Motorized Quadricycle Market Report by Technology, Industry Share and Size Expansion to 2026 | Fortune Business Insights™
MotorizedQuadricycle Market will exhibit a CAGR of 2.0% during the forecast period, and reach USD 279.4million by 2027, ,andthe Market value as per 2019 was USD 347.0 million.
FortuneBusiness Insights™ in a new report, titled, “MotorizedQuadricycle Market Size, Share & COVID-19 Impact Analysis, ByType (Light Quadricycle (L6e) and Heavy Quadricycle (L7e)), By Application Type(Household and Commercial), By Propulsion Type (Internal Combustion Engine andElectric) and Regional Forecasts, 2020-2027.”
Motorized Quadricycle Market Drivers and Restraint:
Increasing Demand for Lightweight Vehicles to Drive Market Growth
Manufacturersare developing lightweight quadricycles that improves the performance and curbthe fuel emission of the vehicle that would be driving the sales in the market.Key OEMs have heavily investing in R&D to manufacture lightweightcomponents which in turn reduces the weight of the vehicle. As per the EuropeanRegulation Act, the weight of the quadricycle should not exceed 750 kg. Hence,majority of the manufacturers are installing lightweight components that havefewer linkages and in turn lead to increased performance and reduced fuelemission of the vehicle.
Rising Traffic Congestion Problems to Drive Growth of the Market
Increasingsale of vehicles globally owing to the growing inclination of consumers towardscost- efficient and environment-friendly vehicles is generating huge amount ofrevenue for the automobile sector. Rapid increase in sale of vehicles hasresulted into traffic congestions and lack of parking space in developedcities. This has fueled the demand for compact and small-sized vehiclesglobally. In recent years’ consumers are inclined towards motorizedquadricycles owing to their compact size that help to reduce trafficcongestions. Also, low cost, less stringent regulations, and tax benefitsoffered by governments especially on electric quadricycles is likely to drivethe growth of the market.
List of Key Players Covered in the Motorized QuadricycleMarket Report:
- Renault (Paris, France)
- Ingersoll Rand (Milwaukee, U.S.)
- Yogomo (Shandong, China)
- Textron (Rhode Island, U.S.)
- Italcar Industrial S.r.l. (Turin, Italy)
- Polaris Inc. (Minnesota, U.S.)
- Yamaha Golf-Car Company (Georgia, U.S.)
- Bajaj Auto (Pune, India)
To gain more insights into the market with a detailed tableof content and figures, Click Here: https://www.fortunebusinessinsights.com/motorized-quadricycle-market-103473
Some of the key industry developments in the MotorizedQuadricycle Market Include:
- April 2019 – Bajaj Auto launched its first quadricycle. Bajaj Auto launched its first quadricycle called as Bajaj Qute. The company has launched the vehicle in two variants, petrol and CNG. The petrol variant is for personal use and the CNG variant is for commercial use. The Bajaj Qute is expected to replace the conventional three-wheelers (rickshaw) for public use.
- October 2019 – Renault to start the export of Twizzy Electric Cars Renault started the production of Twizzy electric cars at its plant in Busan. The company is focused on expanding its Twizzy electric car business in the European and Asian markets to revive its reduced sales in Korea and to increase profitability.
