According to a new report published by Allied Market Research, titled, โMotorized Quadricycle Market“. The motorized quadricycle market was valued at $460.1 million in 2021, and is estimated to reach $1,156.6 million by 2031, growing at a CAGR of 9.9% from 2022 to 2031.
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Motorized quadricycles are small and fuel-efficient vehicles used for local transportation in rural and urban areas. They are exempt from stringent regulations and safety tests that are applicable for passenger cars; also, they are road-legal and may not require a full license to be driven. With a speed range of 45 – 100 kmph and weight of up to 400-500 kg, motorized quadricycles have become a popular means of internal transportation. Quadricycles are largely used in European countries. As compared to traditional four wheeled automobiles, motorized quadricycles emit low amount of carbon emission owing to their compact size and lightweight nature.
In addition, the rise in demand for cost-effective personal transportation is likely to be the main factor driving the worldwide motorized quadricycle market during the forecasted period. For instance, inย August 2022, Bajaj Auto Ltd (BAL), announced that Bharat Stage (BS)-IV compliant Qute quadricycle sells in select cities in the domestic market, will be coming up with a version complying with the BS-VI emission norms in the medium term.ย
Moreover, technological advances have allowed IC engine motorized quadricycle manufacturers to equip more sophisticated components, which drive the motorized quadricycle market during the forecast period. For instance, inย June 2019, Uber partnered with Bajaj Auto to launch Bajaj Qute in its new UberXS category, a new service for affordable and smart urban commuting. Qute comes with two fuel options โ CNG and petrol. All units available as UberXS rides will be powered by the CNG fuel option, which provides a 43 km/kg mileage.
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Covid-19 Scenario:
- The outbreak of the COVID-19 pandemic hurt the growth of the global motorized quadricycle market, owing to the pre-existing lack of financial and technical resources, which resulted in hampering the end-use industry.
- The crisis places dealerships under extreme financial pressure, as most are small family-run operations. A prolonged downturn in demand, which is expected to continue even after operations resume, is likely to impact the OEMsโ profitability.
- Moreover, due to the economic slowdown, people’s disposable income has dropped, affecting the demand for motorized quadricycles.
- However, the motorized quadricycle market has a high scope of growth opportunities in the future due to factors such as shifting consumer lifestyles & preferences and greater adoption of electric vehicles.
Currently, the development and production of lightweight battery-powered motorized quadricycles has been made possible by several technology advancement and industrial revolutions in the worldwide motorized quadricycle market. These new generation vehicles can substantially increase the savings on fuel costs while providing performance equivalent to the traditional vehicles that use internal combustion engines.ย
For instance, inย January 2022, Yamaha Golf-Car Company launched its lithium-ion-powered quadricycle with independent rear suspension (IRS). The Drive2 PowerTech Li with IRS model offers customers the same comfort, reliability, and performance with a lithium battery solution. In addition, the market for motorized quadricycles could experience significant expansion as a result of innovations such as electric & autonomous quadricycles. As an illustration, Gordon Murray Design recently unveiled Motiv, an electric quadricycle in the form of a pod with a single door. It is only 1310mm wide and 2537mm long.
Increasing demand for lightweight vehicles, growing traffic congestion problems, and favorable government regulations are the market’s growth drivers. Lightweight quadricycles are being developed by manufacturers to increase performance while lowering fuel consumption.
KEY FINDINGS OF THE STUDY
- By type, the heavy quadricycle segment dominated the global market in terms of growth rate.
- By propulsion type, the electric segment dominated the global market in terms of growth rate.
- By end use, the commercial segment dominated the global market in terms of growth rate.
- By price range, the high segment dominated the global market in terms of growth rate.
The leading players operating in the motorized quadricycle market are Alke, Bajaj Auto Ltd., Goupil, Italcar Industrial S.r.l., LIGIER GROUP, Mahindra Electric Mobility Limited, Piaggio & C. SpA, Renault Group, Squad Mobility BV, and Yamaha Golf-Car Company.
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