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Report Overview
2023
Base Year
2018-2023
Historical Year
2024-2032
Forecast Year
Global Motorized Quadricycle Market Size
The global motorized quadricycle market reached a value of approximately USD 20.04 billion in 2023. The market is projected to grow at a CAGR of 6.5% between 2024 and 2032, reaching a value of around USD 35.29 billion by 2032.
Motorized Quadricycle Market Outlook
- According to the HEV TCP annual report 2023, the total number of quadricycles produced as of December 31st, 2022, was 69,568.
- According to SIAM annual report 2021-2022, the number of quadricycles produced in the year was 4,061.
- In 2023, Bolt introduced Bajaj Qute rides in Johannesburg, offering cost-effective quadricycle trips with plans for broader expansion.
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Motorized Quadricycle Market Growth
The motorised quadricycles market consists of electric quadricycles, fuel-operated quadricycles, and others. To improve the efficiency and performance of motorised quadricycles, the use of advanced lightweight materials, such as carbon fibre and high-strength plastics is increasing.
Smart connectivity features, such as integrated GPS, Bluetooth, Wi-Fi, and real-time traffic information, are making quadricycles more user-friendly and efficient for navigation and communication.
According to HEV TCP annual report 2023, the total sales of quadricycles from 1st January to 31st December 2022 was 2,427.
Key Trends and Developments
Urbanisation and traffic congestion, affordability and cost efficiency, technological advancements, and shared mobility solutions are the major trends impacting global motorized quadricycle market growth.
June 04, 2024
The Jinpeng XY, a Chinese electric quadricycle, is set to launch in Europe, beginning with Italy. This four-seater vehicle has standard features and can travel approximately 60 miles on a single charge.
September 20, 2023
Fiat, the famous Italian car manufacturer, has launched sales in Italy for its Topolino quadricycle. Tailored for urban and short-distance travel, the Topolino provides an accessible solution for everyone.
June 17, 2023
The Ark Zero electric quadricycle has been introduced as the UK's cheapest electric vehicle. The company has launched it at a very affordable price, offering powerful features.
November 16, 2022
Mumbai-based electric vehicle start-up PMV Electric introduced its two-seater quadricycle, the EaS-E. With a starting price of Rs 479,000, the EaS-E is now India's most affordable electric quadricycle
Urbanisation and Traffic Congestion
Urban areas are becoming more crowded, leading to increased traffic congestion. Quadricycles, with their compact size and manoeuvrability, offer an efficient solution for navigating urban environments.
Affordability and Cost Efficiency
Quadricycles, being cheaper than conventional cars, appeal to a wider consumer base due to lower maintenance and fuel expenses, thus fuelling their increasing popularity among buyers.
Technological Advancements
Incorporating autonomous driving technologies, connectivity, and advanced safety features into quadricycles enhances their attractiveness by making them safer, smarter, and more user-friendly.
Shared Mobility Solutions
Quadricycles being integrated into shared mobility platforms like car-sharing and ride-hailing services is a trend fuelling market growth due to their cost-effectiveness and user-friendly nature.
Motorized Quadricycle Market Trends
The rising demand for motorized quadricycles, specifically electric ones, is fuelled by heightened environmental awareness, as consumers increasingly prioritize eco-friendly transportation options. Various governments are offering incentives for electric vehicle adoption, including quadricycles, through subsidies, tax benefits, and favourable regulations.
Additionally, stricter emission standards and environmental regulations are encouraging the shift towards electric quadricycles.
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Motorized Quadricycle Industry Segmentation
“Global Motorized Quadricycle Market Report and Forecast 2024-2032” offers a detailed analysis of the market based on the following segments:
Market Breakup by Product
- Light Quadricycle
- Heavy Quadricycle
Market Breakup by Mode of Operation
- Electric Quadricycles
- Fuel-Operated Quadricycles
- Others
Market Breakup by Application
- Household
- Commercial
- Others
Market Breakup by Price
- Economic
- Mid-Range
- Premium
Market Breakup by End-Use
- Golf
- Leisure
- Industrial
- Others
Market Breakup by Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Motorized Quadricycle Market Share
Heavy quadricycles enhance the motorized quadricycle market size by offering greater load-carrying capacity compared to light quadricycles, making them suitable for a wider range of applications such as commercial transportation and utility services.
The growth of heavy quadricycles is supported by infrastructure developments such as dedicated charging stations and urban logistics hubs. These infrastructure investments facilitate the integration of electric and hybrid heavy quadricycles into commercial fleets and logistics networks.
Light quadricycles are often more affordable than traditional cars, making them accessible to a wider range of consumers, especially in emerging markets. Their lower price point attracts budget-conscious buyers looking for personal transportation options.
Commercial use of quadricycles contributes to the motorised quadricycle market growth by offering cost-effective transportation solutions for businesses, with lower purchase prices, operational costs, and maintenance expenses than traditional commercial vehicles.
Commercial fleets purchasing quadricycles for various business purposes, such as last-mile delivery, urban logistics, and utility services, contribute to higher sales volumes, driving market growth.
Quadricycles are used for recreational purposes by households, such as exploring local trails, parks, or beachfronts. Their versatility allows families to enjoy outdoor activities together while experiencing the convenience and thrill of quadricycle riding.
Electric quadricycles enhance the motorized quadricycle market by offering lower operating costs compared to gasoline-powered vehicles.
Electric quadricycles produce zero tailpipe emissions, contributing to reduced air pollution and greenhouse gas emissions. As a result, they align with global efforts to combat climate change and promote environmental sustainability.
Fuel-operated quadricycles can be refuelled quickly at conventional fuel stations, eliminating the need for extended charging times associated with electric vehicles. This quick refuelling capability makes them more suitable for users with time-sensitive transportation needs, such as commercial operators or individuals on long journeys.
Leading Manufacturers in the Motorized Quadricycle Market
The companies are a provider of various vehicles including motorcycles, quadricycles, snowmobiles, and other vehicles for both professional and public usage.
Groupe Renault: Established in 1898 and is headquartered in Boulogne-Billancourt, France. The company produces and markets various vehicles, including cars, vans, and electric quadricycles catering to urban transportation demands.
Polaris Inc.: Founded in 1954 and is headquartered in Minnesota in the United States. It is an automotive manufacturing company which produces snowmobiles, motorcycles, and innovative products including sporting quadricycles.
Ligier Group: Established in 1968 and is headquartered in Abrest, France. The company is one of the largest suppliers of light quadricycles. Their vehicles meet the transportation needs of both professionals and the public.
Automobiles Chatenet: Established in 1984 and is headquartered in France. Automobiles CHATENET has established itself as a reputable automobile manufacturer, significantly enhancing the prestige of the license-free car and elevating its image.
Other global motorized quadricycle market key players are Tazzari GL Imola SPA among others.
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Motorized Quadricycle Market Analysis by Region
The Asia Pacific region holds a substantial share of the motorised quadricycle market and is projected to witness significant growth during the forecast period. This market expansion is driven by increasing urban traffic congestion, favourable government policies, rising fuel prices, and heightened public awareness.
The Road Transport Yearbook reported that India produced 3,836 new quadricycles in 2020-2021. According to the SIAM annual report 2021-2022, domestic sales of quadricycles in India for that year totalled 124 units.
Key Highlights of the Report
| REPORT FEATURES | DETAILS |
| Base Year | 2023 |
| Historical Period | 2018-2023 |
| Forecast Period | 2024-2032 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
|
| Breakup by Product |
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| Breakup by Mode of Operation |
|
| Breakup by Application |
|
| Breakup by Price |
|
| Breakup by End-Use |
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| Breakup by Region |
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| Market Dynamics |
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| Competitive Landscape |
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| Companies Covered |
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Motorized Quadricycle Market Report Snapshots
Motorized Quadricycle Market Size
Motorized Quadricycle Market Growth
Motorized Quadricycle Market Trends
Motorized Quadricycle Market Share
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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Key Questions Answered in the Report
The market was valued at USD 20.04 billion in 2023.
The market is projected to grow at a CAGR of 6.5 % between 2024 and 2032.
The revenue generated from the motorized quadricycle market is expected to reach USD 35.29 billion in 2032.
The heightened deployment of motorized quadricycles across semi-urban and urban areas for transportation and leisure purposes, rising demand for motorized quadricycles in the commercial and industrial areas, and increasing affordability of motorized quadricycles are the major drivers of the market.
The key trends in the market include the technological upgradations, innovative products developments, increasing popularity of electric quadricycles, and rising use in golf.
The market is categorised according to the product, which includes light quadricycle and heavy quadricycle.
Based on the application, the market is divided into household, commercial, and others.
The market key players are Groupe Renault, Polaris Inc., Ligier Group, Automobiles Chatenet, and Tazzari GL Imola SPA, among others.
Based on the mode of operation, the market is divided into electric quadricycles, fuel-operated quadricycles, and others.
Based on the price, the market is divided into economic, mid-range, and premium.
The market is broken down into North America, Europe, Asia Pacific, Latin America, and Middle East and Africa.
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