IMARC Group, a leading market research company, has recently releases report titled “Quadricycle and Tricycle Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” The study provides a detailed analysis of the industry, including the global quadricycle and tricycle market size, share, 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 quadricycle and tricycle market?
| Report Attributes | Details |
| Market Size in 2022 | US$ 6,729 Million |
| Market Forecast in 2028 | US$ 12,250 Million |
| Growth rate (2023 to 2028) | CAGR of 10.3% |
| Base Year of the Analysis | 2022 |
| Forecast Period | 2023-2028 |
What is quadricycle and tricycle?
A quadricycle, also known as a microcar, is a type of cycle with four wheels, whereas a tricycle has three wheels, two at the back and one at the front. They typically include iron handlebars, chain drives, leather belts, buggy, and rubber wheels. They are commonly used for intra-city commuting, recreational activities, exercise, and transporting goods. They can be operated using pedals or powered by electricity, solar energy, or gasoline. Their use helps improve the cost-effectiveness of short-distance travel and reduce the risk of chronic diseases. They occupy minimal road space, produce minimal emissions, and offer a safe mode of transportation. As a result, quadricycles and tricycles have gained immense popularity for personal and commercial purposes due to their greater stability and comfort.
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What are the growth prospects and trends in the quadricycle and tricycle industry?
The global quadricycle and tricycle market is primarily driven by rapid growth in the logistics and food industries. Moreover, the rising use of quadricycles and tricycles equipped with portable storage units by mobile food outlets and food carts for product delivery is positively influencing market growth. Additionally, the shifting consumer preferences toward quadricycles over four-wheelers due to their ease of maneuverability in high-traffic areas and convenient parking has catalyzed the market growth. Other factors, including favorable government initiatives supporting the uptake of small electric vehicles (EVs), technological advancements, and product innovations, are also anticipated to propel the market growth.
What is included in market segmentation?
The report has segmented the market into the following categories:
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
- Asia-Pacific
- Europe
- Latin America
- Middle East and Africa
Who are the key players operating in the industry?
The report covers the major market players including:
- 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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