Motorized Quadricycle Market Size [2022-2029] Worth USD 2.15 Billion | Burgeoning Demand for Lightweight Vehicles Fuels Growth

According to latest report published by Fortune Business Insights, the global motorized quadricycle market was valued USD 0.90 billion in 2021, and projected to reach USD 2.15 billion by 2029, growing at CAGR of 11.9% during forecast period of 2022 to 2029.

Motorized Quadricycle Market Size Forecast

Pune, India, April 26, 2022 (GLOBE NEWSWIRE) — The global motorized quadricycle market size was valued at USD 0.90 billion in 2021. The market is expected to rise from USD 0.97 billion in 2022 to USD 2.15 billion by 2029 at an 11.9% CAGR during the forecast period. Fortune Business Insights™ has delved into these insights in its latest research report, titled, “Motorized Quadricycle Market, 2022-2029.”

According to the analysis, industry participants are poised to exhibit traction for fuel-efficient vehicles across urban regions. At a time when traffic congestion has become a global concern, investment in a lightweight vehicle could gain popularity in the ensuing period. Surge in traffic congestion is likely to prompt industry players to inject funds into motorized quadricycles.

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Market Drivers and Restraints:

Rising Uptake of Lightweight Vehicles to Act as Growth Enabler

Industry players are poised to inject funds into lightweight vehicles across advanced and emerging economies. Major OEM players have upped investments in lightweight components to bolster penetration across untapped areas. Furthermore, an exponential rise in traffic congestion has triggered the demand for small-sized cars. Robust government policies and tax benefits have further boosted the motorized quadricycle market share. Growing penetration of the vehicle could be attributed to the demand for fuel efficiency and faster commute solutions. Stakeholders expect a surge in investments in technological advancements, thereby fostering the business outlook.

However, an uptick in the number of road accidents is likely to be a major bottleneck over the next few years. Stakeholders are likely to boost campaigns to increase awareness among passengers.

COVID-19 Impact

Pandemic-induced Supply Chain Disruptions Challenge Stakeholders

Against the backdrop of pandemic-induced lockdown and uncertainty of demand for vehicles, supply chain disruptions became rampant. The outbreak had a significant impact on the penetration of new Euro 5 models. Moreover, the dip in research and development activities did not augur well for the business outlook. Meanwhile, leading companies could redefine their investment strategies in fuel-efficient motorized quadricycles.

Regional Insights:

Europe to Remain at the Helm with Investments in R&D and Bullish Policies

Current trends suggest Europe could be a popular region due to implementation of favorable initiatives and policies. The footfall of environment-friendly and compact motorized quadricycles is poised to encourage an investment spree across the U.K., France, Germany, and Italy. The Europe motorized quadricycle market growth will observe an upward trajectory during the forecast period, largely due to investments in research and development activities to develop autonomous vehicles.

The Asia Pacific industry outlook will be strong on the back of presence of leading OEMs and automakers across China, Japan, Australia, and India. For instance, China has emerged as a prominent market for L6e and L7e vehicles. Further, tax exemption and other tax benefits will further propel product adoption across the region. Considering that most vehicles are exported to Europe, Asia Pacific has fueled vehicle manufacturing in line with the European regulations.

Well-established players and new entrants are slated to inject funds into the North America industry following the demand for advanced vehicles. Millennials and Gen Z populations have exhibited traction for lightweight vehicles for leisure activities. Accordingly, ride-sharing companies are poised to implement autonomous self-driven taxis.

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Market Segmentation:

Type, Application Type, Propulsion Type, End-Use, and Region are Studied

In terms of type, the market is segmented into heavy quadricycle (L7e) and light quadricycle (L6e).

Based on application type, the market is segregated into commercial and household.

On the basis of propulsion type, the market segmentation includes electric and internal combustion engine.

With respect to end-use, the market is segmented into leisure, golf, industrial, and others.

With regards to region, the market covers Europe, North America, Asia Pacific, and the rest of the world.

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Report Coverage

The report also gives an in-depth view of market size, share, revenue, and volume along with SWOT analysis. The report has been prepared meticulously through quantitative and qualitative assessments to offer a comprehensive market view. Notably, many primary interviews have been conducted with major stakeholders and suppliers. Primary data has been collected through questionnaires, telephonic conversations, and emails. Moreover, the report also includes secondary sources such as government websites, SEC filings, and press releases.

Key Industry Development

January 2021 – Renault Group revealed its new two-seat urban mobility vehicle EZ-1 prototype. EZ-1 is a micro electric vehicle offered by Renault, and it is also the first machine offered under its latest Mobilize mobility brand. EZ-1 comes with a swappable battery system and measures 2.3 meters long with a similar footprint as the Twizzy.

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Major Players Profiled in the Market Report:

• Renault (France)
• Ingersoll Rand (U.S.)
• Yogomo (China)
• Textron (U.S.)
• Italcar Industrial S.r.l. (Italy)
• Polaris Inc. (U.S.)
• Yamaha Golf-Car Company (U.S.)
• Bajaj Auto (India)

Table of Content:

• Introduction
  • Research Scope
  • Market Segmentation
  • Research Methodology
  • Definitions and Assumptions
• Executive Summary
• Market Dynamics
  • Market Drivers
  • Market Restraints
  • Market Opportunities
• Key Insights
  • Key Industry Developments – Merger, Acquisitions, and Partnerships
  • Porter’s Five Forces Analysis
  • SWOT Analysis
  • Technological Developments
  • Value Chain Analysis
  • Impact of COVID-19 on Electric Bus Market
• Global Electric Bus Market Analysis, Insights and Forecast, 2017-2028
  • Key Findings / Summary

Continued…

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