currently impacting the market. These include:
- The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
- The impact of higher inflation in many countries and the resulting spike in interest rates.
- The continued but declining impact of COVID-19 on supply chains and consumption patterns.
- Market segmentations break down the market into sub markets.
- The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth. It covers the growth trajectory of COVID-19 for all regions, key developed countries and major emerging markets.
- The competitive landscape chapter gives a description of the competitive nature of the market, market shares, and a description of the leading companies. Key financial deals which have shaped the market in recent years are identified.
- The trends and strategies section analyses the shape of the market as it emerges from the crisis and suggests how companies can grow as the market recovers.
Scope
Markets Covered:
1) By Vehicle Type: Quadricycle; Tricycle
2) By Power Source Type: Electric; Gasoline; Solar
3) By Application: Personal; Commercial
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 250 |
| Forecast Period | 2023 - 2027 |
| Estimated Market Value (USD) in 2023 | $5.98 billion |
| Forecasted Market Value (USD) by 2027 | $9.24 billion |
| Compound Annual Growth Rate | 11.5% |
| Regions Covered | Global |
Key Topics Covered:
1. Executive Summary
2. Quadricycle And Tricycle Market Characteristics
3. Quadricycle And Tricycle Market Trends And Strategies
4. Quadricycle And Tricycle Market - Macro Economic Scenario
5. Quadricycle And Tricycle Market Size And Growth
6. Quadricycle And Tricycle Market Segmentation
7. Quadricycle And Tricycle Market Regional And Country Analysis
A selection of companies mentioned in this report includes
- Aixam-Mega
- Bajaj Auto Limited
- Bellier Automobiles
- Estrima S.p.A
- Ligier Group
- Worksman Cycles Company Inc.
- Tazzari Gl Imola Spa
- Lightfoot Cycles
- Mahindra & Mahindra Limited
- Groupe Renault
- Automobiles Chatenet
- BRP Inc. (Bombardier Recreational Products Inc.)
- Club Car
- Urban Tricycles Ltd.
- Damius
- Electronio Wheels
For more information about this report visit https://www.researchandmarkets.com/r/fodhcs
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