Quadricycle and Tricycle Global Market Report 2024

The quadricycle and tricycle market size has grown rapidly in recent years. It will grow from $6.53 billion in 2023 to $7.24 billion in 2024 at a compound annual growth rate (CAGR) of 11.0%. The growth observed in the historical period can be attributed to factors such as urbanization and congestion, economic affordability, heightened environmental awareness, government subsidies and incentives, an increased focus on micro-mobility, and evolving consumer preferences.

The quadricycle and tricycle market size is expected to see rapid growth in the next few years. It will grow to $10.9 billion in 2028 at a compound annual growth rate (CAGR) of 10.8%. The anticipated growth in the forecast period can be attributed to a focus on sustainable transportation, increased adoption for commercial use, the emergence of innovative business models, government regulations promoting micro-mobility, and the expansion of electric mobility infrastructure. Key trends expected in the forecast period include collaborations and partnerships, the exploration of hybrid and alternative fuel options, the incorporation of smart and connected features, technological advancements in battery technology, and the integration of connectivity features.

The anticipated increase in demand for lightweight vehicles is set to drive the growth of the quadricycle and tricycle market. Lightweighting vehicles, a concept in the automotive industry aimed at building lighter cars and trucks to enhance fuel efficiency and handling, is a key factor contributing to the growing popularity of quadricycles and tricycles. A notable example is the success of the Wuling Hong Guang MINI EV, a battery-electric city car manufactured by the China-based SAIC-GM-Wuling. According to the China Passenger Car Association (CPCA), it emerged as the best-selling electric vehicle in China in January 2022, with 50,561 units sold in December 2021, marking a 42.9% increase from the previous year. The vehicle recorded impressive sales of 395,451 units in 2021, reflecting a remarkable 250.7% surge compared to the previous year. Hence, the heightened demand for lightweight vehicles is a driving force behind the growth of the quadricycle and tricycle market.

The projected growth in the quadricycle and tricycle market is also attributed to the increasing fuel prices. As the cost of fuel rises, consumers find the enhanced fuel efficiency or electric power of quadricycles and tricycles more appealing, offering substantial long-term cost savings compared to conventional vehicles. According to a report by the United States Department of Transportation in August 2022, the cost of regular motor gasoline increased by 49%, while diesel fuel prices rose by 55% between January and June 2022. Therefore, the escalating fuel prices contribute to the growth of the quadricycle and tricycle market.

Innovative products represent a notable trend gaining traction in the quadricycle and tricycle market. Major companies in this sector are actively developing innovative solutions to bolster their market positions. For example, in November 2022, Italy-based Estrima Srl introduced Birò, the world's smallest four-wheel electric vehicle, designed to address micro-mobility needs in contemporary urban settings. Weighing a mere 350 kg, Birò maintains compact exterior dimensions while optimizing space for the driver, passenger, and cargo. Another illustration is Bentley's introduction of the Mulliner Tricycle in September 2023. This premium tricycle, featuring design elements from Bentley's customized Mulliner models, offers a luxurious riding experience for children with unique features such as a newly designed seat, soft inserts, and a distinctive diamond-in-diamond handmade quilting pattern.

Major companies in the quadricycle and tricycle market are diversifying their product offerings to meet broader customer bases, increase sales, and enhance revenue. An example is Bentley's launch of the Bentley Mulliner Tricycle in September 2023, embodying design elements from their Mulliner models and delivering a premium experience for children. Bentley's tricycle showcases a distinctive design, including White Sand paint, a redesigned seat with soft inserts, a five-point harness with magnetic buckles, and Mulliner's unique diamond-in-diamond handmade quilting.

In January 2022, Waev Inc., a US-based electric vehicle company, completed the acquisition of Polaris Inc.'s GEM and Taylor-Dunn electric vehicle businesses for an undisclosed amount. This strategic move strengthens Waev's position in the electric vehicle market, as Polaris Inc. is a well-established US-based manufacturer of a variety of vehicles, including quadricycles and neighborhood electric vehicles.

Major companies operating in the quadricycle and tricycle market report are Aixam-Mega SAS, Bajaj Auto Limited, Bellier Automobiles SAS, Estrima SPA, Ligier Group, Worksman Cycles Company Inc., Tazzari Gl Imola SPA, Light Foot Cycles, Mahindra & Mahindra Limited, Groupe Renault, Automobiles Chatenet, Bombardier Recreational Products Inc., Club Car, Urban Tricycles Ltd., Electronio Wheels, Polaris Inc., Piaggio & C. SpA, Terra Motors Corporation, Hero Electric Vehicles Pvt. Ltd., Jiangsu Kingbon Vehicle Co. Ltd., Jinhua ShiWei Vehicle Co. Ltd., Zhejiang Jonway Motorcycle Manufacturing Co. Ltd., Chongqing Zongshen Tricycle Manufacturing Co. Ltd., Daymak Inc., Elio Motors Inc., Greenwit Technologies Inc., Kinetic Vehicles, Podbike AS, Sunra Electric Vehicles Group Co. Ltd., Yadea Technology Group Co. Ltd.

Asia-Pacific was the largest region in the quadricycle and tricycle market in 2023. The regions covered in the quadricycle and tricycle market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the quadricycle and tricycle market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The primary vehicle types in this category are quadricycles and tricycles. Quadricycles, being smaller and subject to relaxed regulations, are available in electric, gasoline, and solar-powered variants. These vehicles find application in various contexts, including personal and commercial use.

The quadricycle and tricycle market research report is one of a series of new reports that provides quadricycle and tricycle market statistics, including quadricycle and tricycle industry global market size, regional shares, competitors with a quadricycle and tricycle market share, detailed quadricycle and tricycle market segments, market trends and opportunities, and any further data you may need to thrive in the quadricycle and tricycle industry. This quadricycle and tricycle market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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