According to the latest report by IMARC Group, titled “Quadricycle and Tricycle Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027,” the global quadricycle and tricycle market reached a value of US$ 6,024.40 Million in 2021. Looking forward, IMARC Group expects the market to reach US$ 11,158.90 Million by 2027, exhibiting at a CAGR of 10.79% during 2022-2027.
Quadricycle and tricycle refer to four-wheeled and three-wheeled vehicles, which consist of two wheels at the back and two or one in the front. They are commonly available in electric, gasoline and solar variants. These cycles are widely used for transporting cargo and passengers, recreational activities and commuting over short distances within cities. In comparison to traditional vehicles, quadricycles and tricycles provide enhanced stability and comfort and occupy less space. As a result, they are widely used for domestic and commercial applications.
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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.
The global quadricycle and tricycle market is primarily being driven by the increasing demand for electric vehicles (EVs) for short distance travel among the masses. They are widely used for deliveries in shopping malls, railway stations and airports. Moreover, the utilization of advanced lithium-ion (Li-ion) batteries in braking and suspension systems is favoring the market growth. These batteries offer higher power current, enhanced corrosion and abrasion resistance and faster charging capabilities. Other factors, including the launch of lightweight and comfortable product variants, along with the implementation of favorable government policies promoting EVs in urban areas, are creating a positive outlook for the market.
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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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