Motorized Quadricycle Market to Exhibit a CAGR of 14.6% from 2024 to 2032; Market Value to Rise Owing to the Surge in the Population and Congestion in the Urban Areas

The global motorized quadricycle market size stood at USD 1.05 billion in 2023. The market value is slated to rise from USD 1.16 billion in 2024 to USD 3.43 billion by 2032 at a CAGR of 14.6% during 2024-2032. Fortune Business Insights™ presents this information in its report titled “Motorized Quadricycle Market Size, Share & Industry 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), By Price Range (Low, Medium, and High), By Component (Wheels & Tires, Powertrain/Drivetrain, Body & Chassis, Suspension System, and Others) and Regional Forecast, 2024– 2032.”

A motorized quadricycle is a small, four-wheeled vehicle that is run by an engine or a motor. Few passengers, usually two to four can be typically accommodated in this vehicle. The rising trend of electric mobility is accelerating the market growth. Electric quadricycles are suitable for last-mile transportation and short-distance commutes and align well with the evolving requirements of urban mobility solutions owing to their electric power and compact size.

The COVID-19 pandemic witnessed a halt in supply chains globally, affecting the availability and production of different automotive parts. The manufacturers of the product observed problems in sourcing parts, causing potential delays in production.

Ark Motors Released Ark Zero to Broaden its Product Portfolio

In June 2023, Ark Motors, a British EV company, announced the launch of an electric quadricycle named Ark Zero. The product occupies only a quarter of a standard parking space and weighs more than a thousand pounds, and most of this weight is because of its 80Ah lithium-ion battery pack.

Market Value to Grow Owing to the Rising Population and Congestion in the Urban Areas

The motorized quadricycle market growth is driven by a rise in congestion and population in urban areas. The global trend of the growing urbanization leads to the demand for easily navigable and compact vehicles. Moreover, motorized quadricycles are highly suitable for short trips within urban locations and the rising urban population is boosting their popularity.

However, the compliance and problems with the regulations may impede the market growth.

Prominent Companies Focus on Partnership Strategies to Gain a Competitive Edge

Leading companies in the market are Bajaj Auto Limited, Renault Group, Polaris Industries Inc., among others. The market is witnessing a shift of these players toward the development of electric quadricycles, leading to the eco-friendly environment and sustainability goals. Moreover, the competitive edge is being achieved by collaboration between players to offer efficient products.

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Key Players

• Renault Group (France)


• Polaris Industries Inc. (U.S.)


• Bajaj Auto Limited (India)


• Aixam-Mega (France)


• Yamaha Motor Co., Ltd. (Japan)


• Mahindra Electric Mobility Limited (India)


• SWINCAR (U.K.)


• GEM Electric Vehicles (Waev Inc.) (U.S.)


• Ligier Group (France)


• Microlino (Switzerland)


• Arcimoto (U.S.)


• Fiat (Italy)


• PMV Electric (India)


• Citroen (France)


• Club Car, LLC (U.S.)


• Chatenet (France)


• Textron (U.S.)


• Italcar Industrial S.r.l. (Italy)


• Alke (Padua, Italy)


• Goupil (France)


• Toyota Motor Corporation (Japan)

Key Industry Development

• January 2024 – WiTricity and ICON EV jointly launched the 2024 ICON Low-Speed Vehicles (LSVs), which feature wireless charging options.  These vehicles are anticipated to be released at WiTricity's display at the Las Vegas Consumer Electronics Show (CES) and make their debut in the market for purchase in the summer of 2024.

Further Report Findings

• North America market for motorized quadricycle witnessed a substantial share in 2023 on the back of the surging trend of NEVs.


• By type, the market is classified into light quadricycle (L6e) and heavy quadricycle (L7e). The heavy quadricycle (L7e) segment occupied the largest share in 2023 owing to its utilization for industrial and commercial purposes including transportation of goods in urban areas.


• With regard to application, the market is bifurcated into household and commercial. The commercial segment witnessed the largest motorized quadricycle market share in 2023. The development of products which offer efficient performance is fostering the commercial segment expansion.

Table of Segmentation