According to the latest report by IMARC Group, titled “Quadricycle and Tricycle Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” The global quadricycle and tricycle market size reached US$ 6,729 Million in 2022. Looking forward, IMARC Group expects the market to reach US$ 12,250 Million by 2028, exhibiting a growth rate (CAGR) of 10.3% during 2023-2028.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
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.
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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.
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
Some of these key players include:
- Aixam-Mega (Polaris Inc.)
- Bajaj Auto Limited
- Bellier Automobiles
- Bombardier Recreational Products Inc
- Club Car
- Estrima S.p.A.
- Motor Trike Inc
- Polaris Inc
- Tazzari Gl Imola Spa
- Urban Tricycles Ltd
- Worksman Cycles Company Inc
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The report has segmented the market on the basis on region, vehicle type, power Source type, application type.
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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