Quadricycle Market by Propulsion (Electric, ICE), Application (Household & Commercial), Type (Light, Heavy), End Use (Resorts & Museums, Industrial Facilities, Personal Mobility), Price Range (Economy, Mid, Premium) and Region - Global Forecast to 2032
Northbrook, IL 60062 -- (SBWIRE) -- 11/29/2022 -- The quadricycle market is projected to grow from USD 19.1 billion to USD 35.6 billion in 2032, at a CAGR of 6.4% during the forecast period. The growth of this market can be attributed to the rising geriatric population, growing traffic congestion, and high demand for safer mobility solutions.
Asia Pacific will continue to lead the quadricycle market due to high sales in the region. According to MarketsandMarkets analysis, Asia Pacific contributed about ~98.0% to the quadricycle market in 2021 by volume. China is the largest market for quadricycles in Asia Pacific, with more than 500 local quadricycle manufacturing players. Quadricycles in China start from a minimum price of USD 1,000. Japan is the second-largest market for quadricycles in the region. These vehicles are affordable and can be used for personal mobility and commercial applications. They are available in internal combustion engines and electric propulsion. China has the highest demand for electric quadricycles, with local suppliers selling cheap micro EVs.
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Quadricycles offer great utility and convenience for daily usage in busy urban traffic and narrow streets. In Europe, with fewer age restrictions, the popularity of quadricycles for daily commutes is rising among teenagers, adding the target audience for quadricycle manufacturers. In the Americas, the quadricycles provide a suitable commute option to the consumers for daily commute activities for shorter and neighborhood distance visits.
As per the European Union, quadricycles are categorized as light and heavy. Light quadricycles are primarily used for passenger transport applications and require less operational costs than regular cars. Consequently, the demand for light quadricycles would grow in personal mobility applications, acquiring a significant share during the forecast period. Heavy quadricycles have high power capacity, increased speed limit, and more weight than light quadricycles. These are most suitable for cargo carriage operations and are predicted to grow at a faster rate during the forecast period.
Quadricycles provide a safer mode of travel compared to public transport. Post-pandemic, there has been increased awareness of safer modes of transport to reduce the risk of virus transfer. This has promoted the use of quadricycles for personal mobility, that is, household applications. Therefore, the household application segment will gain the largest market share during the forecast period. Apart from household applications, the use of quadricycles in commercial applications such as ridesharing, resorts and museums, airports, postal services, industrial facilities, and last-mile delivery services will likely grow, making commercial applications the fastest-growing segment during the forecast period.
Stringent emission regulations in all major regions are compelling quadricycle manufacturers to develop and commercialize electric quadricycles. It is predicted that the rising popularity of electric vehicles would have a positive impact on the quadricycle market. The focus on electric vehicles has intensified in response to the new and impending pollution limits and increasing fuel-economy standards, which is anticipated to have a substantial impact on the global quadricycle market. Understanding the growing adoption of electric models, many major quadricycle manufacturers like Aixam (France), Italcar Industrial S.r.l (Italy), Toyota Motor Corporation (Japan) and Renault Group (France) have developed electric quadricycle models to gain competitive edge. Additionally, other several advantages offered by electric quadricycles like low operating cost, limited maintenance, and no pollution are expected to drive the demand for electric models from end use sectors. Thus, electric quadricycles are expected to register the highest growth rate during the forecast period.
The lack of adequate safety features in quadricycles is limiting the large-scale adoption of such vehicles. Thus, many quadricycle manufacturers are designing and incorporating required safety standards in product offerings. The safety, durability and serviceability benefits are newly engineered in the new quadricycle models. Thus, the growing need and development of products with safety features in quadricycle without affecting the price is expected to fuel market growth during the forecast period.
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