NEW YORK, Nov. 30, 2022 /PRNewswire/ — The quadricycle market is projected to grow from USD 19.1 billion to USD 35.6 billion by 2032, at a CAGR of 6.4% during the forecast period. Decreased emission limits and lower operational costs lead to increased adoption of electric variants, thus driving the demand for electric quadricycles over the forecast period.
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Electric quadricycles are predicted to be the fastest growing during the forecast period.
Lowering carbon emissions in upcoming emission regulations and increasing fuel prices have shifted the focus of global OEMs focus toward green and cleaner vehicles.China, the US, and European countries are grooming faster in the EV space, and the same trend is noticed for quadricycles.
In China, around 1.75 million units of Micro-EVs were sold in 2017, according to the China Association of Automobile Manufacturers (EV). Wuling Hongguang Mini is the best-selling micro-EV, with nearly 50,561 units sold in 2021 and Y-o-Y growth of approximately 42.9%. According to the International Council of Clean Transportation (ICCT), approximately 68% of BEV sales were microcars.
On the other hand, the share of electric quadricycles is comparatively lower in Japan, Europe, and North America countries.However, it is expected to grow in the future considering the lower cost and complexity of manufacturing and requires fewer spare parts and components than IC engine vehicles.
Further, with increased production volume, the costs of electric quadricycles are expected to decline, and the development of charging stations will reduce the demand for conventional fuel quadricycles and promote electric quadricycles.
Economic Quadricycles are projected to be the largest market during the forecast period.
The economy quadricycles hold the largest market for quadricycles, majorly due to local Chinese players offering low-cost microcars.More than 400 local Chinese manufacturers provide quadricycles starting from the price range of USD 1,000.
These are basic quadricycles installed with lead-acid batteries and minimal safety features.The easy availability of raw materials, low labor cost, and benefit of bulk manufacturing enable Chinese manufacturers to maintain profit margins with lower-priced quadricycles.
These affordable quadricycles are fuel-efficient, have lower maintenance, and are available in both ICE & electric variants, preferred for daily commute Consumers. With all the points discussed above, Asia Pacific and China would remain the leader of economic range quadricycles during the forecast period.
Americas is anticipated to be the second largest market for quadricycles by 2032.
According to MarketsandMarkets analysis, the Americas witnessed a boost in quadricycle sales in 2020 – 2021 after the outbreak of COVID-19.Quadricycles in the US market are generally mid-priced, starting from USD 8,000 – 12,000.
The adoption of electric quadricycles in North America is rising with the electric infrastructure development in the US and Canada.Quadricycles also called as Neighborhood ICE and neighborhood electric vehicle (NEV) in US, have gained traction in past few years which is used for short-distance commutes in urban areas.
The use of electric quadricycles (microcars) by senior citizens, increase in micro-mobility services and increased traffic density in the cities support the growth of the quadricycle market in the region.Apart from this, Quadricycles are increasingly used for parcel deliveries due to growth in the e-commerce industry and car-sharing services in urban areas.
For instance, Free2Move announced the deployment of Citroen Ami in Washington, DC, to join their carsharing fleet. These factors would increase the demand for quadricycles in the Americas during the forecast period.
In-depth interviews were conducted with CXOs, VPs, directors from business development, marketing, product development/innovation teams, independent consultants, and executives from various key organizations operating in this market.
- By Stakeholder: Supply Side – 95%, Demand Side- 5%
- By Designation: C-level executives – 10%, Directors/Vice-Presidents – 30%, Others – 60%
- By Region: Asia Pacific – 50%, Europe – 40%, and North America – 10%
The quadricycle market comprises prominent players such as Suzuki Motor Corporation (Japan), Honda Motor Co., Ltd. (Japan), Toyota Motor Corporation (Japan), Aixam (France), Ligier Group (France), and Citroen (France).
Research Coverage:
The study segments the quadricycle market and forecasts the market size based on Propulsion (Electric & Internal Combustion Engine (ICE)), Application (Household & Commercial), Type (Light Quadricycles & Heavy Quadricycles), End Use (Resorts & Museums, Industrial Facilities, Personal Mobility & Other End Uses), Price-Range (Economy, Mid-range & Premium) and Region (Asia Pacific, Europe, and Americas).
The study also includes an in-depth competitive analysis of the market’s key players, their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.
Key Benefits of Buying the Report:
The report will help the market leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall quadricycle market and the sub-segments.This report will help stakeholders understand the competitive landscape and gain more insights to better position their businesses and plan suitable go-to-market strategies.
The report also helps stakeholders understand the market’s pulse and provides information on key market drivers, restraints, challenges, and opportunities.
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