Persistence Market Research’s latest report on Europe’s motorized quadricycle market reveals that such factors will bolster the market’s growth, which is expected to reach US$ 456.9 Mn by registering global sales of over 37,000 units towards the end of 2027.
New York, NY -- (SBWIRE) -- 01/16/2018 -- In Europe, motorized quadricycles continue to be an attractive vehicle segment, especially among urbanites. Many consumers in European countries such as Germany, France and the UK, among others, are opting for electric quadricycle over compact cars. In addition to this, car rental companies in Europe are providing motorized quadricycles on rent and promoting their use in the region's automobile market. Persistence Market Research's latest report on Europe's motorized quadricycle market reveals that such factors will bolster the market's growth, which is expected to reach US$ 456.9 Mn by registering global sales of over 37,000 units towards the end of 2027.
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The report, titled "Motorized Quadricycles Market: Europe Industry Analysis 2012–2016 and Forecast 2017–2027," also projects that the European market for motorized quadricycles, which is likely to be valued at US$ 268.3 Mn by 2017-end, will soar at a steady CAGR of 4.8% during the forecast period. However, the market's growth in terms of volume is expected to subpar, representing a 3.9% CAGR over the forecast period. Key factors restraining the growth of Europe's motorized quadricycle market include:
Technical and economic limitations: Despite the various advantages that the motorized quadricycles offer, many customers feel reluctant to buy a motorized quadricycle due to their high costs.
High emission levels: With regards to transition to higher emission levels, the existing regulatory scenario in European countries creates a point of concern for quadricycle manufacturers, who are already combating at the pricing front.
Sub-A segment cars: Demand for low cost, Sub-A segment cars – micro cars that are filling the space between a quadricycle and a compact passenger car – is gaining traction in countries such as France.
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The report expects that Europe's motorized quadricycles market will witness sizeable growth in France, Germany and Russia. Among European countries, France is estimated to remain dominant over the forecast period owing to increasing demand for eco-friendly small size vehicles and stringent government regulations. U.K.'s motorized quadricycle market, meanwhile, is estimated witness high growth opportunities, owing to rising efforts taken by domestic manufacturers and low penetration of motorized quadricycles in its auto-markets.
By product-type, the light quadricycles segment is estimated to represent dominant market share through 2027. Around 88% of Europe's motorized quadricycle revenues in 2017 are expected to be accounted by light-weight quadricycles. Demand for electric motorized quadricycles, however, is expected to be lesser than that of motorized quadricycles equipped with conventional fuel motors. By the end of 2027, over 68% of Europe's motorized quadricycles revenues will be accounted by quadricycles operating on conventional fuels. The report also profiles leading players in Europe's motorized quadricycle market, which include Renault SA, Bajaj Auto Ltd., Automobile CHATNET, Ligier Group, Aixam-Mega, Tecno Meccanica Imola SpA, Grecav Auto Srl.
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