Rockville, MD, Aug. 28, 2024 (GLOBE NEWSWIRE) -- The newly published report by Fact.MR, a market research and competitive intelligence provider estimates the future projections of the global motorized quadricycle market. The sales of motorized quadricycles are estimated to reach US$ 1.21 billion in 2024 and are further projected to rise at a CAGR of 14.7% between 2024 and 2034.
Global demand for motorized quadricycles is rising due to their adaptability and usefulness in a variety of settings. These little, four-wheeled vehicles provide a special balance of stability and maneuverability, falling somewhere between motorbikes and cars. Their features of offering an effective way to maneuver around crowded streets and confined parking areas in urban settings making them a preferred transportation means.
Businesses use quadricycles for on-site mobility and short-distance deliveries, while the tourist sector has welcomed them for guided tours and rentals. Their environmentally beneficial attributes—many models have electric drivetrains—align with the public's rising concern for the environment. In addition, quadricycles are a safe and accessible mode of transportation for older populations in many different nations.
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The demand for motorized quadricycles is growing, solidifying their position in the global market as people search for useful alternatives to traditional automobiles and cities across the world hunt for creative mobility options.
Key Takeaways from Market Study
- The global motorized quadricycle market is projected to reach a valuation of US$ 4.76 billion by the end of 2034.
- North America is evaluated to account for a 32.8% share of the global market by 2034.
- The East Asian market for motorized quadricycle is evaluated to expand at a CAGR of 15.3% from 2024 to 2034.
- Sales of motorized quadricycles in Mexico are forecasted to rise at a CAGR of 16% through 2034.
- Japan is approximated to account for a market share of 26.9% in East Asia by 2034.
- Sales of heavy quadricycles are analyzed to increase at a CAGR of 14% from 2024 to 2034.
“Efficient maneuverability in tight spaces compared to cars is making people switch to motorized quadricycles overall increasing their popularity,” says a Fact.MR analyst.
Leading Players Driving Innovation in the Motorized Quadricycle Market:
Renault Group; Polaris Industries Inc.; Bajaj Auto Limited; Aixam-Mega; Ligier Group; Microlino; Arcimoto; Fiat; Citroen; Textron; Squad Mobility BV; Tomberlin; Kubota Corporation; Tuk Tuk Factory BV; Bellier Automobiles.
Introduction of ADAS Systems In Motorized Quadricycles Providing Drivers Assistance During Any Emergency:
With their much-increased performance and range, electric powertrains make these cars more useful for daily driving. The user experience has been improved by smart connection capabilities that now provide real-time navigation, car diagnostics, and smartphone integration.
With an emphasis on safety, several manufacturers have included advanced driver assistance systems (ADAS) such as lane departure alerts and automated emergency braking. Even on extended trips, improved suspension systems and movable seats offer exceptional comfort. Nowadays, several models have modular designs, which make customization easier for a variety of applications, such as mobile food carts or delivery vans.
Better canopy designs and climate control systems have improved weather protection. Certain versions have solar panels and regenerative braking to increase their range and environmental friendliness. Due to these advancements, motorized quadricycles are now more appealing to a wider range of consumers, including eco-aware shoppers, metropolitan commuters, and companies searching for economical and more effective transportation options. As a result, demand and popularity of motorized quadricycle have grown globally.
Motorized Quadricycle Industry News:
- Citroen introduced an outdoor variant of their electric quadricycle, the My Ami, in January 2023. The light quadricycle has a 5.5kWh battery, a maximum speed of 45 km/h, and a range of about 75 km.
- The Little Car Company debuted the Tamiya Wild One MAX in July of 2023. Based on the original Tamiya Wild One (58050) radio-controlled automobile, this L7e quadricycle. It was reissued for use on EU and UK roads after its first introduction in 1985.
- In October 2022, Renault debuted Mobilize Duo, a two-seat, all-electric quadricycle, as part of the launch of its spin-off urban mobility business.
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More Valuable Insights on Offer:
Fact.MR, in its new offering, presents an unbiased analysis of the motorized quadricycle market for 2019 to 2023 and forecast statistics for 2024 to 2034.
The study divulges essential insights into the market based on type (light quadricycles, heavy quadricycles), operation (electric, conventional fuel), and application (household, commercial), across seven major regions of the world (North America, Western Europe, Eastern Europe, East Asia, Latin America, South Asia & Pacific, and MEA).
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