Global Motorized Quadricycles Market: Introduction
Motorized quadricycles are small and fuel-efficient vehicles used for local transportation in rural and urban areas. Motorized quadricycles have emerged as an alternative to small city cars and motorcycles. With a speed range of 45 - 100 kmph and weight of up to 400-500 kg, motorized quadricycles have become a popular means of internal transportation. Quadricycles are largely used in European countries. They are exempt from stringent regulations and safety tests that are applicable for passenger cars; also, they are road-legal and may not require a full license to be driven. As per the directive 2002/24/EC & CE, quadricycles have been categorized into: light quadricycles (L6e) and heavy quadricycles (L7e). Light quadricycles are limited to a speed of 45 kmph, while heavy quadricycles are not speed limited and may have a speed of up to 100 kmph. Motorized quadricycles must meet environment regulations w.r.t emissions, however this isn’t a key concern for manufacturers as a major share of motorized quadricycles are electric; gas powered quadricycles hold a low market share. Despite some existing restraining factors, the motorized quadricycle market is expected to witness noteworthy year-on-year growth over the forecast period. It has been witnessed that elderly population accounts for a majority of the demand for motorized quadricycles owing to low cost, light weight and ease of handling of the vehicle. This trend is expected to exist throughout the forecast period.
Global Motorized Quadricycle Market: Dynamics
Low cost, ease of handling and lack of stringent regulations are some of the prominent factors driving the sale of motorized quadricycles. Quadricycles are many folds cheaper than city passenger cars and thus appeal to huge masses, particularly the elderly population who do not seek high power and high speed vehicles. Motorized quadricycles are easy to handle; these usually have a CVT transmission and require comparatively low maintenance as compared to other passenger cars. Majority of motorized quadricycles are electric powered and thus, are environment friendly. Furthermore, the motorized quadricycle market lacks stringent regulations. Regulations for driving quadricycles vary from country to country. In some countries, no license is required to drive a quadricycle, while in some countries a valid driving license and a minimum age of 18 years are prerequisites.
The recent one-off tests conducted by Euro NCAP brought the quadricycle market to limelight. The frontal and side crash test conducted by the organization highlighted that quadricycles significantly lacked passenger safety even at a low speed of 50 kmph. The frontal and side impact tests highlighted the lack of minimum safety equipment in quadricycles. This has created pressure on manufacturers to transform their vehicles and ensure a high level of safety during crash, while maintaining cost of the vehicle; as surge in prices would not be acceptable to customers. At the same time, this incident may also restrain customers from buying quadricycles due to the lack of safety.
Global Motorized Quadricycle Market: Segmentation
By product type, the motorized quadricycle market can be segmented into:
By mode of operation, the motorized quadricycle market can be segmented into:
By price range, the motorized quadricycle market can be categorized into:
Global Motorized Quadricycle Market: Region-wise Outlook
Presently, Europe leads the demand for motorized quadricycles in the global market, and the region is expected to remain predominant in the motorized quadricycle market over the forecast period. Flexible regulations in the region are expected to be the major driver for market growth and thus, increased adoption of quadricycles is expected over the forecast period. After Europe, North America and Latin America are anticipated to be major upcoming markets for motorized quadricycles. However, slow adoption rate is expected in some countries of these regions. The Asia Pacific motorized quadricycle market possesses significant growth opportunity owing to robust economic growth and increasing vehicle ownership per capita. However, some of the countries in the region create moderate demand for quadricycles, as quadricycles here are only limited to internal transport application and are not authorized to be driven on roads. Safety concerns for passengers and poor road infrastructure in some countries of the Asia Pacific region are expected to hamper demand for motorized quadricycles in the region.
Global Motorized Quadricycle Market: Market Participants
Examples of some of the market participants in the global motorized quadricycles market are:
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