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The global motorized quadricycle market size was valued at USD 347.0 million in 2019 and is projected to reach USD 279.4 million by 2027, exhibiting a CAGR of 2.0% during the forecast period.
The motorized quadricycle is a new category of mini fuel-efficient vehicles that are majorly used in urban areas for local transportation amid high traffic congestions in developed cities. These vehicles are light in weight compared to conventional four-wheelers; hence emit low carbon emissions in the environment. Because of the increasing level of vehicular emissions globally, the majority of OEMs are focusing on developing battery-powered lightweight quadricycles that can deliver performance equivalent to conventional ones and increase saving on fuel costs. These vehicles are anticipated to replace conventional taxis in near future and quadricycles offer a safer alternative to two-wheel riders, as two-wheel riders are exposed to extreme weather conditions.
Quadricycle Market May Witness a Steady Growth amid Covid-19
The COVID-19 outbreak was initially reported on 31st December 2019 in Wuhan, China and later spread rapidly across the world, with it being declared a pandemic by the World Health Organization in March 2020. This pandemic situation has forced governments and other health organizations to impose stringent policies including social distancing, lockdown, and sanitation, which have severely impacted economic activities. The pandemic is expected to affect personal behavior related to consumption, work style, and travel.
The automotive and transportation industry has also been severely affected and is facing several challenges amid the coronavirus pandemic. The automobile and components manufacturing plants have been closed down, consumer footfalls in showrooms have seen a decline, and the legal authorities have imposed stringent restrictions on cross border trades, leading to a substantial fall in the number of automobile sales and production. The pandemic condition also have had great impact on the financials of several companies, which have been compelled to redirect their investment plans to recover their damages and focus more on basic requirements.
However, the motorized quadricycles market growth is expected to remain steady owing to the increasing preference of people for private vehicles over public transport. The quadricycles being easy, convenient and license free are expected to attract more attention of young populations around the world. Also, other benefits such as fuel efficiency and easy operability along with cost-effectiveness are aiding the growth of the market amid the pandemic situation.
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Self-Driving Cars to Become a Positive Trend in the Market
OEMs have heavily invested in R&D to develop fully automated quadricycles. Manufacturers are looking forward to equip technologically advanced features and components that are fuel efficient, environment friendly, and also increase the safety of the passengers. For example, in 2018 Tesla launched a feature called as Navigate on Autopilot, which allows the car to change the lane, accelerate & decelerate, and navigate on its own. Manufacturers are also equipping cars with high end cameras, LiDAR, RADAR, and sensors. These high end sensors and RADARs are capable of performing even in extreme weather conditions as the occupants’ lives are of utmost importance.
Increasing Demand for Lightweight Vehicles to Drive Market Growth
Manufacturers are developing lightweight quadricycles that improves the performance and curb the fuel emission of the vehicle that would be driving the sales in the market. Key OEMs have heavily investing in R&D to manufacture lightweight components which in turn reduces the weight of the vehicle. As per the European Regulation Act, the weight of the quadricycle should not exceed 750 kg. Hence, majority of the manufacturers are installing lightweight components that have fewer linkages and in turn lead to increased performance and reduced fuel emission of the vehicle.
Rising Traffic Congestion Problems to Drive Growth of the Market
Increasing sale of vehicles globally owing to the growing inclination of consumers towards cost- efficient and environment-friendly vehicles is generating huge amount of revenue for the automobile sector. Rapid increase in sale of vehicles has resulted into traffic congestions and lack of parking space in developed cities. This has fueled the demand for compact and small-sized vehicles globally. In recent years’ consumers are inclined towards motorized quadricycles owing to their compact size that help to reduce traffic congestions. Also, low cost, less stringent regulations, and tax benefits offered by governments especially on electric quadricycles is likely to drive the growth of the market.
Lack of Passenger Safety to be a Major Challenge for the Market
Approximately 1.35 million people have lost their lives in road accidents, according to World Health Organization (WHO). As a result, occupant safety has become the utmost priority across the globe. In recent years, crash tests conducted by EURO NCAP found that quadricycles lacked passenger safety even at speed of 50kmph. The tests included frontal and side crash test which exposed the safety of the passengers in the quadricycle. Thus, lack of awareness of passenger safety among manufacturers and consumers is anticipated to restrain the growth of the market over the forecast period.
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Light Weight Quadricycle (L6e) is Expected to Dominate the Market
Based on type, the motorized quadricycle market is segmented into Light Quadricycle (L6e) and Heavy Quadricycle (L7e). Light Quadricycle (L6e) is anticipated to dominate the market over the forecast period. Rising two-wheeler accidents and increasing cases of fatal injuries have fuelled the demand for L6e quadricycle. These have seating capacity of two people, are light in weight, and ensure safety of passengers by sufficiently enclosing the occupants and offering extreme weather protection. In recent years manufacturers have installed Anti-Lock Braking System (ABS) in these vehicles which provides them with proper braking. Less emission and low cost of L6e vehicle are also expected to maintain the segment’s dominance over the forecast period. Heavy Quadricycle (L7e) is also anticipated to show good growth over the forecast period. Rising inclination of consumers to use these vehicles for transportation of goods in heavy traffic areas is expected to ensure decent growth of the segment.
The Commercial Segment to Hold Largest Market Share
Based on application type, the market is segmented into household and commercial. The commercial segment holds the largest market share and is expected to maintain its dominance over the forecast period. Companies such as Uber, Lyft etc. are looking forward to purchasing more lightweight quadricycles as they are compact in shape and can move easily even in heavy traffic conditions. This is gaining huge popularity among the office commuters as quadricycles require less space to travel in traffic and are extremely cost effective compared to conventional taxies.
The household segment is also anticipated to show a decent growth over the forecast period. The rising popularity of compact and lightweight electric quadricycles among young drivers is expected to fuel the demand over the forecast period.
The Internal Combustion Engine Segment to Hold the Largest Market Share
Based on the propulsion type, the market is segmented into an internal combustion engine and electric. The internal combustion engine segment is expected to dominate the market share for the motorized quadricycle over the forecast period. Low cost and compact IC engine quadricycle is gaining high importance globally as they leave lower carbon footprint compared to the conventional compact vehicle. Rising awareness among consumers regarding increasing vehicular pollution is one of the significant factors that is fueling the growth of the environment- friendly quadricycle.
The electric segment is expected to show a huge growth in the global market over the forecast period owing to rapid advancements in fuel cell technology. Additionally, various tax benefits offered by governments worldwide will also be a significant reason fueling the growth of the electric vehicle segment over the forecast period. However, lack of charging infrastructure and low range capacity of electric quadricycle may restrain the growth of this segment.
Europe Motorized Quadricycle Market Size, 2019 (USD Million)
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Europe dominates the motorized quadricycle market share owing to the various initiatives taken by the European Union (EU) to encourage the use of environment-friendly and compact vehicles in order to curb the traffic congestion on roads. The key manufacturing companies in this region have invested in R&D to develop fully autonomous quadricycles that will replace conventional taxis in coming years.
The market in Asia Pacific is dominated by China where electric quadricycles are a long term solution by the government to address the environmental and traffic problems. In recent years there is huge adoption of L6e and L7e vehicles in China, as the government is offering various tax benefits to consumers who are purchasing these vehicles. Key manufacturers in Asia Pacific are working towards manufacturing vehicles as per the European Regulations, as majority of the vehicles produced in this region are exported to the European market.
North America is expected to show good growth in this market over the forecast period. Ride-sharing companies in this region are looking forward to implementing fully autonomous self-driven taxis, which would replace conventional taxis in the near future.
Renault to Maintain Its Dominating Position in the Market
Renault is a leading company that offers advanced quadricycles. The heavy investments made in R&D by the company is resulting into technologically advanced electric quadricycles. This is one of the prominent factors responsible for the dominance of the company in this market. The company has also aimed to reduce the weight and increase the power of the electric quadricycle battery. Additionally, diverse portfolio of Renault helps to satisfy the demand for cost effective L6e and L7e quadricycles.
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The motorized quadricycle market report provides a detailed analysis of the market and focuses on key aspects such as leading companies, types, and leading applications of the product. Besides this, the report offers insights into the market trends and highlights key industry developments. In addition to the factors above, the report encompasses several factors that have contributed to the growth opportunity of the market over recent years.
Value (USD Million)
By Application Type
By Propulsion Type
Fortune Business Insights says that the global motorized quadricycle market size was USD 347.0 million in 2019 and is projected to reach USD 279.4 million by 2027.
In 2019, the Europe market value stood at USD 306.4 million.
The market is projected to grow at a CAGR of 2.0% and will exhibit steady growth in the forecast period (2020-2027).
Electric type segment is expected to be the leading segment in this market during the forecast period.
Low cost of quadricycle is the key factor driving the market growth.
Renault is the leading key player in the global market.
Europe dominated the market share in 2019.
Increasing demand for lightweight vehicles is expected to drive the adoption of quadricycles.
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