Motorized Quadricycle Market Forecasts to 2028 – Global Analysis By Price Range (Premium, Mid-Range, Economic), Application (Household, Commercial), End User, and By Geography

Motorized Quadricycle Market Forecasts to 2028 – Global Analysis By Price Range (Premium, Mid-Range, Economic), Application (Household, Commercial), End User, and By Geography

According to Stratistics MRC, the Global Motorized Quadricycle Market is accounted for $0.92 billion in 2021 and is expected to reach $2.29 billion by 2028 growing at a CAGR of 13.9% during the forecast period. Motorized quadricycle is a mini fuel-efficient vehicle, which is majorly utilized in urban areas for local transportation amid high traffic congestions in developed cities. Motorized quadricycles have emerged as an alternative to small city cars and motorcycles.

Market Dynamics:

Driver:

Increasing demand for lightweight vehicles

Many manufacturers are focusing on developing lightweight quadricycles that can develop performance and control the fuel emission of the vehicle. The effort to utilize lightweight materials for manufacturing is likely to reduce the weight of the vehicle considerably. Therefore, the majority of the manufacturers are installing lightweight components that have fewer linkages and, in turn, would lead to increased performance and reduced fuel emissions, which is driving the market growth.

Restraint:

Lack of passenger safety

According to the World Health Organization (WHO), about 1.35 million people lost their lives in road accidents in 2020. So, occupant’s safety has become the main priority across the globe. Motorized quadricycles lack passenger safety even at a speed of 50 kmph. These tests included frontal and side crash tests, which exposed passengers’ safety in these vehicles. Therefore, a lack of awareness of passenger safety in current models will restrain the growth of the Motorized Quadricycle market.

Opportunity:

Rising traffic congestion issues

The high sales of vehicles because of the consumers’ increasing inclination toward cost-efficient and environment-friendly cars will act as a driving factor for the automobile sector. The rapid increase in vehicle sales resulted in traffic congestion and a lack of parking space in developing cities. This has fuelled the demand for compact and small-sized cars. Consumers have been increasingly inclined toward motorized quadricycles. This is because of their compact size and excellent maneuverability, which would lead to reduced traffic congestion. Also, low cost, reduced stringency of regulations, and tax benefits, especially on electric quadricycles, are likely to provide ample opportunities for the growth of the market.

Threat:

Decreasing R&D funding amid COVID-19

The pandemic situation acted as a challenging factor for the L-category vehicle dealers and manufacturers as the pandemic has possibly paralyzed the retail business activity. Also, it has caused a heavy impact on the development of new models. Manufacturers that are already struggling, owing to the pre-existing lack of financial and technical resources are more likely to require additional time, which further impacts the implementation of the standards across the region. The crisis places dealerships under extreme financial pressure as most of them are small family-run operations.

The light quadricycle (L6e) segment is expected to be the largest during the forecast period

The light quadricycle (L6e) segment is estimated to have a lucrative growth owing to the rising two-wheeler accidents and increasing cases of fatal injuries. These have a seating capacity of two people, are light in weight, and ensure the safety of passengers by protecting occupants from extreme weather conditions. Manufacturers are installing an anti-lock braking system (ABS) in these vehicles, which provides them with proper braking. Less emission and low cost of L6e vehicles are also likely to fuel the segment’s growth.

The internal combustion engine segment is expected to have the highest CAGR during the forecast period

The internal combustion engine segment is anticipated to witness the fastest CAGR growth during the forecast period because of the low cost and compact IC engine-based quadricycles are attaining high importance as they lower the carbon footprint compared to conventional compact vehicles. The increasing awareness among consumers about increasing vehicular pollution is one of the factors fueling the growth of the environment-friendly quadricycle.

Region with highest share:

Europe is projected to hold the largest market share during the forecast period due to various initiatives taken by the European Union (EU) to encourage the use of environment-friendly and compact vehicles to control traffic congestion on roads. Key manufacturing companies for quadricycles in this region have invested in R&D to develop highly autonomous quadricycles that will replace conventional taxis in the next few years.

Region with highest CAGR:

Asia Pacific is projected to have the highest CAGR over the forecast period as consumers in these areas have a strong preference for cost-effective automobiles that can be utilized for everyday short-distance trips while avoiding traffic congestion. Moreover, tax exemption and other tax benefits will further propel product adoption across the region.

Key players in the market

Some of the key players profiled in the Motorized Quadricycle Market include Alke, Yogomo, Yamaha Golf-Car Company, Goupil, Renault, Polaris, Ligier Group, Ingersoll Rand, Chatenet, Bajaj Auto, Textron Inc., Aixam-Mega and Italcar.

Key Developments:

In January 2019, Ligier Group introduced Next-generation DCI and progress engines for quadricycles to optimize its performance.

In March 2018, Chatenet launched CH46, its new addition to the light quadricycle product range. Its special features include 6kW power, EURO 4 EVO Engine, Front-wheel Drive, etc.

Propulsion Types Covered:
• Internal Combustion Engine
• Fuel Operated Quadricycles
• Electric

Types Covered:
• Heavy Quadricycle (L7e)
• Light Quadricycle (L6e)

Price Ranges Covered:
• Premium
• Mid-Range
• Economic

Applications Covered:
• Household
• Commercial

End Users Covered:
• Leisure
• Industrial
• Golf

Regions Covered:
• North America
US
Canada
Mexico
• Europe
Germany
UK
Italy
France
Spain
Rest of Europe
• Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
• South America
Argentina
Brazil
Chile
Rest of South America
• Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements

Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
Comprehensive profiling of additional market players (up to 3)
SWOT Analysis of key players (up to 3)
• Regional Segmentation
Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances