Motorized Quadricycles Market to Hit $279.4 Million by 2027; Increasing Demand for Battery-powered Urban Transportation to Fuel Market Growth, Says Fortune Business Insights™
Key companies covered are Bajaj Auto (Pune, India), Polaris Inc. (Minnesota, United States), Textron (Rhode Island, United States), Ingersoll Rand (Milwaukee, United States), Yamaha Golf-Car Company (Georgia, United States), Italcar Industrial S.r.l. (Turin, Italy), Yogomo (Shandong, China), Renault (Paris, France) and more players profiled in motorized quadricycles market research report
Pune, Aug. 20, 2020 (GLOBE NEWSWIRE) -- The global motorized quadricycles market size is projected to reach *USD 279.4 million* by 2027, exhibiting a CAGR of 2.0% during the forecast period. The introduction of autonomous quadricycles by leading companies will be one of the prominent growth determinants for this market, observes Fortune Business Insights™ in its report, titled “*Motorized Quadricycles 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*”. Self-driving or autonomous cars are being increasingly developed by leading car companies such as Tesla to reduce driving stress as well as enhance the ride experience and safety of passengers. Many companies are also coming out with novel quadricycle concepts to cater to the surging demand for lightweight automobiles.
For example, in February 2019, the Spanish carmaker SEAT unveiled its self-driving motorized quadricycle/car hybrid called Minimo, featuring a size that is two-and-a-half times that of a sub-compact hatchback. Similarly, Gordon Murray Design partnered with Delta Motorsport to create “Motiv”, an autonomous vehicle platform. At the MOVE 2020 show held in London in February, the companies showcased the first all-electric quadricycle under the platform. These innovations are expected to augment the potential of the market in the years to come.
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According to the report, the market value stood at *USD 347.0 million* in 2019.
*Besides this, the report shares the following:*
· Careful examination of all market drivers, trends, and upcoming opportunities;
· Tangible analysis of the possible challenges facing the market;
· Qualitative and quantitative assessment of the regional dynamics shaping the market; and
· Comprehensive research into the different market players and study of their key strategies.
*Market Driver:*
*Rising Pollution from Cars to Propel Market Growth*
Air pollution from cars in cities around the world is rising uncontrollably. The US Environmental Protection Agency (EPA) estimates that altogether, motor vehicles are responsible for 75% of carbon monoxide pollution in the US. The Environmental Defense Fund (EDF) states that on-road vehicles cause 33% of pollution which produces smog in the country. Even more troubling is the University of Chicago’s recent study which finds that air pollution reduces the life expectancy of an average person by 1.8 years and kills over 8 million people worldwide prematurely. Motorized quadricycles, especially the electric variants, can prove to be an excellent solution to this issue. These automobiles are fuel-efficient because they are lightweight and do not emit carbon or any other pollutants, making them the ideal candidate for advancing sustainable mobility in urban areas.
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Regional Insights:*
*Europe to Occupy Leading Market Position; Asia Pacific to Experience Soaring Growth*
With a market size of USD 306.4 million in 2019, Europe is slated to dominate the motorized quadricycles market share during the forecast period, primarily on account of imposition of stringent vehicular pollution norms by the European Union (EU). Additionally, governments in the region are framing long-term policies to phase out conventional, petrol-driven taxis and replace them with smaller, fuel-efficient vehicles in the coming decade. This is likely to stoke the adoption of motorized quadricycles in the region.
In Asia Pacific, governments are offering attractive tax incentives to carmakers to innovate and launch next-gen cars that are lightweight and zero-emission. Moreover, manufacturers in the region are developing automotive technologies in line with European Standards, which bodes well for this market. On the other hand, the market in North America is anticipated to display steady growth owing to increasing popularity of autonomous cars.
*Competitive Landscape:*
*Design Innovations to be the Central Focus Area for Key Players*
The market for motorized quadricycles offers a wide scope for innovation and players are leaving no stone unturned to capitalize on this opportunity. To meet the constantly changing consumer demands, companies are coming up with innovative designs and product enhancements. This is not only allowing companies to maintain visibility in the market but is also enabling them to broaden their customer base.
*Industry Developments:*
· *March 2020: *Citroën, the French automaker, introduced Ami, its new all-electric lightweight quadricycle in France. The automobile features a driving range of up to 70km on a single charge, with a top speed of 45km/hr.· *April 2019:* Bajaj Auto released its quadricycle Bajaj Qute in Maharashtra and will have two variants – compressed natural gas (CNG) and petrol. Both variants will be priced reasonably and will be available in five states besides Maharashtra.
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List of Leading Companies Profiled in the Motorized Quadricycles Market Report are:*
· Bajaj Auto (Pune, India)
· Polaris Inc. (Minnesota, U.S.)
· Textron (Rhode Island, U.S.)
· Ingersoll Rand (Milwaukee, U.S.)
· Yamaha Golf-Car Company (Georgia, U.S.)
· Italcar Industrial S.r.l. (Turin, Italy)
· Yogomo (Shandong, China)
· Renault (Paris, France)
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*Detailed Table of Content:*
· *Introduction*
· Research Scope
· Market Segmentation
· Research Methodology
· Definitions and Assumptions
· *Executive Summary*
· *Market Dynamics*
· Market Drivers
· Market Restraints
· Market Opportunities
· *Key Insights*
· Merger, Acquisitions, and Partnerships
· Distributor Analysis – For Major Players
· Growth and Penetration Analysis
· Porter’s Five Forces Analysis
· PEST Analysis
· COVID-19 Impact
· *Global Motorized Quadricycles Market Analysis, Insights and Forecast, 2016-2027 *
· Key Findings / Summary
· Market Analysis, Insights and Forecast – By Application Type
· Household
· Commercial
· Market Analysis, Insights and Forecast – By Type
· Light Quadricycle (L6e)
· Heavy Quadricycle (L7e)
· Market Analysis, Insights and Forecast – By Propulsion Type
· Internal Combustion Engine
· Electric
· Market Analysis, Insights and Forecast – By Region
· North America
· Europe
· Asia pacific
· Rest of the World
TOC Continued…!!!*
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