The Worldwide Quadricycle Industry is Expected to Reach $35.6 Billion by 2032 - Growing Traffic Congestion in Urban Areas is Driving Growth

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Dec 15, 2022, 07:30 ET

DUBLIN, Dec. 15, 2022 /PRNewswire/ -- The "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" report has been added to ResearchAndMarkets.com's offering.

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.

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 the latest 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.

Key Topics Covered:

1 Introduction

2 Research Methodology

3 Executive Summary

4 Premium Insights
4.1 Attractive Opportunities for Players in Quadricycle Market
4.2 Quadricycle Market, by Application
4.3 Quadricycle Market, by Propulsion
4.4 Quadricycle Market, by Type
4.5 Quadricycle Market, by End Use
4.6 Quadricycle Market, by Price Range
4.7 Quadricycle Market, by Region

5 Market Overview
5.1 Introduction
5.2 Market Dynamics
5.2.1 Drivers
5.2.1.1 Rising Geriatric Population
5.2.1.2 Growing Traffic Congestion in Urban Areas
5.2.2 Restraints
5.2.2.1 High Costs of Vehicles
5.2.3 Opportunities
5.2.3.1 Development of Electric Vehicle Charging Infrastructure
5.2.3.2 Advances in Autonomous and Connected Car Technology
5.2.3.3 Increased Demand for Last-Mile Delivery Options
5.2.4 Challenges
5.2.4.1 Reduced Cost and Improved Energy Density of EV Batteries
5.2.4.2 Lack of Safety Standards
5.3 Porter's Five Forces Analysis
5.3.1 Threat of New Entrants
5.3.2 Threat of Substitutes
5.3.3 Bargaining Power of Suppliers
5.3.4 Bargaining Power of Buyers
5.3.5 Intensity of Competitive Rivalry
5.4 Scenarios - Quadricycle Market
5.4.1 Realistic Scenario
5.4.2 Pessimistic Scenario
5.4.3 Optimistic Scenario
5.5 Trends/Disruptions Impacting Customer Business
5.6 Supply Chain Analysis
5.7 Quadricycle Market Ecosystem
5.7.1 Ecosystem: Quadricycle Market
5.8 Technology Trend
5.8.1 Future of Autonomous Vehicle Technology
5.8.2 Rising Installation of Advanced Safety and Comfort Features
5.9 Average Selling Price (ASP) Analysis
5.9.1 by Type and Region
5.10 Trade Analysis
5.10.1 Import Scenario
5.10.1.1 France
5.10.1.2 Italy
5.10.1.3 Spain
5.10.1.4 India
5.10.2 Export Scenario
5.10.2.1 France
5.10.2.2 Italy
5.10.2.3 Spain
5.10.2.4 India
5.11 Patent Analysis
5.12 Regulatory Landscape
5.12.1 Regulatory Bodies, Government Agencies, and Other Organizations
5.12.2 Regulatory Analysis for Quadricycle Market, by Region/Country
5.12.2.1 Europe
5.12.2.2 India
5.12.2.3 US
5.13 Case Study Analysis
5.13.1 Use Case 1: Paxster Offers Vehicles for Last-Mile Delivery
5.13.2 Use Case 2: Light Micro Commercial Vehicles for Urban Usage
5.14 Top Selling Models

6 Quadricycle Market, by Propulsion
6.1 Introduction
6.1.1 Research Methodology
6.1.2 Assumptions
6.1.3 Industry Insights
6.2 Electric
6.2.1 Increased Adoption of Electric Vehicles
6.3 Internal Combustion Engine (Ice)
6.3.1 Range Anxiety About Electric Vehicles

7 Quadricycle Market, by Application
7.1 Introduction
7.1.1 Research Methodology
7.1.2 Assumptions
7.1.3 Industry Insights
7.2 Household
7.2.1 Rising Geriatric Population to Drive Demand for Household Segment
7.3 Commercial
7.3.1 High Demand for Last-Mile Delivery

8 Quadricycle Market, by Type
8.1 Introduction
8.1.1 Research Methodology
8.1.2 Assumptions
8.1.3 Industry Insights
8.2 Heavy Quadricycles
8.2.1 Use in Passenger and Cargo Transport to Boost Segment
8.3 Light Quadricycles
8.3.1 Improved Awareness of Zero0Carbon Emissions to Drive Demand

9 Quadricycle Market, by End Use
9.1 Introduction
9.1.1 Research Methodology
9.1.2 Assumptions
9.1.3 Industry Insights
9.2 Resorts and Museums
9.2.1 Investments in Hospitality Sector
9.3 Industrial Facilities
9.3.1 Development of Manufacturing Sector to Boost Segment
9.4 Personal Mobility
9.4.1 Growing Geriatric Population
9.5 Other End Uses
9.5.1 Increase in Airport Operations Fuels Growth

10 Quadricycle Market, by Price Range
10.1 Introduction
10.1.1 Research Methodology
10.1.2 Assumptions
10.1.3 Industry Insights
10.2 Economy
10.2.1 Asia-Pacific to Have Largest Market for Economic Models
10.3 Mid-Range
10.3.1 Use of Electric Models to Promote Mid-Range Quadricycles
10.4 Premium
10.4.1 Use of Quadricycles as a Status Symbol

11 Quadricycle Market, by Region
11.1 Introduction
11.1.1 Research Methodology
11.1.2 Assumptions
11.1.3 Industry Insights
11.2 Asia-Pacific
11.2.1 Asia-Pacific Quadricycle Market, by Application
11.2.2 Asia-Pacific Quadricycle Market, by Price Range
11.2.3 China
11.2.3.1 Growing Industrial Sector
11.2.4 Japan
11.2.4.1 Awareness of Safe Commute Post COVID-19
11.2.5 India
11.2.5.1 Widescale Commercial Applications
11.2.6 South Korea
11.2.6.1 Prevalence of Ride-Sharing and Last-Mile Delivery Services
11.3 Europe
11.3.1 Europe Quadricycle Market, by Application
11.3.2 Europe Quadricycle Market, by Price Range
11.3.3 Germany
11.3.3.1 Focus on Cutting Carbon Emissions
11.3.4 France
11.3.4.1 Compact and Sleek Design
11.3.5 UK
11.3.5.1 Use of Quadricycles by Older People
11.3.6 Spain
11.3.6.1 Demand for Sustainable Mobility Solutions
11.3.7 Italy
11.3.7.1 Growing Trend of Ride-Sharing
11.3.8 Rest of Europe
11.3.8.1 Preference for Safe Commute Options
11.4 Americas
11.4.1 Americas Quadricycle Market, by Application
11.4.2 Americas Quadricycle Market, by Price Range
11.4.3 US
11.4.3.1 Popularity of Quadricycles for Personal Mobility
11.4.4 Canada
11.4.4.1 Shift Toward Electrification
11.4.5 Brazil
11.4.5.1 Affordable Running Costs and Ease of Use

12 Competitive Landscape
12.1 Overview
12.2 Quadricycle Market Share Analysis, 2021
12.3 Revenue Analysis of Top Players
12.4 Competitive Evaluation Quadrant
12.4.1 Terminology
12.4.2 Stars
12.4.3 Pervasive Players
12.4.4 Emerging Leaders
12.4.5 Participants
12.5 Quadricycle Market: Company Footprint
12.6 Competitive Benchmarking
12.7 Competitive Scenario
12.7.1 Product Launches
12.7.2 Deals
12.8 Strategies Adopted by Key Players

13 Company Profiles
13.1 Key Players
13.1.1 Aixam
13.1.1.1 Business Overview
13.1.1.2 Products Offered
13.1.1.3 Recent Developments
13.1.1.4 Analyst's View
13.1.2 Ligier Group
13.1.2.1 Business Overview
13.1.2.2 Products Offered
13.1.2.3 Recent Developments
13.1.2.4 Analyst's View
13.1.3 Italcar Industrial S.R.L
13.1.3.1 Business Overview
13.1.3.2 Products Offered
13.1.3.3 Analyst's View
13.1.4 Alke
13.1.4.1 Business Overview
13.1.4.2 Products Offered
13.1.4.3 Recent Developments
13.1.4.4 Analyst's View
13.1.5 Casalini
13.1.5.1 Business Overview
13.1.5.2 Products Offered
13.1.5.3 Analyst's View
13.1.6 Bellier Automobiles
13.1.6.1 Business Overview
13.1.6.2 Products Offered
13.1.6.3 Analyst's View
13.1.7 Citroen
13.1.7.1 Business Overview
13.1.7.2 Products Offered
13.1.7.3 Recent Developments
13.1.8 Renault Group
13.1.8.1 Business Overview
13.1.8.2 Products Offered
13.1.9 Toyota Motor Corporation
13.1.9.1 Business Overview
13.1.9.2 Products Offered
13.1.9.3 Recent Developments
13.1.10 Tazzari Gl Imola Spa
13.1.10.1 Business Overview
13.1.10.2 Products Offered
13.1.10.3 Recent Developments
13.2 Other Players
13.2.1 Honda Motor Co. Ltd.
13.2.2 Suzuki Motor Corporation
13.2.3 Global Electric Motorcar (Gem)
13.2.4 Goupil
13.2.5 Estrima S.P.A
13.2.6 Automobiles Chatenet
13.2.7 Triggo
13.2.8 Paxster
13.2.9 Zhidou Electric Vehicle Co. Ltd.
13.2.10 Wei Yun Electric Vehicle
13.2.11 Bajaj Auto Ltd.
13.2.12 Albamobility S.R.L.