The quadricycle and tricycle market is anticipated to register a CAGR of more than 6% during the forecast period (2020 - 2025).
- The rapid urbanization, increasing per capita income, and electrification are anticipated to fuel the demand for quadricycle and tricycle in the forecast period. These small powered, easy to drive vehicles have numerous applications. - Quadricycle and tricycle are noticing various technological advancements like more and more Li-ion batteries getting replaced by manufacturers in place of lead-acid batteries, advancements in braking, and suspension. - In general, the quadricycle has faced various obstacles to gain legal status in many countries. For instance, in India the Motor Vehicles Act 1988 kept this four-wheel modern version away from the roads. But in April 2018 Indian government loosened the regulations.
Key Market Trends Electrification is driving the Quadricycle and Tricycle Market Growth
The demand for the quadricycle and tricycles is growing due to the launch of various electric models, as this easy-to-commute vehicle is gaining huge popularity by providing a cheap and convenient alternative to bigger vehicles.
In 2020, Mahindra announced that it would launch of electric quadricycle ‘Atom’ by the end of 2020. Atom is expected to be powered by a 48-kW electric motor with a power output of 20 hp and a top speed of 70 kmph. It would feature a swappable battery pack and intelligent connectivity system. Similarly, Bajaj Auto planning to launch an electric version of its quadricycle Qute along with electric three-wheelers next year.
Apart from established manufacturers, many new players are entering the market by launching their electric models. Strom Motors in India launched Strom-R3, which has a reverse trike configuration that has a single wheel at the rear and two wheels in the front. Also, it is fully electric and can cover 200km in single charge.
Europe Is Expected to Lead the Quadricycle and Tricycle Market
Europe is anticipated to lead the global quadricycle and tricycle market over the forecast period. This region characterized by the presence of major market participants. For instance, Citroen introduced the ‘Ami’ in February 2020, an electric light quadricycle which features a glass roof, heated interior cabin, 5.5 kWh battery pack, and a 6-kW motor. It has about 44 km range, around 30 miles per hour top speed, and a starting price of USD 7,500 in France.
Similarly, in 2019, Ligier launched its CHIC JS50 / JS50L light quadricycle. These vehicles are customizable by color, finishes, engine, audio and multimedia preferences, and any additional equipment as well.
Europe has many startups that are active in these rapidly growing small vehicles. For instance, in 2019, UK based start-up Electric Assisted Vehicles Limited launched an eCargo model, the EAVcab. It is a zero-emissions quadricycle with a range of up to 60 miles. Batteries can also be swapped for continuous usage.
Competitive Landscape The global quadricycle and tricycle market are highly fragmented owing to the presence of a number of regional players. Mahindra, Aixam-Mega, Casalini Srl, Renault are some of the global players in the market. The market is witnessing various positive impacts as various governments are accepting the need for these small electric vehicles to support electrification. Manufacturers are launching new models to stay abreast of their competition.
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