Motorized Quadricycle Market Size, Share & Industry Analysis, By Type (Light Quadricycle (L6e) and Heavy Quadricycle (L7e)), By Application Type (Household and Commercial), By Propulsion Type (Internal Combustion Engine and Electric), By End-use (Golf, Leisure, Industrial, and Others), By Price Range (Low, Medium, and High), By Component (Wheels & Tires, Powertrain/Drivetrain, Body & Chassis, Suspension System, and Others) and Regional Forecast, 2024-2032

The global motorized quadricycle market size was valued at USD 1.05 billion in 2023. The market is projected to grow from USD 1.16 billion in 2024 to USD 3.43 billion by 2032, exhibiting a CAGR of 14.6% during the forecast period. The motorized quadricycle market in the U.S. is projected to grow significantly, reaching an estimated value of USD 435.10 million by 2032, driven by new vehicle launches and favorable government regulations. 

A motorized quadricycle refers to a small, four-wheeled vehicle that is powered by a motor or engine. It typically accommodates a small number of passengers, usually comprising seating for two to four individuals. Quadricycles are designed for personal transportation and are often used for recreational purposes, short-distance commuting, or as a mode of transportation in areas where traditional automobiles may not be practical.

The growing emphasis on sustainable and eco-friendly transportation has led to an increased interest in electric vehicles (EVs), which is also extended to the motorized quadricycles. While limited safety provided for the occupant hinders the market demand. The increasing urbanization and congestion in cities drive the demand for compact and efficient transportation solutions, which is poised to drive the global motorized quadricycle market growth over the forecast period.

The COVID-19 pandemic led to disruptions in global supply chains, affecting the production and availability of various automotive components. Motorized quadricycle manufacturers also faced challenges in sourcing parts, leading to potential delays in production.

Motorized Quadricycle Market Trends

Growing Trend of Electric Mobility to Boost the Market Growth

The broader trend of electric mobility has extended to the quadricycle market. Consumers and regulatory bodies are showing an increased interest in electric vehicles (EVs) due to their lower environmental impact compared to ICE-propelled vehicles. Moreover, electric quadricycles prove to be a suitable solution for urban areas, tackling issues associated with traffic congestion and air pollution.

Their compact size and electric power make them ideal for short-distance commuting and last-mile transportation, aligning with the evolving needs of urban mobility solutions. Electric mobility has a crucial role as the world transitions toward cleaner energy sources. Electric quadricycles contribute to this broader energy transition by reducing reliance on traditional fuels and promoting the use of renewable energy for transportation.

Therefore, manufacturers have also shifted toward the development and production of electric quadricycles. For instance, in July 2023, Fiat debuted the Fiat Topolino, a compact electric quadricycle crafted to engage the interest of younger demographics and promote eco-friendly transportation. Fueled by a 5.4 kWh battery, this quadricycle provides a range of up to 47 miles on a singular charge.

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Motorized Quadricycle Market Growth Factors

Increasing Population and Congestion in the Urban Areas to Augment the Market Growth

Motorized quadricycles are seen as a viable solution for urban mobility, especially in congested city areas. They are smaller and more manoeuvrable than traditional cars, making them suitable for short-distance commuting. The global trend of increasing urbanization contributes to the demand for compact and easily navigable vehicles. Motorized quadricycles are well-suited for short trips within urban environments and their popularity can be linked to the growth of urban populations.

For example, the World Bank stated in April 2023 that the urban population would increase by 1.5 times to 6 billion by 2045. This increase in the urban population, leading to congestion in the urban area, generates the demand for compact vehicles. Moreover, quadricycles are generally more affordable than traditional cars, both in terms of procurement and operational costs. This makes them attractive to consumers looking for budget-friendly transportation options.

RESTRAINING FACTORS

Regulatory Challenges and Compliance May Hamper the Market Growth

Several countries have implemented regulations that constrain the growth of the quadricycle market, necessitating compliance from both companies and customers to manufacture or use quadricycles on the road. For example, in Germany, vehicle registration requirements are dictated by the "Verordnung über die Zulassung von Fahrzeugen zum Straßenverkehr" (Regulation on the Admission of Vehicles to Road Traffic). Light quadricycles (L6e) are exempt from registration and taxation but require users to obtain an insurance license plate, enabling on-road usage and providing one year of insurance coverage. On the other hand, heavy quadricycles (L7e) must be registered and equipped with full license plates, and their keepers must hold third-party insurance.

To access German motorways or motor roads (Kraftfahrstraße, (denoted by a blue sign edged in white featuring a white car silhouette, often a dual carriageway), vehicles must have a maximum design speed exceeding 60 km/h. Category L6e vehicles, restricted to 45 km/h by definition, are not legally permitted on these roads. However, faster quadricycle models falling under category L7e face no such restrictions on these road types. Other road types do not impose relevant restrictions.

Motorized Quadricycle Market Segmentation Analysis

By Type Analysis

Suitability of Heavy Quadricycle (L7e) for Last-mile Deliveries to Propel the Segment Growth

Based on type, the market is divided into light quadricycle (L6e) and heavy quadricycle (L7e).

The heavy quadricycle (L7e) segment held the largest market share in 2023. Heavy quadricycles are often used for commercial and industrial purposes, such as transporting goods in urban environments. Their payload capacity and design make them suitable for applications such as last-mile delivery, where there is a need for efficient and cost-effective transportation solutions.

The light quadricycle (L6e) segment is expected to grow rapidly during the projected timeline. Light quadricycles typically have smaller engines/motors, fuel-efficient, and lower battery consumption compared to traditional cars. This makes them attractive to consumers looking for more fuel-efficient transportation options, especially in urban settings where short trips are common, increasing the demand for lightweight vehicles. In August 2023, the Yunlong Company unveiled an addition to its line of electric vehicles, the EEC L6e Electric Passenger Car. Boasting a maximum speed of 45 km per hour and a driving range of up to 100 km per charge, this vehicle incorporates an energy recovery system to optimize its overall range. Furthermore, it also incorporates regenerative braking to enhance efficiency.

By Application Type Analysis

Usage of the Product for Cargo Transportation to Foster the Commercial Segment Expansion

Based on application type, the market is dole out into two sub-segments, namely household and commercial.

The commercial segment held the largest market share in 2023. Quadricycles are often used for commercial use, especially for transportation of public and cargo within a specific area, such as golf courses, manufacturing factories, and others. Companies design these models, which provide efficient performance and make viable transportation solutions for several industries. In December 2021, Mahindra unveiled its electric commercial quadricycle, which the company aimed to launch in 2022.

The household segment is expected to grow at the highest CAGR during the forecast period. Major companies in the market are now focused on designing and developing motorized quadricycles to make them available for private use. In January 2023, Bajaj received approval to manufacture and provide its four-wheeled, internal combustion engine-propelled quadricycle “Qute” for household use. This enhanced the market growth in the household segment.

By Propulsion Type Analysis

Convenient Nature of Internal Combustion Engines to Spur the Segment Growth

Based on propulsion type, the market is divided into two sub-segments, namely, internal combustion engine and electric.

The internal combustion engine segment dominated the market in 2023. Internal combustion engines have been a mature and well-established technology for decades. This means that manufacturers have had ample amount of time to refine and optimize the efficiency, performance, and reliability of ICE vehicles. In addition, in many regions, the infrastructure for supporting ICE vehicles, such as gasoline or diesel stations, has been in place for a long time. This makes it more convenient for consumers to operate and maintain ICE vehicles. All these factors drive the internal combustion engine segment growth.

The electric segment is estimated to grow with the fastest-growing CAGR during the forecast period. Electric quadricycles are well-suited for urban mobility solutions. Their compact size and low environmental impact make them attractive for short-distance commuting, particularly in densely populated urban areas where environmental concerns are more pronounced. Due to this, electric quadricycles are gaining attraction, which is poised to lead to rapid segment growth during the forecasted period. For instance, in September 2023, Ark, a British EV startup, recorded sales of 200 units of its electric quadricycle, the Ark Zero, since its launch in June 2023.

By End-use Analysis

Development of Some Products for Off-road Adventures to Fuel the Leisure Segment Expansion

Based on end-use, the market is divided into golf, leisure, industrial, and others.

The leisure segment dominated the market in 2023. The segment is also estimated to expand at the fastest-growing CAGR during the forecast period. Some quadricycles are designed for off-road adventures, offering features such as enhanced suspension systems, robust tires, and durable chassis. This makes them suitable for individuals and families seeking outdoor recreational experiences, which is slated to drive the growth of the segment over the projected time frame.

The industrial segment held the second-largest motorized quadricycle market share in 2023. Quadricycles in the industrial segment are typically designed to meet the business and industry needs. In March 2023, Club Car, a global leader in manufacturing small-wheel, zero-emissions electric vehicles, introduced its latest street-legal electric models, the Club Car Urban LSV and XR. The Club Car Urban provides a distinctive utility vehicle solution that caters to the needs of large campuses, last-mile delivery, municipalities, and hospitality spaces.

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By Price Range Analysis 

Medium Price Range Segment Dominated the Market Owing to its Affordability

Based on price range, the market is categorized into low, medium, and high.

The medium segment held the largest market share in 2023. The growth of the segment is attributed to the consumer demand for quadricycles that fulfil their basic requirements. Medium-range quadricycles provide features and performance that are between low-level quadricycles and high-priced quadricycles. The medium price range appeals to a broad consumer base looking for cost-effective transportation solutions. Quadricycles in this segment offer a balance between affordability and features, providing value for money for budget-conscious consumers

The low segment is expected to expand at the fastest-growing CAGR during the forecast period. The primary driver behind the growth of this segment is the affordability of low-priced products. Consumers in this segment are often budget-conscious and looking for cost-effective transportation solutions. Manufacturers target this demographic by producing quadricycles with simplified features and lower production costs to keep prices down.

By Component Analysis

Powertrain/Drivetrain Segment Dominated the Share Due to Advancement in Drivetrain Technologies

Based on component, the market is categorized into wheels & tires, powertrain/drivetrain, body & chassis, suspension system, and others.

The powertrain/drivetrain segment dominated the market in 2023. The segment is also considered to expand with the fastest-growing CAGR during the forecast period. The development of motor technology for electric quadricycles drives the growth of the segment. For instance, in September 2023, ZF developed a magnet-free electric motor that stands out for its exceptional compactness and competitiveness. Thus, developments in motor technology have fuelled the growth of the segment.

The body & chassis segment held the second-largest market share in 2023. Consumer preferences for stylish, customizable, and aesthetically pleasing quadricycles drive innovation in body design and exterior features. Manufacturers offer a variety of colour options, exterior styling packages, and customizable accessories to appeal to different consumer segments, which is poised to fuel the growth of the segment over the forecast period.

REGIONAL INSIGHTS

Companies Expanding their Business Within the Region Fuels the Europe Market

By region, the market is analysed across North America, Europe, the Asia Pacific, and the rest of the world.

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The Europe region contributed with a dominant share in the global market in 2023. Several countries in the European region promote zero-emission goals, contributing to sustainable future goals. This pushes the companies in the region to offer electric quadricycles, expand their businesses in other countries within the region, and contribute to the environmental goals. For instance, in July 2023, Microlino expanded its product offering to France, providing its tiny l7e quadricycle in the market. The expansion strategies of companies and their product offerings in the region are poised to boost the market growth over the forecast period.

The Asia Pacific market for motorized quadricycle held the second-largest share in 2023. Many cities in the region face significant traffic congestion. Quadricycles offer a practical solution for short-distance commuting and navigating through congested urban areas, making them attractive to urban residents. On the other hand, major players in the region are constantly developing technology and launching products related to quadricycles, which boosts the regional growth. For instance, in October 2023, Toyota showcased its Space Mobility Prototype, which can be used to explore the Moon. This off-roader quadricycle prototype is a two-seater EV engineered for outer space. It is capable of climbing boulders up to nearly 20 inches (50 centimetres) tall and can also tackle 25-degree slopes.

North America held a substantial share in the market in 2023. The trend of NEVs in North America boosts the regional growth. In March 2023, Club Car, a prominent manufacturer of compact, emission-free electric vehicles with small wheels, introduced the Club Car CRU. Developed in collaboration with BMW Designworks, this vehicle boasts a stylish and ergonomic design, exceptional handling, accommodation for six occupants, and a maximum speed of 25 miles per hour. For individuals seeking environmentally friendly and hassle-free transportation, the Club Car CRU emerges as an ideal solution for Neighbourhood Electric Vehicles.

The Rest of the World, comprises the Latin America and the Middle East & Africa. In tourist destinations, quadricycles are used for rental services, providing tourists with a unique and convenient way to explore local attractions. In addition, quadricycles designed for leisure activities can find popularity in regions with a focus on recreational and outdoor lifestyles. In November 2023, Club Car, a renowned international provider of golf, consumer, and utility vehicles, delivered an array of 80 new golf cars to Al Zorah Golf Club, an exclusive luxury destination situated in the United Arab Emirates. This fuels the demand for the market in the region.

List of Key Companies in Motorized Quadricycle Market

Technological Innovation and Trend of EV Drive the Competitive Edge

The global market of motorized quadricycles includes both established players and new entrants. Key manufacturers and brands in the market play a crucial role in shaping competition dynamics. The major companies in the market are constantly focusing on the development and innovation of motorized quadricycles. Renault Group, Polaris Industries Inc., and Bajaj Auto Limited, among others, are the key players in the market. These companies are shifting toward developing electric quadricycles, contributing to the goals of sustainability and an eco-friendly environment. In addition, collaboration between companies to provide efficient motorized quadricycles fuels the competitive edge in the market.

Moreover, Renault is a well-established automotive manufacturer with a global presence. The Renault Twizy is one of the notable electric quadricycles offered by the company. The Twizy is designed for urban commuting and is recognized for its compact dimensions and eco-friendly features.

List of Key Companies Profiled:

• Renault Group (France)


• Polaris Industries Inc. (U.S.)


• Bajaj Auto Limited (India)


• Aixam-Mega (France)


• Yamaha Motor Co., Ltd. (Japan)


• Mahindra Electric Mobility Limited (India)


• SWINCAR (U.K.)


• GEM Electric Vehicles (Waev Inc.) (U.S.)


• Ligier Group (France)


• Microlino (Switzerland)


• Arcimoto (U.S.)


• Fiat (Italy)


• PMV Electric (India)


• Citroen (France)


• Club Car, LLC (U.S.)


• Chatenet (France)


• Textron (U.S.)


• Italcar Industrial S.r.l. (Italy)


• Alke (Padua, Italy)


• Goupil (France)


• Toyota Motor Corporation (Japan)

KEY INDUSTRY DEVELOPMENTS:

• January 2024 – WiTricity, in partnership with ICON EV, introduced the 2024 ICON Low-Speed Vehicles (LSVs), which have wireless charging options. These LSVs are supposed to debut at WiTricity's exhibit during the Consumer Electronics Show (CES) in Las Vegas. They are acclaimed to be made available in the market for purchase in the summer of 2024.


• January 2023 -  Ligier Group launched its facelift of the Ligier JS50 model. It will be launched in three variants: Sport, Sport pack and Sport Ultimate. The company offers a DCi engine in this model with five colour options and a revised interior.


• January 2023 – Citroen launched an open-air version of its My Ami electric quadricycle. The light quadricycle has a speed limited to 45km/h, a range of around 75km, and a 5.5kWh battery.


• July 2023 – The Little Car Company unveiled the Tamiya Wild One MAX. This L7e quadricycle is based on the original Tamiya Wild One (58050) radio-controlled car. It was first released in 1985 and was relaunched for the roads of the U.K. and EU.


• October 2022 – Renault launched its spin-off urban mobility brand, called Mobilize, under which the company unveiled Mobilize Duo, a pure-electric, two-seat quadricycle.

REPORT COVERAGE

The report provides a detailed analysis of the motorized quadricycle market and focuses on key aspects such as leading companies, product/service types, and leading applications of the product. Besides this, it offers insights into the market trends and highlights key industry developments. In addition to the factors above, the report encompasses several factors that have contributed to the growth of the market in recent years.

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