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Motorized Quadricycle Market Projection By Top Key Players – Renault, Ingersoll Rand, Yogomo, Textron, Italcar Industrial S.r.l., Polaris Inc. Market Research Forecast 2028
Motorized Quadricycle Market Forecast 2021-2028
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Market Overview:
The global motorized quadricycle market is set to gain momentum from the increasing investment of OEMs in research and development activities. They are striving to enhance the passenger’s safety by launching environmentally friendly and fuel-efficient vehicles. Tesla, for instance, introduced a new feature named Navigate on Autopilot in 2018. It enables the car to navigate, accelerate, change lanes, or decelerate on its own. This information is given by Fortune Business Insights™, in its report, titled “Motorized Quadricycle Market, 2021-2028.” As per the report, the market size is projected to grow from USD 901.5 million in 2021 to USD 1,869.6 million in 2028 at a CAGR of 12.1% in the forecast period. It stood at USD 839.1 million in 2020.
COVID-19 Pandemic: Disruptions in Euro 5 Model Development to Hinder Growth
The outbreak of the COVID-19 pandemic has compelled regions, such as North America and Europe to think of adopting a measured approach, especially in the automotive sector. It has paralyzed retail business activities and disturbed the development of Euro 5 models. Several manufacturers are struggling because of their pre-existing lack of technical and financial resources. Our research reports would help you get a complete picture of the motorized quadricycle industry.
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Segmentation-
Heavy Quadricycle Segment Procured 78.04% Share in 2020: Fortune Business Insights™
Based on the type, the market is bifurcated into light quadricycles (L6e) and heavy quadricycles (L7e). Out of these, the heavy quadricycle segment generated 78.04% in terms of the motorized quadricycle market share in 2020. It is set to grow steadily backed by the increasing shift of people towards these vehicles as they can easily transport goods even in heavy traffic.
Report Coverage-
The report provides an accurate assessment of various customers’ journeys related to the market, regions, and segments. Besides, it offers several customer impressions about industrial liquid coating and its usage. The analysis takes a closer look at their fears and pain points across multiple customer touch points. Stakeholders can improve customer engagement with their own companies.
Drivers & Restraints-
Increasing Need to Reduce a Vehicle’s Weight will Augment Growth
Numerous manufacturers worldwide are nowadays trying to develop lightweight motorized quadricycles for reducing emissions and enhancing performance of the vehicle. OEMs are also investing in technologies that will be able to reduce the weight of vehicles. The European Regulation Act, for instance, declared that the weight of these quadricycles should not exceed 750 kg. However, as per Euro NCAP, these vehicles couldn’t provide the required passenger safety even at a speed of 50kmph. It may hamper the motorized quadricycle market growth in the near future.
Regional Insights
Rising Initiatives by EU to Introduce Compact Vehicles will Favor Growth in Europe
Geographically, Europe earned USD 568.5 million in 2020 in terms of revenue. This growth is attributable to the increasing number of initiatives taken by the European Union (EU) to encourage the adoption of compact and environment-friendly vehicles. It would help in reducing traffic congestion on streets. Asia Pacific, on the other hand, is dominated by China as the country’s government has propelled the usage of these quadricycles to reduce traffic and environmental problems. People in this country are rapidly adopting L6e and L7e vehicles.
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Competitive Landscape
Key Companies Focus on Unveiling New Products with Innovative Features to Intensify Competition
The market possesses a wide scope for innovation and major companies are leaving no stone unturned to make the most of this opportunity. To meet the constantly changing consumer preferences, they are introducing state-of-the-art vehicles featuring unique designs and improvements. This is helping them to broaden their customer base and maintain visibility in the market. Below are the two latest industry developments:
February 2020: Citroen launched a motorized quadricycle named Ami for providing safe and cheap personal mobility amid the COVID-19 pandemic in the U.K. In France, it costs 6,000 Euros. But, the company is planning to initiate subscription or sharing plans for owners.
April 2019: Bajaj Auto unveiled Bajaj Qute in India in CNG and petrol variants. It will be available in all the retail outlets of the company. The company aims to target commercial auto-rickshaw drivers so that they can upgrade their vehicles.
A List of Prominent Motorized Quadricycle Companies Profiled in the Report:
Renault (Paris, France)
Ingersoll Rand (Milwaukee, U.S.)
Yogomo (Shandong, China)
Textron (Rhode Island, U.S.)
Italcar Industrial S.r.l. (Turin, Italy)
Polaris Inc. (Minnesota, U.S.)
Yamaha Golf-Car Company (Georgia, U.S.)
Bajaj Auto (Pune, India)
Speak To Analyst @ https://www.fortunebusinessinsights.com/enquiry/speak-to-analyst/motorized-quadricycle-market-103473
NOTE : Our team is studying Covid19 and its impact on various industry verticals and wherever required we will be considering covid19 footprints for a better analysis of markets and industries. Cordially get in touch for more details.
Fortune Business Insights™ Pvt. Ltd.
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Fortune Business Insights™ delivers accurate data and innovative corporate analysis, helping organizations of all sizes make appropriate decisions. We tailor novel solutions for our clients, assisting them to address various challenges distinct to their businesses. Our aim is to empower them with holistic market intelligence, providing a granular overview of the market they are operating in.
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