Motorized Quadricycle Market will exhibit a CAGR of 2.0% during the forecast period, and reach USD 279.4 million by 2027, ,and the Market value as per 2019 was USD 347.0 million.
Fortune Business Insights™ in a new report, titled, “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) and Regional Forecasts, 2020-2027.”
Motorized Quadricycle Market Drivers and Restraint:
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.
List of Key Players Covered in the Motorized Quadricycle Market Report:
- Renault (Paris, France)
- Ingersoll Rand (Milwaukee, U.S.)
- Yogomo (Shandong, China)
- Textron (Rhode Island, U.S.)
- Italcar Industrial S.r.l. (Turin, Italy)
- Polaris Inc. (Minnesota, U.S.)
- Yamaha Golf-Car Company (Georgia, U.S.)
- Bajaj Auto (Pune, India)
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Some of the key industry developments in the Motorized Quadricycle Market Include:
- April 2019 – Bajaj Auto launched its first quadricycle. Bajaj Auto launched its first quadricycle called as Bajaj Qute. The company has launched the vehicle in two variants, petrol and CNG. The petrol variant is for personal use and the CNG variant is for commercial use. The Bajaj Qute is expected to replace the conventional three-wheelers (rickshaw) for public use.
- October 2019 – Renault to start the export of Twizzy Electric Cars Renault started the production of Twizzy electric cars at its plant in Busan. The company is focused on expanding its Twizzy electric car business in the European and Asian markets to revive its reduced sales in Korea and to increase profitability.