Press Release

Quadricycle Market to Exhibit Positive Growth Due to Rising Adoption of Electric Quadricycles

The Global Quadricycle Market is projected to grow at a CAGR of around 11.9% during the forecast period of 2024-30, says MarkNtel Advisors in their recent research report. The soaring fuel prices, growing golf tourism, rising demand for light vehicles, the proliferation of home delivery & parcel services, etc., are the factors that would drive growth during the forecast period. The ride-hailing services companies across the globe are working to improve transportation by making it more convenient & economical, owing to this, these companies are now gradually introducing transit options through microcars.

Quadricycles (microcars) provide benefits such as low operating costs, environmental friendliness, and high adaptability to intra-city mobility. These features are causing companies such as Ola & Uber to adopt microcars in areas, including Asia-Pacific & Europe. In addition, the expansion of parcel delivery services and the adoption of quadricycles are positively impacting the growth of the Global Quadricycle market. Many e-commerce service providers, like UPS, DPD, etc., are gradually adopting quadricycles for delivery services.

Further electric versions of quadricycles are witnessing significant adoption by various end-user sectors such as airports, golf courses, resorts, etc. Several end-users across the globe are switching to electric quadricycles, as they offer functions such as maximum drivability, comfort, and good maneuverability at reduced operational costs. Therefore, the demand for electric versions would further enhance during the forecast period due to surging fuel prices & growing sustainability concerns, further states the research report, "Global Quadricycle Market Analysis, 2024."

Commercial End-users to Witness Significant Growth in the Forecast Period

Based on the End User, the market bifurcates into Commercial, Personal Mobility, Industrial, and Adventure Sports. Of all, the Commercial end-user is more likely to witness the fastest growth during the forecast period, owing to the high adoption quadricycles by hospitality, airports, and golf course management services.

Besides, international tourism is also picking up its pace after the mellowing down of the pandemic, due to which the Middle East, Asia-Pacific, and European countries are continuously focusing on the growth of their tourism sector. Countries like the UAE, Saudi Arabia, India, Thailand, etc., are increasing their expenditures for improving tourism infrastructure as these countries are witnessing a year-on-year surge in tourists.

Furthermore, the expanding tourist industry is boosting the number of hotels, resorts, theme parks, and others across countries. Additionally, the boost in the number of these tourist establishments would positively affect the growth of the Global Quadricycle market during the forecast period, as they require quadricycles for guest & luggage mobility.

North America to Account for the Largest Share of the Global Market

Global Quadricycle Market is expanding substantially across various regions, where North America is likely to attain the largest share during the forecast period. In North America, the presence of nearly 99 biggest & busiest airports, like Hartsfield–Jackson Atlanta International Airport (The US), Los Angeles International Airport (The US), etc., and the presence of large theme parks like Magic Kingdom at Walt Disney World (USA), and others have registered a significant demand for quadricycle during the historical years.

Furthermore, the expansion of golf courses across the region due to the surge in the number of golf management services & the rising number of golfers had pushed the demand for golf cart quadricycle. Furthermore, countries such as the United States are experiencing a year-over-year uptick in the frequency of people playing golf, which is expanding the number of golf courses. In addition, Canada 2022 has invested USD 4.4 million in professional tournaments in Canada to promote golf tourism in the country.

Consequently, the expansion of golf tourism, combined with the surging use of quadricycles by ride-hailing services & parcel delivery services, would drive demand for quadricycles during the forecast period of 2023-28.

Key Competitors

According to MarkNtel Advisors, the leading players in the Global Quadricycle Market are 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.

Key Questions Answered in the Study

1. What are the current & future trends in the Global Quadricycle market?
2. How has the industry been evolving in terms of geography & product adoption?
3. How has the competition been shaping across various countries, followed by their comparative landscape?
4. What are the key growth drivers & challenges for the Global Quadricycle Market?
5. What are the customer orientation, purchase behavior, and expectations from product manufacturers across various regions?

Market Segmentation:

1. By Type (Light Quadricycle, Heavy Quadricycle)
2. By End User (Commercial (Golf Course Management Services, Hospitality Sector, Airports, Other (Educational Institutes, Hospitals, Theme parks, etc.), Personal Mobility, Industrial (Ports, Warehouse, etc.), Adventure Sports)
3. By Propulsion Type (Internal Combustion Engine, Electric)
4. By Price Range (Economic, Mid-range, Premium)
5. By Region: North America, South America, Europe, The Middle East & Africa, Asia-Pacific