According to the latest report by IMARC Group, titled “Quadricycle and Tricycle Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027,” the market to reach US$ 11,158.90 Million by 2027, exhibiting at a CAGR of 10.79% during 2022-2027.
Quadricycle and tricycle refer to four-wheeled and three-wheeled vehicles, which consist of two wheels at the back and two or one in the front. They are commonly available in electric, gasoline and solar variants. These cycles are widely used for transporting cargo and passengers, recreational activities and commuting over short distances within cities. In comparison to traditional vehicles, quadricycles and tricycles provide enhanced stability and comfort and occupy less space. As a result, they are widely used for domestic and commercial applications.
As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the industry behaviours of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
Quadricycle and Tricycle Market Trends:
The global quadricycle and tricycle market is primarily being driven by the increasing demand for electric vehicles (EVs) for short distance travel among the masses. They are widely used for deliveries in shopping malls, railway stations and airports. Moreover, the utilization of advanced lithium-ion (Li-ion) batteries in braking and suspension systems is favoring the market growth. These batteries offer higher power current, enhanced corrosion and abrasion resistance and faster charging capabilities. Other factors, including the launch of lightweight and comfortable product variants, along with the implementation of favorable government policies promoting EVs in urban areas, are creating a positive outlook for the market.
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Quadricycle and Tricycle Market 2022-2027 Analysis and Segmentation:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
Aixam-Mega (Polaris Inc.), Bajaj Auto Limited, Bellier Automobiles, Bombardier Recreational Products Inc., Club Car, Estrima S.p.A, Ligier, Motor Trike Inc., Polaris Inc., Tazzari Gl Imola Spa, Urban Tricycles Ltd. and Worksman Cycles Company Inc.
The report has segmented the market on the basis on region, disc type, material type and end user.
Breakup by Vehicle Type:
Breakup by Power Source Type:
Breakup by Application Type:
Breakup by Region
North America:(United States, Canada
Asia-Pacific:(China, Japan, India, South Korea, Australia, Indonesia, Others)
Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
Latin America;(Brazil, Mexico, Others)
Middle East and Africa
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Key highlights of the report:
Market Performance (2016-2021)
Market Outlook (2022- 2027)
Porter’s Five Forces Analysis
Market Drivers and Success Factors
Comprehensive Mapping of the Competitive Landscape
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