Motorized Quadricycle Market Report by Technology, Industry Share and Size Expansion to 2026 | Fortune Business Insights™
Motorized
Quadricycle Market will exhibit a CAGR of 2.0% during the forecast period, and reach USD 279.4
million by 2027, ,and
the Market value as per 2019 was USD 347.0 million.
Fortune
Business Insights™ in a new report, titled, “Motorized
Quadricycle Market Size, Share & COVID-19 Impact Analysis, By
Type (Light Quadricycle (L6e) and Heavy Quadricycle (L7e)), By Application Type
(Household and Commercial), By Propulsion Type (Internal Combustion Engine and
Electric) and Regional Forecasts, 2020-2027.”
Motorized Quadricycle Market Drivers and Restraint:
Increasing Demand for Lightweight Vehicles to Drive Market Growth
Manufacturers
are developing lightweight quadricycles that improves the performance and curb
the fuel emission of the vehicle that would be driving the sales in the market.
Key OEMs have heavily investing in R&D to manufacture lightweight
components which in turn reduces the weight of the vehicle. As per the European
Regulation Act, the weight of the quadricycle should not exceed 750 kg. Hence,
majority of the manufacturers are installing lightweight components that have
fewer linkages and in turn lead to increased performance and reduced fuel
emission of the vehicle.
Rising Traffic Congestion Problems to Drive Growth of the Market
Increasing
sale of vehicles globally owing to the growing inclination of consumers towards
cost- efficient and environment-friendly vehicles is generating huge amount of
revenue for the automobile sector. Rapid increase in sale of vehicles has
resulted into traffic congestions and lack of parking space in developed
cities. This has fueled the demand for compact and small-sized vehicles
globally. In recent years’ consumers are inclined towards motorized
quadricycles owing to their compact size that help to reduce traffic
congestions. Also, low cost, less stringent regulations, and tax benefits
offered by governments especially on electric quadricycles is likely to drive
the growth of the market.
List of Key Players Covered in the Motorized Quadricycle
Market 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 table
of content and figures, Click Here: https://www.fortunebusinessinsights.com/motorized-quadricycle-market-103473
Some of the key industry developments in the Motorized
Quadricycle 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.
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