Quadricycle Market

Market Leader - Quadricycle Market

The quadricycle market size is projected to grow from USD 19.1 billion in 2022 to USD 35.6 billion by 2032, at a CAGR of 6.4% for the same period. The base year for the report is 2021, and the forecast period is from 2022 to 2032.

The market is expected to witness growth due to some of the major factors such as stringent emission norms, fuel efficiency regulations, light-weighting trend and increasing adoption rate of safer commute options around the globe.

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The quadricycle market is dominated by major players such as Suzuki Motor Corporation (Japan), Honda Motor Co., Ltd. (Japan), Toyota Motor Corporation (Japan), Aixam (France), Ligier Group (France), and Citroen (France). These companies have adopted expansion strategies; and undertaken collaborations, partnerships, and mergers & acquisitions to gain traction in the growing quadricycle market.

Suzuki Motor Corporation is among the major market players for Kei cars mainly in the Japanese market. Suzuki Motor Corporation is one of the global auto manufacturer offering a wide range of vehicles which included the mini cars, also called as the Kei cars in the Japanese market. The company manufactures the mini and compact cars at the Kosai plant in Shizuoka, Japan. The company has a strong presence in Asia Pacific, Europe, and North America. Suzuki Motor Corporation has majorly the strategy of developing new products. For instance, in February 2021, Suzuki Motor Corporation announced to equip all its mini car models with hybrid systems in the upcoming years. The company has already adopted a simple hybrid system called "mild hybrid" in some of its popular models, including the Hustler and Spacia, and has planned to feature the system in its other Kei models in a bid to electrify its existing models without major design changes with less effect on the cost of vehicles.

Honda Motor Co., Ltd. is also a prominent player for Kei cars, especially in the Japanese market. Honda Motor Co., Ltd. operates through the Business, Automobile Business, Financial Services Business, and Life Creation & Other Businesses segments. The company sells quadricycle (Kei cars) vehicles under the automobile business segment. Honda Motor Co., Ltd. offers the s660 model, a Kei car, for the Japanese market which is a high-end convertible Kei car having the features of a regular premium car.. In September 2022, Honda Moto Co., Ltd. launched the special edition N-One Style+ Urban with premium interior. The company termed it as “retro-luxurious” Kei car. Honda Motor Co., Ltd. has majorly focused on R&D activities with redesigning and launching of new models in order to attain a competitive edge in the market over the competitors.

Toyota Motor Corporation is among the major OEMs that offer Kei cars. The company has a strong presence in Japan market for Kei cars with a wide range of product portfolio and strong distribution channel. Toyota Motor Corporation operates through the following segments: Automotive, Financial Services, and All Others. The Automotive segment designs, manufactures, assembles, and sells passenger cars, minivans, trucks, quadricycles, and related vehicle parts and accessories. Toyota Motor Corporation, in December 2020, introduced the two-seater battery electric quadricycle C+Pod as a mobility option that improves per-person energy efficiency. Also, Toyota Motor Corporation is expanding its product lineup and forming open collaborations. The C+Pod is manufactured at the Motomachi Plant in Japan. The company operates in North America, Latin America, Japan, Europe, and Asia Pacific, with 67 manufacturing units, 20 design and R&D centers, and five regional headquarters. Toyota motor corporation has a presence in more than 175 countries worldwide to share diverse perspectives and opinions to create global and regional solutions that address societal demands. As of March 2022, the company has nearly 372,817 employees globally.

Aixam is a manufacturer of European enclosed quadricycles. In 2013, Aixam became a part of Polaris Industries Inc (US). Aixam provides a range of models under the Minauto range, Emotion Range, eAxiam range, and AixamPro range. The products are available in electric as well as ICE propulsion type. In April 2018, Aixam (France) and KUBOTA Corporation (Japan) developed the engine for quadricycles following Euro 4 standards. The newly developed engine has a lesser noise level with an enhanced 6kW power output. Aixam focuses on partnerships with local market players to gain knowledge and insight into the domestic market trends to increase sales. Aixam has a strong distribution network across Europe that includes over 400 dealer partners. Aixam operates two facilities in France, located in Aix-les-Bains and Chanas.

Ligier Group offers small cars with expertise in design, production, electronics, engines, restoration, and operations. The company has three ranges of products, including Ligier, Microcar, and Ligier Professional, and offers vehicles used in commercial and household applications. With a distribution network of more than 550 retail points across 11 European countries, Ligier Group is able to offer customers maximum accessibility to its full range of models across all countries. The company has four commercial subsidiaries in Germany, Italy, Austria, and Spain. It has two production sites in France and a workforce of nearly 400 employees across the production sites

Citroen offers different categories of vehicles, such as small cars, leisure cars, family cars, premium cars, and racing cars. Since 1974, Citroen has been a part of the PSA Group, but after the merger of PSA Group and FCA Group in January 2021, Citroen is now part of Stellantis N.V. (Netherlands). Citroen introduced the license-free car Ami Tonic, a fully electric vehicle with an ultra-compact design having a seating capacity for two passengers. The company has developed the mobile application “My Ami Play” with features such as navigation, music, Bluetooth, and phone calls that can be accessed by touch or voice command for a better customer experience. It has a presence in more than 90 countries globally but is highly focused on the European market due to the growing popularity of license-free vehicles in Europe.

Related Reports:

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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Quadricycle Market Size,  Share & Growth Report
Report Code
AT 8504
RI Published ON
11/21/2022
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