Quadricycle and Tricycle Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Quadricycle and Tricycle Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The quadricycle and tricycle market was valued at USD 5,388 million in 2020, and it is expected to reach USD 10,076 million by 2026, and is anticipated to register a CAGR of 10.84% during the forecast period (2021 - 2026).

The COVID-19 pandemic eruption has brought economies to a grinding halt and has also resulted in the shutdown of production facilities, which has impacted growth in quadricycles and tricycle market.

Rapid urbanization, electrification, and raising environmental awareness are fuelling the demand for the quadricycle and tricycle market.

Quadricycles are less costly and occupy minimal road space as well as have low emissions, which can be useful in countries where road congestions are major issues, such as India, the Philippines, Colombia, Indonesia, China, Japan, and others.

The growing tricycle usage in logistics and mobile food outlets in developed and developing regions has embraced the new growth trend in the tricycle industry. The development of this segment is enhancing the demand for tricycles at the business level and alsoresponsible for the product and technology advancement of the tricycles industry.

Apart from established manufacturers, many new players are entering the market by launching their electric models. For instance, Strom Motors in India launched Strom-R3, which has a reverse trike configuration that has a single wheel at the rear and two wheels in the front. Also, it is fully electric and can cover 200km in single charge.

Key Market TrendsIncreasing Acceptance and Usage of Quadricycles

The demand for quadricycles and tricycles has been growing in recent years due to the increasing acceptance of public and governments along with varied applications where these can be used instead of traditional vehicles, which has been proven to be profitable. Due to the compact size, the quadricycles can be easily maneuvered in the urban traffic and could address the worldwide problem of parking as they take up less space.

In 2018, The government of India approved quadricycles as a new category of vehicle to be allowed to run on Indian roads. The passenger quadricycle will have a maximum weight of 475 kg, and before being launched, it has togo through a mandatory crash test that would determine the passenger safety standards. Along with those running on conventional fuel, the government has also given approval for electric and hybrid quadricycles.

Following this approval, In 2019, Bajaj Auto has partnered with cab service providers Uber and Ola for deploying a new vehicle segment in the domestic taxi market. Both the companies have already started piloting with Bajaj Qute. Qute is available in both petrol and CNG variant, powered by a 216 CC 4-valve cooled DTSi engine with an efficiency of 35Kmpl and 43Km/kg (CNG).

As lockdowns situations are easing around the world, the markets are gaining a growth pace. Quadricycles and Tricycles are increasingly falling into favorfor use in municipal, cargo, and delivery applications. In a research paper published by the University of Washington, electric tricycles were proven to be cost-effective as compared to the traditional truck for logistics less than 2 miles at high-density residential areas with low delivery of goods.

In Aug 2020, Boston announced that it is rolling out electric-assisted tricycles for the municipal workers as a part of its plan to reduce carbon emissions.

During the COVID-19 pandemic in Italian city, Manila 198 e-tricycles were deployed for the frontline workers transportation in the city.

In 2019, the United Kingdom-based start-up Electric Assisted Vehicles Limited launched an eCargomodel, the EAVcab. It is a zero-emissions quadricycle with a range of up to 60 miles. Batteries can also be swapped for continuous usage.

In 2018, UPS, one of the leading logistics company announced it is testing e-tricycles in cities with high congestions using a tricycle built by Truck Trike. It has a carrying capacity of 350 pounds.

With increasing emphasis on low emission vehicles, adoption, and advancements in technology, the quadricycles and tricycle market is expected to grow during the forecasted period.

Europe Is Expected to Lead the Quadricycle and Tricycle Market During Forecasted Period

Europe is anticipated to lead the global quadricycle and tricycle market over the forecast period. In 2019, the registration of electric quadricycles in Germany was 490, compared to 479 registrations in 2018.

This region characterized by the presence of major market participants. For instance, Citroen introduced the ‘Ami’ in February 2020, an electric light quadricycle which features a glass roof, heated interior cabin, 5.5 kWh battery pack, and a 6-kW motor. It has about 44 km range, around 30 miles per hour top speed, and a starting price of USD 7,500 in France.

In December 2020, IAV in Germany developed an autonomous electric tricycle for ‘last mile’ deliveries that follows its rider with cargo. The second phase of the project is developing the steering and braking systems in-house to replace bought-in systems to significantly reduce the total weight of the wheel and improve its handling.

Similarly, in 2019, Ligier launched its CHIC JS50 / JS50L light quadricycle. These vehicles are customizable by color, finishes, engine, audio and multimedia preferences, and any additional equipment as well.

In 2019, UK based start-up Electric Assisted Vehicles Limited launched an eCargo model, the EAVcab. It is a zero-emissions quadricycle with a range of up to 60 miles. Batteries can also be swapped for continuous usage.

The electric tricycle and quadricycle have risen during lockdown, as people seek to maintain independence without reliance on public transport or more expensive petrol-fuelled vehicles. During the forecast period, the region is likely to see a positive demand for these vehicles owing to its eco-friendly nature and cheaper investment.

Competitive Landscape

The global quadricycle and tricycle market are highly fragmented owing to the presence of a number of regional players. Aixam-Mega, Casalini Srl, Renault are some of the global players in the market. The market is witnessing various positive impacts as various governments are accepting the need for these small electric vehicles to support electrification. Manufacturers are launching new models to stay abreast of their competition.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

Companies Mentioned
 
Automobiles CHATENET
Ligier Group
Aixam
Mega
Bajaj Auto Ltd.
Estrima Srl
Bellier Automobiles
Worksman Cycles
Daimus
Light Foot Cycle
Electronio Wheels
Mahindra and Mahindra
Groupe Renault

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