According to a research report "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" published by MarketsandMarkets, the quadricycle market size is estimated to grow from USD 19.1 billion in 2022 to reach USD 35.6 billion by 2032, at a CAGR of 6.4% over the forecast period.
Browse 279 market data Tables and 40 Figures spread through 212 Pages and in-depth TOC on "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"
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The rising traffic congestion, increasing geriatric population, demand for safer mode of commute have attributed to the growth in demand for quadricycles. Also, stringency in emission norms and demand for enhanced fuel economy is projected to increase the demand for electric quadricycles.
ICE segment is projected to be the second largest segment during the forecast period.
ICE quadricycle is estimated to be the second largest market at a global level. Except for China, the quadricycle market is dominated by ICE variants. Sales of ICE microcars are about 60-70% in Japan and South Korea, mainly due to working professionals, teenagers, and retired people who prefer quadricycles for daily commutes. The ICE quadricycles also dominate European and North American markets mainly due to lower fuel prices and renowned OEMs’ expertise in IC engine technology. Further, a strong distribution network of fuel stations has laid a strong customer base for ICE-powered quadricycles. Nonetheless, with improved focus and commitment to cutting down the carbon footprint, major OEMs have launched electric quadricycles with adequate safety and comfort features in European and other developed countries. Continuous improvement in electric powertrain technologies, growing charging infrastructure, and lowering battery prices would shift the consumer inclination towards electric quadricycles.
The commercial application segment is projected to be the fastest-growing quadricycles segment during the forecast period
The commercial applications of quadricycles include airports, IT parks, industrial facilities, manufacturing plants, large school and college campuses, resorts and museums, micro-mobility, ride-sharing services, and others. Especially in post Covid-19 scenario, the importance of last-mile delivery has grown in many industries, including e-commerce, food, electronic goods, and postal services. Due to their compact design and maneuverability features, Quadricycles provide an effective solution to delivery service providers. Many quadricycle manufacturers have seized this opportunity and are focusing on developing efficient models to gain a competitive edge. For instance, in March 2022, Opel (Germany) launched its Opel Rocks-e KARGO electric quadricycle that finds application in pizza delivery services. Apart from this, ride-sharing services has been growing in urban areas. Ridesharing has benefits such as reduced traffic congestion and parking demands. It also helps to eliminate vehicle emissions and create less stressful commutes. As per industry experts, Singapore and China are taking initiatives to promote the ride-sharing concept to reduce traffic congestion, thus, in turn, driving the demand for quadricycles in commercial applications during the forecast period
Europe is one of the prominent markets for quadricycles
France, Italy, and Germany are the primary market for the quadricycle market in Europe. Most ICE and electric quadricycles are available at a starting price point of ~USD 8,000 - USD 9,000, except for few China-made models. Quadricycles are suitable for European countries due to their compact designs requiring limited parking space and easy maneuverability on narrow city streets. Also, due to traffic congestion in larger cities, the number of quadricycles in the region has grown over the past few years. They are primarily used for personal mobility with growing commercial applications. Aixam (France), Italcar industrial S.r.l (Italy), Renault Group (France), Citroen (France), and Ligier Group (France), among others, are the major quadricycle manufacturers in Europe. European government and regional regulatory bodies provide the highest incentives for purchasing electric vehicles to promote clean transport. This would lead to reduced CO2 emissions in the region. Therefore, this will positively impact the share of electric quadricycles as it is quite low presently; however, expected to capture a significant share in the future.
The quadricycle market is dominated by global players and comprises several regional players. Some of the key players in the quadricycle market are Suzuki Motor Corporation (Japan), Honda Motor Co., Ltd. (Japan), Toyota Motor Corporation (Japan), Aixam (France), Ligier Group (Franc), Italcar Industrial S.r.l (Italy), Citroen (France), Alke (Italy), Casalini (Italy), Renault Group (France), and Bellier Automobiles (France).
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