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.
A quadricycle is a four-wheeled vehicle and a tricycle is a three-wheeled cycle with one wheel at the front and two at the back. Both quadricycle and tricycle consist of chain drives, iron handlebars, leather belts, buggy, and rubber wheels. They are operated through pedals or powered using electric, solar, and gasoline energy sources. They help in coordination and muscle strength and reducing the risk of developing chronic diseases. Besides this, they occupy minimal road space, generate negligible emissions and assist in skipping traffic jams and commuting shorter distances at higher speeds.
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Note: 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.
Market Trends:
The expansion of logistics and food and beverage (F&B) industries across the globe is positively influencing the market. In addition, the increasing use of tricycles and quadricycles installed with portable storage for the delivery of food and other products is contributing to the market growth. Apart from this, shifting consumer preference for quadricycles for convenient maneuvering in high-traffic areas is offering lucrative growth opportunities to manufacturers. Furthermore, various initiatives undertaken by governments of several countries to support small electric vehicles (EVs) are driving the market.
Breakup by Vehicle Type:
Quadricycle
Tricycle
Breakup by Power Source Type:
Electric
Gasoline
Solar
Breakup by Application Type:
Personal
Commercial
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
Competitive Landscape with Key Player:
Aixam-Mega (Polaris Inc.)
Bajaj Auto Limited
Bellier Automobiles
Bombardier Recreational Products Inc.
Club Car
Estrima S.p.A
Ligier
Motor Trike Inc.
Polaris Inc.
Tazzari Gl Imola Spa
Urban Tricycles Ltd
Worksman Cycles Company Inc.
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As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the industry behaviours of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
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