The Global Quadricycle market is projected to grow at a CAGR of around 11.9% during the forecast period, 2024-30.
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Key Findings of the Study: Quadricycle Market
Quadricycle Market Driver: Demand for Lightweight Vehicles from Various End-User Sectors to Steer Market Growth
Increasing fuel efficiency and the environmental benefits of using lightweight vehicles, coupled with easy maneuverability, are driving demand for motorized quadricycles. The use of lightweight vehicles in various industries is helping in cutting down operational costs as accelerating a light vehicle takes less energy than accelerating a heavy one. The rising fuel prices in various countries are driving the demand for lightweight vehicles globally and this demand for lightweight compact vehicles is supporting the growth market.
Moreover, the stringent carbon emission norms combined with the sustainability goals of companies and organizations are also supporting the growth of lightweight vehicles like quadricycles.
Furthermore, many industries like food & beverage, logistics, warehouse facilities, etc., are also increasing the adoption of quadricycles due to easy handling and good maneuvering capabilities, which it offers in the onus of their lightweight. The growth of these sectors globally would further extend the demand for lightweight vehicles like quadricycles during the forecast period.
Scope of the Report and Quadricycle Market Segmentation
By Type
-Light Quadricycle
-Heavy Quadricycle
By End User
-Commercial
–Golf Course Management Services
–Hospitality Sector
–Airports
–Others (Educational Institutes, Hospitals, Theme parks, etc.)
-Personal Mobility
-Industrial (Ports, Warehouse, etc.)
-Adventure Sports
By Propulsion Type
-Internal Combustion Engine
-Electric
- The Electric Models would dominate the market during the forecast period due to the increased adoption of electric Quadricycle by various end-user sectors such as airports, golf courses, resorts, etc.
By Price Range
-Economic
-Mid- range
-Premium
Top leading companies in the Quadricycle Market includes:
Polaris, Goupil, Alke, Bajaj Auto, Textron, Italian, Aixam Mega, Honda Motor Company, Ltd, Yamaha Motor Co., Ltd., Suzuki Motor Corporation, Ligier Group, Baxt, Estrima S.P.A, Groupe Renault, Citroën Ami, Tazari EV, Triggo, Global Electric Motorcar (Gem), etc.
Quadricycle Market Development
- 2022: Citreon Ami, the quadricycle range of Citreon, has launched its new variant, MY Ami Tonic. The new variant has a smartphone cradle, three storage bins, door nets, a central net in the cabin, a bag hook, floor mats, and a connection device to allow for smartphone connectivity with the My Citroën App.
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Geographical analysis:
North America: US, Canada, Mexico
Europe: Germany, The UK, Spain, Italy, Rest of Europe
Asia-Pacific: China, India, Japan, South Korea, Australia, Rest of Asia-Pacific
South America: Brazil, Argentina, Rest of South America
Middle East & Africa: UAE, Saudi Arabia, South Africa, Rest of MEA
- North America was one of the largest consumers of the quadricycle, owing to numerous factors like the presence of the hospitality sector, educational institutes, theme parks, airports, and golf courses.
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