Quadricycle Market Research Report: Forecast (2023-2028)
Market Definition
Traditionally, quadricycles are four-wheeled vehicles with rear engines, whose weight, engine power, and speed are limited. European Union Vehicle category defines it as a four-wheeled microcar that requires fewer regulations. They are broadly classified as light or heavy quadricycles & are primarily used for short-distance travel, dominantly within hotel grounds, resorts, airports, museums, and others.
Market Insights & Analysis: Global Quadricycle Market (2023-28)
The Global Quadricycle market is projected to grow at a CAGR of around 11.9% during the forecast period, 2023-28. The growing golf tourism, the proliferation of home delivery & parcel services, rising demand for light vehicles from various end-user sectors, and soaring fuel prices are the factors that would drive growth during the forecast period. The surging popularity of Golf across the globe is leading to the growth in the number of Golf Courses, further pushing the demand for golf equipment such as golf carts.
| Report Coverage | Details |
|---|---|
| Study Period | Historical Data: 2018-21 |
| Base Year: 2022 | |
| Forecast Period: 2023-28 | |
| CAGR (2023-2028) | 11.9% |
| Regions Covered | 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 | |
| Key Companies Profiled | 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. |
| Unit Denominations | USD Million/Billion |
Golf tourism is picking up steam following the pandemic, which is expected to drive additional demand for golf carts in the coming years. The growth of the parcel delivery & home delivery ecosystem would positively affect the expansion of the market in the future as the e-commerce service providers are now shifting towards energy-efficient & environment-friendly mobility options like quadricycle. For instance:
Further, the rising expansion of ride-hailing services is also supporting the growth of the market as these companies are now gradually introducing transit options through microcars. Ride-hailing service companies like Ola and Uber are adopting these lightweight vehicles across the Asia Pacific and Europe, etc., due to their low running cost, environment friendliness, and high adaptability to intra-city mobility.
The burgeoning supportive regulations for the personal use of these vehicles, combined with rising fuel prices and global traffic congestion, are expected to drive up demand for fuel-efficient and compact vehicles such as microcars (quadricycles) during 2023-28.
Key Trends in the Market
The rising fuel prices combined with the incentives provided by the government on the purchase of e-vehicles like New Zealand’s Clean Car Discount scheme(2021) and the UK’s Electric Vehicle Homecharge Scheme have boosted the adoption of electric Quadricycles. Low complexity in manufacturing electric versions compared to combustion engine-based versions has driven the growth of electric versions during the historical years.
Currently, the adoption of advanced electric versions by various end-user sectors is the new overarching trend in the Global market. The emission control norms introduced by different countries like the US, Japan, India, etc., and sustainability initiatives of various end-user industries are leading to the consumer shift towards these advanced electric models. Due to the demand for advanced electric versions, several manufacturers like PMV Electric, Microlino, etc. are now launching more modern versions of the electric Quadricycle. For instance:
The smart features of these advanced models, such as remote parking assist, connected car tech, single-pedal driving, etc., are giving it an upper hand over the conventional electric & combustion engine-based models. This when viewed in light of the rising inclination of individuals toward smart and advanced features is expected to boost the demand for these versions and also push companies to innovate new upgradation.
Market Segmentation
Based on Propulsion Type:
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. The economical operational & maintenance cost, combined with the low emission rates of the electric models is the reason behind its rapid adoption. The electric version offers maximum drivability, comfort, and good maneuvering capability at reduced operational costs owing to which consumers are shifting towards electric versions. The surging fuel price & growing sustainability concerns are expected to escalate the sale of electric versions during the forecast period.
Based on End User:
Based on the end-user segment, the Hospitality sector is expected to accelerate the market in the coming years, owing to the high demand for these vehicles to facilitate the movement of customers & luggage. Hospitality businesses like hotels, resorts, etc. have embraced the use of this vehicle due to its ability to operate in confined spaces such as resorts, hotels, and campsites.
The demand from quadricycles from the hospitality sector is further expected to grow during the forecast period on account of flourishing tourism along with increasing lightweight compact vehicles for mobility & transportation.
For instance,
This is further projected to have an increased number of hotels, and other amusement / entertainment hubs further driving the sales quadricycles to support mobility.
Regional Landscape
Geographically, the Global Quadricycle Market expands across:
Historically, 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. As of 2022, the US had approximately 43% of the world's golf courses, or approximately 15,500. The presence of golf courses in the country accelerated the need for golf carts during the historical years. Furthermore, other sectors, such as the hospitality sector, educational institutes, theme parks, airports, etc., in the US have registered higher usage in the past as these sectors required quadricycles for customer mobility & luggage transfer. Thus, it impact the market share during the estimated years.
Furthermore, the presence of nearly 99 biggest and busiest airports, like Hartsfield–Jackson Atlanta International Airport (The US), Los Angeles International Airport (The US), Toronto Pearson International Airport (Canada), Calgary International Airport ( Canada), etc. and the presence of large theme parks like Magic Kingdom at Walt Disney World (USA), Canada's Wonderland (Canada), Six Flags Grand Adventure (USA), etc. have boosted the demand for quadricycles in during the forecast period.
Recent Developments by Leading Companies
Market Dynamics:
Key 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.
Possible Restraint: Lack of Passenger Safety is Hampering the Market Growth
The lack of safety features is acting as a restraint in the growth of the Market. The Quadricycles have shown poor results in tests carried out by the vehicle safety organization EuroNCAP with some exhibiting serious risks of life-threatening injuries. Owing which many countries are against the idea of introducing quadricycles as mainstream passenger vehicles which is leading to the deprival of quadricycles from the passenger and personal use segment causing a loss of opportunity.
Most of the quadricycle models are either covered using lightweight material or there are just left open from above like in the case of golf carts which results in serious risks of life-threatening injuries when met with accidents. Even though many quadricycles are fully type-approved for use on public roads, they showcase severe safety problems. The quadricycles have a high potential for sales but safety concerns are hampering the growth by creating consumer suspicion at the global level.
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Frequently Asked Questions
A. The growth rate or CAGR for the Quadricycle Market would be around 11.9% during 2023-28.
A. The electric models would be leading the Quadricycle Market 2023-28.
A. The growing demand for lightweight vehicles is expected to drive the Quadricycle Market during 2023-28.
A. 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, Electric Motorcar (Gem), etc. are the top players in the Quadricycle Market.
A. The Asia-Pacific region is anticipated to dominate the Quadricycle Market during 2023-28.
A. The lack of safety features is acting as a restraint in the growth of the Quadricycle Market during 2023-28.
