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According to the latest report by IMARC Group, titled, “Motorized Quadricycle Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028” The study provides a detailed analysis of the industry, including the global motorized quadricycle market share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
Report Highlights:
How big is the motorized quadricycle market?
How big is the motorized quadricycle market?
The global motorized quadricycle market size reached US$ 926.5 Million in 2022. Looking forward, IMARC Group expects the market to reach US$ 1,868.3 Million by 2028, exhibiting a growth rate (CAGR) of 11.90% during 2023-2028.
What is motorized quadricycle?
What is motorized quadricycle?
A motor-operated quad-bike, also referred to as a quadricycle or quad bike, embodies a four-wheeled conveyance energized by either an electric motor or an internal combustion engine. It’s engineered to deliver a means of travel for both amusement and practical uses. Quad bikes present numerous benefits as they facilitate remarkable off-road proficiency, enabling operators to traverse demanding landscapes effortlessly. Guaranteeing amplified safety, these quadricycles are structured to provide steadiness and command. Quad bikes incorporate several security features, such as braking systems, front and rear lights, and back-view mirrors, to affirm secure usage. They are versatile vehicles with applications in various industries, including agriculture, leisure, tourism, and off-road adventures.
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What are the growth prospects and trends in the motorized quadricycle industry?
What are the growth prospects and trends in the motorized quadricycle industry?
The growing popularity of this quad bike as a sustainable alternative to traditional internal combustion engine quadricycles, on account of its low emissions and reduced carbon footprint, is primarily driving the motorized quadricycle market. Furthermore, the escalating product demand in congested urban areas as a convenient and efficient transportation solution is positively influencing the global market. Apart from this, the widespread adoption of motorized quadricycles in agricultural and industrial applications, owing to their versatility and utility for farming, landscaping, or transportation within large facilities, is also augmenting the market growth. Moreover, the increasing availability of customization options as manufacturers give a range of models with numerous features, accessories, and design options, allowing customers to personalize quadricycles to suit their preferences and requirements, is acting as another significant growth-inducing factor. Besides this, several effective marketing and promotion strategies by dealers are creating awareness and generating interest in the product, which is expected to drive the motorized quadricycle market in the coming years.
What is included in market segmentation?
What is included in market segmentation?
The report has segmented the market into the following categories:
Type Insights:
Light Quadricycle
Heavy Quadricycle
Propulsion Type Insights:
ICE (Internal Combustion Engine)
Electric
Price Range Insights:
Low
Mid
High
End Use Insights:
Household
Commercial
Others
Breakup by Region:
North America
Asia-Pacific
Europe
Latin America
Middle East and Africa
Who are the key players operating in the industry?
Who are the key players operating in the industry?
The report covers the major market players including:
Alke
SRL
Aixam-Mega (Polaris Inc.)
Bajaj Auto Ltd.
Tazzari GL Imola SPA
Renault Group
Ligier Group, etc.
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