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Motorized Quadricycle Market Size, Share & COVID-19 Impact Analysis, By Type (Light Quadricycle (L6e) and Heavy Quadricycle (L7e)), By Application Type (Household and Commercial), By Propulsion Type (Internal Combustion Engine and Electric), By End-use (Golf, Leisure, Industrial, and Others) and Regional Forecasts, 2023-2030

Region : Global | Format: PDF | Report ID: FBI103473

 

KEY MARKET INSIGHTS

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The global motorized quadricycle market size was USD 968.6 million in 2022. The market is projected to grow from USD 1,047.3 million in 2023 to USD 2,430.4 million by 2030, exhibiting a CAGR of 12.8% during the forecast period.


Motorized four-wheeled vehicles are a modern category of fuel-efficient light vehicles. They are primarily utilized in urban zones as a means of transportation in blockage in created cities and country regions amid overwhelming activity. These vehicles are lighter than conventional four-wheeled vehicles. Therefore, less CO2 is emitted into the environment. As vehicle emissions increase worldwide, most OEMs focus on developing lightweight battery-powered vehicles that can perform as well as traditional four-wheelers while saving on fuel costs. These vehicles are expected to replace traditional taxis shortly and provide an alternative to two-wheeled vehicles as they are exposed to extreme weather conditions.


COVID 19 IMPACT


Pandemic Impacted the Market Negatively Due to Supply Chain Disruptions


The move of the outbreak’s epicenter to Europe and North America underscores auto companies’ requirement for cautious activity. Supply chain disturbances and rising financial vulnerability driven by the pandemic’s worldwide spread lead to vulnerability over different basic zones. Additionally, worldwide systems made by OEMs to take advantage of low-cost work coupled with a zero-stock approach have compounded the chance to supply chains.


Supply chain disorder directly led to reduced production volumes and compounded the decreasing consumer demand for new vehicles for automakers with global distribution networks, especially tier 3 networks significantly affected by the disruption. Suppliers across the globe, starting with China, placed entire production lines in quarantine. Furthermore, closed borders induced legal and trade limitations to have, limited supply distribution, and increased the shortage of necessary parts. Production shutdown by OEMs has been necessitated by Just-In-Time (JIT) strategies, limited parts supply, a reduced workforce, and stringent quarantine measures.


For example, the European automotive industry employs the third largest workforce globally, with the L-category vehicle and motorcycle industry accounting for around 300,000 jobs. However, most manufacturers have shut down their European production facilities. and consumer confidence in public transport is low. Demand for cheap and safe transportation, such as four-wheel vehicles, is increasing among first-time car owners.


LATEST TRENDS


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Electrification and Rising Investment in Research & Development Activities  is Expected to Fuel the Market Growth


Recently, many European cities have set up traffic zones with restrictions for environmentally unfriendly vehicles. Thus, electric quadricycles are a relatively cost-friendly option for private individuals in the all-electric, zero-emissions market. Compared to conventional passenger cars, the entire carbon footprint of quadricycles over their lifespan is nearly 50% lower due to their reduced weight and size. Also, enhanced air quality in urban areas is essential as electric quadricycles create zero tailpipe emissions, enabling vehicular access to potentially restrictive urban clean air zones.


Furthermore, an aim to further reduce the cost burden on consumers is leading to increased research and development efforts by the leading players in the market.



  • For instance, Aixam, in partnership with Michelin, created a consortium of innovative technology focused on developing in-wheel or motorized wheels that integrate the motor, gearbox and braking system.


Moreover, the market is heavily consolidated among the key players in developed countries, allowing the manufacturers to invest heavily towards advancing such innovative products. Hence, increased product penetration via the introduction of cost-effective solutions and the benefits offered by electrified quadricycles over the long term are key trends influencing the motorized quadricycle market growth.


DRIVING FACTORS


Increasing Demand for Rental Vehicles is Expected to Drive the Market Growth


Despite using various traffic management strategies, metropolitan transport systems often struggle to cope with high traffic congestion and become congested. Although the increasing popularity of electric vehicles is mitigating these effects, the traffic concentration around the city center leads to pollution and poor urban air quality. One of the reasons for the robust development of electric vehicles is the emergence of mobile operators, such as car-sharing companies, aimed at users who wish to rent cars for short trips.


Motorized quadricycles on rent is another critical trend, reflecting new beginnings for manufacturers active in the market. It is an unconventional yet interesting concept in the automotive spectrum, has always evoked customer interest owing to its zero-emission promises. Key companies, such as Axiam and Renault, offer attractive daily, weekly, and monthly packages to offer hassle-free rental services to customers, aiming to expand their customer bases.



  • For example, Norway-based CityQ plans to enter the Indian market in June 2021 with an electric four-wheeler called an ‘eBike’. The bike will be available in two versions of his eBike and a cargo variant for commercial applications.


 The company has developed its products with experts from the four-wheeler and two-wheeler communities and with international partners and designed them to work just like a car. They are now looking for a licensed partner for his eBike manufacturing locally in India.


RESTRAINING FACTORS


Occupant Safety is a Major Restraint for the Growth of the Market


In recent years, crash tests performed by EURO NCAP found that quadricycles lacked passenger safety even at 50 km/h. The tests included frontal and side crash tests, exposing passengers’ safety in the quadricycle.


Updated regulations have been implemented, and the number of quadricycles in the market has also significantly increased. However, the latest results from the 2019 quadricycles test conducted by Euro NCAP have failed to indicate any substantial progress. Approximately 1.35 million people lost their lives in road accidents in 2020, according to World Health Organization (WHO). As a result, occupant safety has become the utmost priority across the globe.


For instance, the Microcar M.Go produced by Ligier offers a driver airbag as an option, but the tests have proved this measure ineffective. The airbag, without simple yet necessary modifications, fails to offer any increase in protection. Coupled with deficient restraint systems, these vehicles create an unacceptably high risk of serious injury even at moderate test speeds.


Popular models such as the Bajaj Qute, Aixam Crossover GTR, and Microcar M.Go all received one out of five stars from the Euro NCAP in these tests. Hence, greater consumer focus towards vehicle safety and restrictions on these vehicles on highways and roads are factors responsible for restraining the growth of this market.


SEGMENTATION


By Type Analysis


The comfort and safety against two-wheelers have expected Light Weight Quadricycle (L6e) to Dominate the Segment


Based on type, the market is segmented into Light Quadricycle (L6e) & Heavy Quadricycle (L7e). Light Quadricycle (L6e) will dominate the market over the forecast period. Rising two-wheeler accidents and increasing cases of fatal injuries have fuelled the demand for light quadricycles. They can accommodate two people, are light and ensures passenger safety by adequately covering passengers against extreme weather conditions. In recent years, manufacturers have installed anti-lock brakes and Anti-lock Braking Systems (ABSP) in these vehicles, providing them with adequate braking. The lower emissions and low costs of the L6e vehicle will also maintain its dominance in this segment during the forecast period. Heavy four-wheeler (L7e) is also growing well during the forecast period. The increasing willingness of consumers to use these vehicles to transport goods in high-traffic areas is expected to ensure reasonable growth in the segment.


By Application Type Analysis


Rise in E-Commerce Activities Led to Majority Market Share of the Commercial Applications


Based on application type, the market is divided into household and commercial. The commercial segment holds the largest market share and is expected to dominate over the forecast period. Companies like Uber and Lyft are looking forward to buying lightweight four-wheelers that are compact and easy to navigate in high-traffic areas. Quads are very popular with office commuters because they have less traffic and are cheap compared to traditional taxis. Decent growth is also expected for the household segment during the forecast period. Due to the increasing popularity of compact and lightweight electric quad bikes among young drivers, the demand is expected to increase during the forecast period.


By Propulsion Type Analysis


Affordability of IC Engine-based Quadricycle to Support Demand for IC Engine


The market is segmented into internal combustion engines and electric based on propulsion type. The IC engine segment will dominate the market share during the forecast period. Inexpensive and compact four-wheeled vehicles with internal combustion engines are gaining importance worldwide as they have a lower carbon footprint than traditional small cars. Growing consumer awareness of increasing vehicle pollution is one of the major factors driving the growth of green four-wheelers.


The electric segment is expected to witness tremendous growth in the global market owing to rapid advancements in fuel cell technology during the forecast period. In addition, various tax incentives offered by governments worldwide will be the primary reason for the growth of the electric vehicle segment during the forecast period.


However, the lack of charging infrastructure and the short driving range of electric four-wheelers could hamper the growth of this segment.


By End-use Type Analysis


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Growing Tourism is Boosting the Leisure Segment Growth


Based on end-use type, the market is classified into golf, leisure, industrial, and others segment. The leisure segment held the major market share in 2022. This segment includes quadricycles used for recreational activities like road trips, camping, fishing, etc. are included in this segment. The development is attributed to the growing adoption of quadricycles by the populace for daily commuting and recreational activities.



  • For instance, in December 2020, Toyota launched its Electric Quadricycle C+Pod in Japan. The vehicle is powered by a 9.06kWh li-ion battery and has a total range of 150km.


Industrial quadricycles are used for the internal movement of small goods, light logistic transport, parcel deliveries, and materials in industrial premises or areas. It is also fastest growing segment after leisure in the market. The growth is accredited to the ease of travelling within the industrial campus, eliminating the duration of traveling within the campus, thus contributing to its demand in this segment. The ease of traveling on campus and the compactness of the vehicle may influence the growth of this segment for the forecasted period.


The Golf segment also indicated to have a positive growth over the forecast period. The growing golf courses in the region may positively affect the market growth in this segment with demand for motorized quadricycle.


REGIONAL ANALYSIS


Europe Motorized Quadricycle Market Size, 2022 (USD Million)

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Trend to Save on fuel costs by opting for green fuels is Propelling Europe to Dominate the Market


Europe dominated the motorized quadricycle market share in 2022 owing to the European Union’s (EU) initiatives to encourage using environmentally friendly and compact vehicles to curb traffic congestion on roads. The key manufacturing companies in this region have invested in R&D activities to develop fully autonomous quadricycles that will replace conventional taxis in the coming years.


The market in Asia Pacific is dominated by China, where electric quadricycles are a long-term solution by the government to address environmental and traffic problems. In recent years, there has been a massive adoption of L6e and L7e vehicles in China, as the government is offering various tax benefits to consumers purchasing these vehicles. Key manufacturers in the Asia Pacific are working towards manufacturing vehicles according to   European Regulations, as most of the vehicles produced in this region are exported to the European market increasing demand for motorized quadricycles.


North America is expected to show significant growth in this market over the forecast period. Ride-sharing companies in this region look forward to implementing fully autonomous self-driven taxis, which will soon replace conventional taxis.


KEY INDUSTRY PLAYERS


Diverse Portfolio and Offerings has Maintained Renault in Dominating Position in the Market


Renault is the market leader in providing advanced quads. The company has invested heavily in its R&D activities, resulting in a technologically advanced electric four-wheeler. This is one of the prominent factors contributing to the company’s dominance in this market. The company also aims to make its electric four-wheel battery lighter and more powerful. Additionally, Renault’s diverse portfolio helps meet the demand for its affordable L6e and L7e four-wheelers.


LIST OF KEY COMPANIES PROFILED:



KEY INDUSTRY DEVELOPMENTS



  • February 2023, Club Car became a Worldwide Supplier of the 2023 Ryder Cup at Marco Simone Golf & Country Club in Rome, Italy, extending its long-term association with golf’s most fantastic team competition. Club Car has supplied team cars and support vehicles for the last 15 Ryder Cups and has been an Official Supplier of Ryder Cup Europe since 1997, held at Valderrama, Spain.

  • January 2023, Ligier Group launched its facelift of the Ligier JS50 model. It will be launched in three variants, Sport, Sport pack and Sport Ultimate. The company offers a DCi engine in this model with five colour options and a revised interior.

  • October 2022, Mobilize, Renault Group’s mobility brand, launched the Mobilize Duo cargo version, targeting professional customers. It will have a closed boot at the back instead of the passenger seat, providing close to 700 litres (24.7 cubic feet) of usable capacity.

  • May 2022, Renault announced launching the Duo, the successor to Twizy. Its sales are expected to start in 2023 to expand mobility businesses across Europe and other markets. The Duo, a battery-electric quadricycle, will be targeted primarily at car-sharing businesses owned by Renault, including Zity, or other operators looking for low-cost vehicles.

  • October 2021, Citroen launched its electric quadricycle named Ami Cargo in Europe. The Citroen Ami is the commercial version of the mini Ami electric LCV weighing less than 425 kg. It is powered by a 5.5-kWh lithium-ion pack, which supplies energy to an electric motor of 8 BHP.


REPORT COVERAGE


An Infographic Representation of Motorized Quadricycle Market

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The market report provides a detailed market analysis and focuses on key aspects such as leading companies, types, and product applications. Besides this, the report offers insights into the market trends and highlights vital industry developments. In addition to the factors above, the report encompasses several factors that have contributed to the market’s growth over recent years.


REPORT SCOPE & SEGMENTATION






















































  ATTRIBUTE



  DETAILS



Study Period



2019-2030



Base Year



2022



Estimated Year



2023



Forecast Period



2023-2030



Historical Period



2019-2021



Growth Rate



CAGR of 12.8% from 2023 to 2030



Unit



Value (USD Million) & Volume (Units)



Segmentation



By Type



  • Light Quadricycle (L6e)

  • Heavy Quadricycle (L7e)



By Application Type



  • Commercial

  • Household



By Propulsion Type



  • Internal Combustion Engine

  • Electric



By End-use Type



  • Golf

  • Leisure

  • Industrial

  • Others



By Geography



  • North America (By Type, Application Type, Propulsion type, End-use Type)

    • U.S. (By Type, Application Type, Propulsion type, End-use Type)

    • Canada (By Type, Application Type, Propulsion type, End-use Type)

    • Mexico (By Type, Application Type, Propulsion type, End-use Type)



  • Europe (By Type, Application Type, Propulsion type, End-use Type)

    • U.K. (By Type, Application Type, Propulsion type, End-use Type)

    • Germany (By Type, Application Type, Propulsion type, End-use Type)

    • France (By Type, Application Type, Propulsion type, End-use Type)

    • Itlay (By Type, Application Type, Propulsion type, End-use Type)

    • Russia (By Type, Application Type, Propulsion type, End-use Type)

    • Spain (By Type, Application Type, Propulsion type, End-use Type)

    • Sweden (By Type, Application Type, Propulsion type, End-use Type)

    • Belgium (By Type, Application Type, Propulsion type, End-use Type)

    • Finland (By Type, Application Type, Propulsion type, End-use Type)

    • Rest of Europe (By Type, Application Type, Propulsion type, End-use Type)



  • Asia Pacific (By Type, Application Type, Propulsion type, End-use Type)

    • China (By Type, Application Type, Propulsion type, End-use Type)

    • India (By Type, Application Type, Propulsion type, End-use Type)

    • Japan (By Type, Application Type, Propulsion type, End-use Type)

    • South Korea (By Type, Application Type, Propulsion type, End-use Type)

    • Rest of Asia Pacific (By Type, Application Type, Propulsion type, End-use Type)



  • Rest of World (By Type, Application Type, Propulsion type, End-use Type)



Frequently Asked Questions

The Global market report says that the market was valued at USD 968.6 million in 2022 and is projected to reach USD 2,430.4 million in 2030.

The market is expected to register a growth rate of (CAGR) 12.8% during the forecast period.

Increasing demand for rental vehicles is expected to drive the market growth

Europe led the market in 2022.

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