Quadricycle and Tricycle Market Size
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 8.20 Billion |
| Market Size (2029) | USD 13.72 Billion |
| CAGR (2024 - 2029) | 10.84 % |
| Fastest Growing Market | Europe |
| Largest Market | Asia-Pacific |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Quadricycle and Tricycle Market Analysis
The Quadricycle and Tricycle Market size is estimated at USD 8.20 billion in 2024, and is expected to reach USD 13.72 billion by 2029, growing at a CAGR of 10.84% during the forecast period (2024-2029).
The COVID-19 pandemic brought economies to a standstill and forced the closure of manufacturing facilities, thus, limiting the expansion of the quadricycle and tricycle markets. The COVID-19 pandemic significantly impacted the market, with several OEMs postponing the introduction of new products due to low sales. Many firms also reduced their R&D spending, which is projected to hamper the technical progress of tricycles and quadricycles, thus slowing market growth.
Over the long term, demand for quadricycles and tricycles is expected to be fueled by rapid urbanization, electrification, and increasing environmental consciousness. Quadricycles are less expensive, take up less road space, and emit fewer pollutants, making them ideal for nations where traffic congestion is a big concern, such as India, the Philippines, Colombia, Indonesia, China, and Japan.
Further, the growing use of tricycles in logistics and mobile food outlets in both established and emerging countries has boosted the tricycle industry's growth. This segment's growth is boosting demand for tricycles at the corporate level and driving product and technological improvements in the tricycle sector. For example, Gordon Murray Design and its consortium partners Delta Motorsport and itMoves unveiled 'MOTIV,' a unique and extremely versatile autonomous quadricycle vehicle.
The Asia-Pacific region is expected to hold a significant share in the market over the forecast period as the region already has major markets for tricycle/trikes. Over the last few years, major automakers have also been introducing electric tricycles across the region. Furthermore, Europe and North America are also likely to witness fast growth as several players are investing heavily in developing the latest products to gain market share.
Quadricycle and Tricycle Market Trends
This section covers the major market trends shaping the Quadricycle & Tricycle Market according to our research experts:
Growing Adoption of Quadricycles Expected to Enhance Demand in the Market
The popularity of quadricycles and tricycles has risen in recent years due to increased acceptance from the public and governments, as well as an increase in the applications where they may be profitably utilized instead of regular vehicles. Quadricycles can be readily managed in urban traffic due to their small size, and they may help solve parking problems globally by taking up lesser space.
Several countries have approved quadricycles as a new vehicle category in recent years. For instance,
Quadricycles were certified as a new type of vehicle permitted to run on roads by the Indian government. A passenger quadricycle will have a maximum weight of 475 kg and be subjected to a required crash test before being released, which will define passenger safety criteria. The government has approved electric and hybrid quadricycles in addition to ones that operate on conventional gasoline.
New startups are revolutionizing the personal mobility space by introducing new technology-based small vehicles for intracity movement. For instance, Micro Mobility Systems launched the Microlino 2.0 electric microcar and Microletta electric trike. The Microlino 2.0 has a top speed of 90 km/h, and a 200 km reported range. It was to begin shipping in 2021.
In January 2021, Renault launched its Mobilize brand with Twizy-style EZ-1. The quadricycle is 2.3 meters long and made of 50% recycled materials, with full glass doors to boost visibility and the option to extend its life by swapping batteries. The company also claims that 95% of the EZ-1's parts can be recycled at the end of the vehicle's life.
Europe Expected to Witness Fastest Growth During the Forecast Period
As an emerging market, Europe has been widely adopting quadricycles known as 'sub-A' models, which occupy the space between heavy mini-cars and passenger cars. The term 'sub-A' refers to the A-category cars, which are the smallest passenger car segment. These developments are in line with the increasing acceptance from the public and governments and an increase in the various applications where quadricycles can be used profitably instead of traditional vehicles.
Due to their compact size, quadricycles can be easily maneuvered in urban traffic and address the problem of parking globally as they take up lesser space. Several major players are investing heavily in developing the latest products to gain a higher market share in the region. For instance,
In January 2021, SEAT, a subsidiary of Volkswagen, announced that the production of its preannounced electric quadricycle Minimo was expected to be in full operation from 2022.
In February 2020, Citroën introduced Ami, technically classed as a 'light quadricycle.' It also doesn't require a driving license to operate. Citroën will sell the car, but it also hopes to rent them out like electric scooters and other micro-mobility solutions. The cars will be available to rent on both a monthly and minute-by-minute basis. The quadricycle can be brought online and will be delivered directly to the customers' homes.
In December 2020, IAV in Germany developed an autonomous electric tricycle for 'last mile' deliveries, wherein the rider is followed by their cargo. The project's second phase is developing the steering and braking systems in-house to replace bought-in systems to significantly reduce the wheel's total weight and improve its handling.
The use of electric tricycles and quadricycles has risen post-pandemic as people seek to remain independent without relying on public transport or more expensive petrol-fuelled vehicles. During the forecast period, the region is likely to see high demand for these vehicles owing to their eco-friendly nature and the cheaper investments required.
Quadricycle and Tricycle Industry Overview
The quadricycle and tricycle market is moderately consolidated owing to the significant share occupied by global players and the active presence of regional players. Aixam-Mega, Casalini SRL, and Renault are some of the global players in the market. The market is witnessing positive developments as various governments accept the need for these small electric vehicles to support electrification. Manufacturers are launching new models to stay abreast of their competition.
In December 2021, Mahindra Electric announced plans to introduce at least four new vehicles over the next three years, including one in a new quadricycle category. The company is focusing on developing electric three-wheelers for passengers and freight with increased range and payload capacity, as well as an electric quadricycle.
In October 2021, Citroen launched its Ami Cargo electric quadricycle in Europe. The Citroen Ami is the commercial version of the mini Ami electric LCV weighing less than 425 kg. It is powered by a 5.5-kWh lithium-ion pack, which supplies energy to an electric motor of 8 BHP.
Quadricycle and Tricycle Market Leaders
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Groupe Renault
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Ligier Group
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Aixam-Mega
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Bajaj Auto Ltd.
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Mahindra and Mahindra
*Disclaimer: Major Players sorted in no particular order
Quadricycle and Tricycle Market News
In May 2022, Eccov Inc., an e-bike developer in Korea, announced that it would launch its modular cargo e-bike, E-Tricycle, at EUROBIKE 2022.
In April 2022, Mahindra Electric Mobility Limited, part of the Mahindra Group, showcased its range of electric vehicles at the Pune Alternate Fuel Conclave with the display of Treo Auto, Treo Zor Delivery Van, a Treo Tipper variant, an e-Alfa Mini Tipper variant, and Atom quadricycle.
In September 2021, Citroen announced that it was planning to launch Ami and Ami Cargo in the United Kingdom in spring 2022. The vehicles come with a 5.5 kWh battery pack that takes three hours to recharge and gives a range of 46 km.
In September 2021, Eli Electric Vehicles, a compact EV manufacturer, announced the production of its flagship Eli Zero. Classified as a light quadricycle, Eli Zero features batteries that have a 5.8 kWh capacity, a range of 50 miles, and can charge from 0 to 100% in 2.5 hours at 220 volts.
In January 2021, Polish EV startup Triggo unveiled an electric quadricycle Triggo EV targeted for car-sharing and package delivery purposes. The Triggo EV has a top speed of 90 km/h (56 mph). Powered by two brushless DC motors at the rear, with a battery configuration comprising four 3.5-kWh batteries, the EV offers a per-charge range of up to 140 km.
Quadricycle and Tricycle Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Drivers
4.2 Market Restraints
4.3 Industry Attractiveness - Porter's Five Forces Analysis
4.3.1 Threat of New Entrants
4.3.2 Bargaining Power of Buyers/Consumers
4.3.3 Bargaining Power of Suppliers
4.3.4 Threat of Substitute Products
4.3.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION (Market Size by Value - USD million)
5.1 By Power Source Type
5.1.1 Electric
5.1.2 Gasoline
5.1.3 Solar
5.2 By Application Type
5.2.1 Personal
5.2.2 Commercial
5.3 By Vehicle Type
5.3.1 Quadricycle
5.3.2 Tricycle
5.4 By Geography
5.4.1 North America
5.4.1.1 United States
5.4.1.2 Canada
5.4.1.3 Rest of North America
5.4.2 Europe
5.4.2.1 Germany
5.4.2.2 United Kingdom
5.4.2.3 France
5.4.2.4 Italy
5.4.2.5 Rest of Europe
5.4.3 Asia-Pacific
5.4.3.1 China
5.4.3.2 Japan
5.4.3.3 India
5.4.3.4 South Korea
5.4.3.5 Rest of Asia-Pacific
5.4.4 Rest of the World
5.4.4.1 Brazil
5.4.4.2 South Africa
5.4.4.3 United Arab Emirates
5.4.4.4 Other Countries
6. COMPETITIVE LANDSCAPE
6.1 Vendor Market Share
6.2 Company Profiles*
6.2.1 Automobiles CHATENET
6.2.2 Ligier Group
6.2.3 Aixam-Mega
6.2.4 Bajaj Auto Ltd
6.2.5 Estrima SRL
6.2.6 Bellier Automobiles
6.2.7 Worksman Cycles
6.2.8 Daimus
6.2.9 Light Foot Cycle
6.2.10 Electronio Wheels
6.2.11 Mahindra and Mahindra
6.2.12 Groupe Renault
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Quadricycle and Tricycle Industry Segmentation
A quadricycle vehicle is similar to a bicycle and tricycle but has four wheels. A tricycle is a 3-wheeled vehicle propelled by pedals or a motor. The scope of the report offers details on the latest developments and technologies across the market over the forecast period. The quadricycle and tricycle market report is segmented by power source type, application type, vehicle type, and geography.
By power source type, the market is segmented into electric, gasoline, and solar. By application type, the market is segmented into personal and commercial. By vehicle type, the market is segmented into quadricycle and tricycle.
By geography, the market is segmented into North America, Europe, Asia-Pacific, and the Rest of the World. For each segment, market sizing and forecast have been done on the basis of value (USD million).
| By Power Source Type | |
| Electric | |
| Gasoline | |
| Solar |
| By Application Type | |
| Personal | |
| Commercial |
| By Vehicle Type | |
| Quadricycle | |
| Tricycle |
| By Geography | |||||||
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Quadricycle and Tricycle Market Research FAQs
How big is the Quadricycle and Tricycle Market?
The Quadricycle and Tricycle Market size is expected to reach USD 8.20 billion in 2024 and grow at a CAGR of 10.84% to reach USD 13.72 billion by 2029.
What is the current Quadricycle and Tricycle Market size?
In 2024, the Quadricycle and Tricycle Market size is expected to reach USD 8.20 billion.
Who are the key players in Quadricycle and Tricycle Market?
Groupe Renault , Ligier Group , Aixam-Mega , Bajaj Auto Ltd. and Mahindra and Mahindra are the major companies operating in the Quadricycle and Tricycle Market.
Which is the fastest growing region in Quadricycle and Tricycle Market?
Europe is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Quadricycle and Tricycle Market?
In 2024, the Asia-Pacific accounts for the largest market share in Quadricycle and Tricycle Market.
What years does this Quadricycle and Tricycle Market cover, and what was the market size in 2023?
In 2023, the Quadricycle and Tricycle Market size was estimated at USD 7.40 billion. The report covers the Quadricycle and Tricycle Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Quadricycle and Tricycle Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Quadricycles and Tricycles Industry Report
Statistics for the 2024 Quadricycles and Tricycles market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Quadricycles and Tricycles analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
Quadricycles and Tricycles Market Report Snapshots
