Global Quadricycle and Tricycle Market Size, Share Demand Report By Vehicle Type (Quadricycles, Motorized Tricycles, Pedal & E-assist Tricycles), By Power Source (ICE, CNG & LPG, Battery Electric, Hybrid & Others), By Application (Personal Mobility, Commercial Passenger Transport, Goods & Last-Mile Delivery, Leisure & Tourism, Industrial & Institutional Utility), By End User (Individual Consumers, Fleet & Mobility Operators, Logistics & Postal, Government & Municipal, Tourism & Hospitality), By Region & Segment Forecasts, 2025–2030

Report Code: RI1761PUB
Last Updated : December, 2025
Author : Emily Parker

Table of Contents

  1. Executive Summary
    1. Introduction
  2. Market Introduction
    1. Market Definition
    2. Scope of the Study
    3. Market Structure
  3. Research Methodology
    1. Primary Research
    2. Research Methodology
    3. Assumptions & Exclusions
    4. Secondary Data Sources
  4. Market Factor Analysis
    1. Value Chain Analysis: Quadricycle and Tricycle Market
    2. Porters Five Forces Analysis
      1. Bargaining Power of Suppliers
      2. Bargaining Power of Buyers
      3. Threat of Substitution
      4. Threat of New Entrants
      5. Competitive Rivalry
  5. Market Dynamics
    1. Drivers
    2. Restraints
    3. Opportunities
  6. Recent Trends Analysis
  7. Impact of COVID-19 on Quadricycle and Tricycle Market
    1. Pre and Post Covid -19 Market Scenario Analysis
    2. Market Recovery Timeline and Challenge
    3. Measures Taken by Top Players
  8. Regulatory Landscape
  9. Quadricycle and Tricycle Market, By Vehicle Type
    1. Introduction
      1. Market Size and Forecast, By Vehicle Type
    2. Quadricycles
      1. Market Size and Forecast, By Region
    3. Motorized Tricycles
      1. Market Size and Forecast, By Region
    4. Pedal & E-assist Tricycles
      1. Market Size and Forecast, By Region
  10. Quadricycle and Tricycle Market, By Power Source
    1. Introduction
      1. Market Size and Forecast, By Power Source
    2. Internal Combustion Engine 
      1. Market Size and Forecast, By Region
    3. CNG & LPG Powertrains
      1. Market Size and Forecast, By Region
    4. Battery Electric (BEV)
      1. Market Size and Forecast, By Region
    5. Hybrid & Other Alternative Powertrains
      1. Market Size and Forecast, By Region
  11. Quadricycle and Tricycle Market, By Application
    1. Introduction
      1. Market Size and Forecast, By Application
    2. Personal Urban & Peri-Urban Mobility
      1. Market Size and Forecast, By Region
    3. Commercial Passenger Transport (Para-Transit & Shared Mobility)
      1. Market Size and Forecast, By Region
    4. Goods Transport & Last-Mile Delivery
      1. Market Size and Forecast, By Region
    5. Leisure, Sports & Tourism
      1. Market Size and Forecast, By Region
    6. Industrial & Institutional Utility
      1. Market Size and Forecast, By Region
  12. Quadricycle and Tricycle Market, By End User
    1. Introduction
      1. Market Size and Forecast, By End User
    2. Individual Consumers / Households
      1. Market Size and Forecast, By Region
    3. Fleet & Mobility Service Operators
      1. Market Size and Forecast, By Region
    4. Logistics, Postal & E-commerce Companies
      1. Market Size and Forecast, By Region
    5. Government & Municipal Bodies
      1. Market Size and Forecast, By Region
    6. Tourism & Hospitality Operators
      1. Market Size and Forecast, By Region
  13. Quadricycle and Tricycle Market, By Price Range
    1. Introduction
      1. Market Size and Forecast, By Price Range
    2. Below USD 5,000
      1. Market Size and Forecast, By Region
    3. USD 5,000 – 10,000
      1. Market Size and Forecast, By Region
    4. Above USD 10,000
      1. Market Size and Forecast, By Region
  14. Regional Overview
    1. Introduction
      1. Market Size and Forecast
    2. North America
      1. Market Size and Forecast
        1. By Vehicle Type
          1. Quadricycles
            1. Motorized Tricycles
              1. Pedal & E-assist Tricycles
              2. By Power Source
                1. Internal Combustion Engine 
                  1. CNG & LPG Powertrains
                    1. Battery Electric (BEV)
                      1. Hybrid & Other Alternative Powertrains
                      2. By Application
                        1. Personal Urban & Peri-Urban Mobility
                          1. Commercial Passenger Transport (Para-Transit & Shared Mobility)
                            1. Goods Transport & Last-Mile Delivery
                              1. Leisure, Sports & Tourism
                                1. Industrial & Institutional Utility
                                2. By End User
                                  1. Individual Consumers / Households
                                    1. Fleet & Mobility Service Operators
                                      1. Logistics, Postal & E-commerce Companies
                                        1. Government & Municipal Bodies
                                          1. Tourism & Hospitality Operators
                                          2. By Price Range
                                            1. Below USD 5,000
                                              1. USD 5,000 – 10,000
                                                1. Above USD 10,000
                                              2. U.S.
                                                1. By Vehicle Type
                                                  1. Quadricycles
                                                    1. Motorized Tricycles
                                                      1. Pedal & E-assist Tricycles
                                                      2. By Power Source
                                                        1. Internal Combustion Engine 
                                                          1. CNG & LPG Powertrains
                                                            1. Battery Electric (BEV)
                                                              1. Hybrid & Other Alternative Powertrains
                                                              2. By Application
                                                                1. Personal Urban & Peri-Urban Mobility
                                                                  1. Commercial Passenger Transport (Para-Transit & Shared Mobility)
                                                                    1. Goods Transport & Last-Mile Delivery
                                                                      1. Leisure, Sports & Tourism
                                                                        1. Industrial & Institutional Utility
                                                                        2. By End User
                                                                          1. Individual Consumers / Households
                                                                            1. Fleet & Mobility Service Operators
                                                                              1. Logistics, Postal & E-commerce Companies
                                                                                1. Government & Municipal Bodies
                                                                                  1. Tourism & Hospitality Operators
                                                                                  2. By Price Range
                                                                                    1. Below USD 5,000
                                                                                      1. USD 5,000 – 10,000
                                                                                        1. Above USD 10,000
                                                                                      2. Canada
                                                                                    2. Europe
                                                                                      1. Market Size and Forecast
                                                                                        1. By Vehicle Type
                                                                                          1. Quadricycles
                                                                                            1. Motorized Tricycles
                                                                                              1. Pedal & E-assist Tricycles
                                                                                              2. By Power Source
                                                                                                1. Internal Combustion Engine 
                                                                                                  1. CNG & LPG Powertrains
                                                                                                    1. Battery Electric (BEV)
                                                                                                      1. Hybrid & Other Alternative Powertrains
                                                                                                      2. By Application
                                                                                                        1. Personal Urban & Peri-Urban Mobility
                                                                                                          1. Commercial Passenger Transport (Para-Transit & Shared Mobility)
                                                                                                            1. Goods Transport & Last-Mile Delivery
                                                                                                              1. Leisure, Sports & Tourism
                                                                                                                1. Industrial & Institutional Utility
                                                                                                                2. By End User
                                                                                                                  1. Individual Consumers / Households
                                                                                                                    1. Fleet & Mobility Service Operators
                                                                                                                      1. Logistics, Postal & E-commerce Companies
                                                                                                                        1. Government & Municipal Bodies
                                                                                                                          1. Tourism & Hospitality Operators
                                                                                                                          2. By Price Range
                                                                                                                            1. Below USD 5,000
                                                                                                                              1. USD 5,000 – 10,000
                                                                                                                                1. Above USD 10,000
                                                                                                                              2. U.K.
                                                                                                                                1. By Vehicle Type
                                                                                                                                  1. Quadricycles
                                                                                                                                    1. Motorized Tricycles
                                                                                                                                      1. Pedal & E-assist Tricycles
                                                                                                                                      2. By Power Source
                                                                                                                                        1. Internal Combustion Engine 
                                                                                                                                          1. CNG & LPG Powertrains
                                                                                                                                            1. Battery Electric (BEV)
                                                                                                                                              1. Hybrid & Other Alternative Powertrains
                                                                                                                                              2. By Application
                                                                                                                                                1. Personal Urban & Peri-Urban Mobility
                                                                                                                                                  1. Commercial Passenger Transport (Para-Transit & Shared Mobility)
                                                                                                                                                    1. Goods Transport & Last-Mile Delivery
                                                                                                                                                      1. Leisure, Sports & Tourism
                                                                                                                                                        1. Industrial & Institutional Utility
                                                                                                                                                        2. By End User
                                                                                                                                                          1. Individual Consumers / Households
                                                                                                                                                            1. Fleet & Mobility Service Operators
                                                                                                                                                              1. Logistics, Postal & E-commerce Companies
                                                                                                                                                                1. Government & Municipal Bodies
                                                                                                                                                                  1. Tourism & Hospitality Operators
                                                                                                                                                                  2. By Price Range
                                                                                                                                                                    1. Below USD 5,000
                                                                                                                                                                      1. USD 5,000 – 10,000
                                                                                                                                                                        1. Above USD 10,000
                                                                                                                                                                      2. Germany
                                                                                                                                                                      3. France
                                                                                                                                                                      4. Spain
                                                                                                                                                                      5. Italy
                                                                                                                                                                      6. Russia
                                                                                                                                                                      7. Nordic
                                                                                                                                                                      8. Benelux
                                                                                                                                                                      9. Rest of Europe
                                                                                                                                                                    2. APAC
                                                                                                                                                                      1. Market Size and Forecast
                                                                                                                                                                        1. By Vehicle Type
                                                                                                                                                                          1. Quadricycles
                                                                                                                                                                            1. Motorized Tricycles
                                                                                                                                                                              1. Pedal & E-assist Tricycles
                                                                                                                                                                              2. By Power Source
                                                                                                                                                                                1. Internal Combustion Engine 
                                                                                                                                                                                  1. CNG & LPG Powertrains
                                                                                                                                                                                    1. Battery Electric (BEV)
                                                                                                                                                                                      1. Hybrid & Other Alternative Powertrains
                                                                                                                                                                                      2. By Application
                                                                                                                                                                                        1. Personal Urban & Peri-Urban Mobility
                                                                                                                                                                                          1. Commercial Passenger Transport (Para-Transit & Shared Mobility)
                                                                                                                                                                                            1. Goods Transport & Last-Mile Delivery
                                                                                                                                                                                              1. Leisure, Sports & Tourism
                                                                                                                                                                                                1. Industrial & Institutional Utility
                                                                                                                                                                                                2. By End User
                                                                                                                                                                                                  1. Individual Consumers / Households
                                                                                                                                                                                                    1. Fleet & Mobility Service Operators
                                                                                                                                                                                                      1. Logistics, Postal & E-commerce Companies
                                                                                                                                                                                                        1. Government & Municipal Bodies
                                                                                                                                                                                                          1. Tourism & Hospitality Operators
                                                                                                                                                                                                          2. By Price Range
                                                                                                                                                                                                            1. Below USD 5,000
                                                                                                                                                                                                              1. USD 5,000 – 10,000
                                                                                                                                                                                                                1. Above USD 10,000
                                                                                                                                                                                                              2. China
                                                                                                                                                                                                                1. By Vehicle Type
                                                                                                                                                                                                                  1. Quadricycles
                                                                                                                                                                                                                    1. Motorized Tricycles
                                                                                                                                                                                                                      1. Pedal & E-assist Tricycles
                                                                                                                                                                                                                      2. By Power Source
                                                                                                                                                                                                                        1. Internal Combustion Engine 
                                                                                                                                                                                                                          1. CNG & LPG Powertrains
                                                                                                                                                                                                                            1. Battery Electric (BEV)
                                                                                                                                                                                                                              1. Hybrid & Other Alternative Powertrains
                                                                                                                                                                                                                              2. By Application
                                                                                                                                                                                                                                1. Personal Urban & Peri-Urban Mobility
                                                                                                                                                                                                                                  1. Commercial Passenger Transport (Para-Transit & Shared Mobility)
                                                                                                                                                                                                                                    1. Goods Transport & Last-Mile Delivery
                                                                                                                                                                                                                                      1. Leisure, Sports & Tourism
                                                                                                                                                                                                                                        1. Industrial & Institutional Utility
                                                                                                                                                                                                                                        2. By End User
                                                                                                                                                                                                                                          1. Individual Consumers / Households
                                                                                                                                                                                                                                            1. Fleet & Mobility Service Operators
                                                                                                                                                                                                                                              1. Logistics, Postal & E-commerce Companies
                                                                                                                                                                                                                                                1. Government & Municipal Bodies
                                                                                                                                                                                                                                                  1. Tourism & Hospitality Operators
                                                                                                                                                                                                                                                  2. By Price Range
                                                                                                                                                                                                                                                    1. Below USD 5,000
                                                                                                                                                                                                                                                      1. USD 5,000 – 10,000
                                                                                                                                                                                                                                                        1. Above USD 10,000
                                                                                                                                                                                                                                                      2. Korea
                                                                                                                                                                                                                                                      3. Japan
                                                                                                                                                                                                                                                      4. India
                                                                                                                                                                                                                                                      5. Australia
                                                                                                                                                                                                                                                      6. Singapore
                                                                                                                                                                                                                                                      7. Taiwan
                                                                                                                                                                                                                                                      8. South East Asia
                                                                                                                                                                                                                                                      9. Rest of Asia-Pacific
                                                                                                                                                                                                                                                    2. Middle East and Africa
                                                                                                                                                                                                                                                      1. Market Size and Forecast
                                                                                                                                                                                                                                                        1. By Vehicle Type
                                                                                                                                                                                                                                                          1. Quadricycles
                                                                                                                                                                                                                                                            1. Motorized Tricycles
                                                                                                                                                                                                                                                              1. Pedal & E-assist Tricycles
                                                                                                                                                                                                                                                              2. By Power Source
                                                                                                                                                                                                                                                                1. Internal Combustion Engine 
                                                                                                                                                                                                                                                                  1. CNG & LPG Powertrains
                                                                                                                                                                                                                                                                    1. Battery Electric (BEV)
                                                                                                                                                                                                                                                                      1. Hybrid & Other Alternative Powertrains
                                                                                                                                                                                                                                                                      2. By Application
                                                                                                                                                                                                                                                                        1. Personal Urban & Peri-Urban Mobility
                                                                                                                                                                                                                                                                          1. Commercial Passenger Transport (Para-Transit & Shared Mobility)
                                                                                                                                                                                                                                                                            1. Goods Transport & Last-Mile Delivery
                                                                                                                                                                                                                                                                              1. Leisure, Sports & Tourism
                                                                                                                                                                                                                                                                                1. Industrial & Institutional Utility
                                                                                                                                                                                                                                                                                2. By End User
                                                                                                                                                                                                                                                                                  1. Individual Consumers / Households
                                                                                                                                                                                                                                                                                    1. Fleet & Mobility Service Operators
                                                                                                                                                                                                                                                                                      1. Logistics, Postal & E-commerce Companies
                                                                                                                                                                                                                                                                                        1. Government & Municipal Bodies
                                                                                                                                                                                                                                                                                          1. Tourism & Hospitality Operators
                                                                                                                                                                                                                                                                                          2. By Price Range
                                                                                                                                                                                                                                                                                            1. Below USD 5,000
                                                                                                                                                                                                                                                                                              1. USD 5,000 – 10,000
                                                                                                                                                                                                                                                                                                1. Above USD 10,000
                                                                                                                                                                                                                                                                                              2. UAE
                                                                                                                                                                                                                                                                                                1. By Vehicle Type
                                                                                                                                                                                                                                                                                                  1. Quadricycles
                                                                                                                                                                                                                                                                                                    1. Motorized Tricycles
                                                                                                                                                                                                                                                                                                      1. Pedal & E-assist Tricycles
                                                                                                                                                                                                                                                                                                      2. By Power Source
                                                                                                                                                                                                                                                                                                        1. Internal Combustion Engine 
                                                                                                                                                                                                                                                                                                          1. CNG & LPG Powertrains
                                                                                                                                                                                                                                                                                                            1. Battery Electric (BEV)
                                                                                                                                                                                                                                                                                                              1. Hybrid & Other Alternative Powertrains
                                                                                                                                                                                                                                                                                                              2. By Application
                                                                                                                                                                                                                                                                                                                1. Personal Urban & Peri-Urban Mobility
                                                                                                                                                                                                                                                                                                                  1. Commercial Passenger Transport (Para-Transit & Shared Mobility)
                                                                                                                                                                                                                                                                                                                    1. Goods Transport & Last-Mile Delivery
                                                                                                                                                                                                                                                                                                                      1. Leisure, Sports & Tourism
                                                                                                                                                                                                                                                                                                                        1. Industrial & Institutional Utility
                                                                                                                                                                                                                                                                                                                        2. By End User
                                                                                                                                                                                                                                                                                                                          1. Individual Consumers / Households
                                                                                                                                                                                                                                                                                                                            1. Fleet & Mobility Service Operators
                                                                                                                                                                                                                                                                                                                              1. Logistics, Postal & E-commerce Companies
                                                                                                                                                                                                                                                                                                                                1. Government & Municipal Bodies
                                                                                                                                                                                                                                                                                                                                  1. Tourism & Hospitality Operators
                                                                                                                                                                                                                                                                                                                                  2. By Price Range
                                                                                                                                                                                                                                                                                                                                    1. Below USD 5,000
                                                                                                                                                                                                                                                                                                                                      1. USD 5,000 – 10,000
                                                                                                                                                                                                                                                                                                                                        1. Above USD 10,000
                                                                                                                                                                                                                                                                                                                                      2. Turky
                                                                                                                                                                                                                                                                                                                                      3. Saudi Arabia
                                                                                                                                                                                                                                                                                                                                      4. South Africa
                                                                                                                                                                                                                                                                                                                                      5. Egypt
                                                                                                                                                                                                                                                                                                                                      6. Nigeria
                                                                                                                                                                                                                                                                                                                                      7. Rest of MEA
                                                                                                                                                                                                                                                                                                                                    2. LATAM
                                                                                                                                                                                                                                                                                                                                      1. Market Size and Forecast
                                                                                                                                                                                                                                                                                                                                        1. By Vehicle Type
                                                                                                                                                                                                                                                                                                                                          1. Quadricycles
                                                                                                                                                                                                                                                                                                                                            1. Motorized Tricycles
                                                                                                                                                                                                                                                                                                                                              1. Pedal & E-assist Tricycles
                                                                                                                                                                                                                                                                                                                                              2. By Power Source
                                                                                                                                                                                                                                                                                                                                                1. Internal Combustion Engine 
                                                                                                                                                                                                                                                                                                                                                  1. CNG & LPG Powertrains
                                                                                                                                                                                                                                                                                                                                                    1. Battery Electric (BEV)
                                                                                                                                                                                                                                                                                                                                                      1. Hybrid & Other Alternative Powertrains
                                                                                                                                                                                                                                                                                                                                                      2. By Application
                                                                                                                                                                                                                                                                                                                                                        1. Personal Urban & Peri-Urban Mobility
                                                                                                                                                                                                                                                                                                                                                          1. Commercial Passenger Transport (Para-Transit & Shared Mobility)
                                                                                                                                                                                                                                                                                                                                                            1. Goods Transport & Last-Mile Delivery
                                                                                                                                                                                                                                                                                                                                                              1. Leisure, Sports & Tourism
                                                                                                                                                                                                                                                                                                                                                                1. Industrial & Institutional Utility
                                                                                                                                                                                                                                                                                                                                                                2. By End User
                                                                                                                                                                                                                                                                                                                                                                  1. Individual Consumers / Households
                                                                                                                                                                                                                                                                                                                                                                    1. Fleet & Mobility Service Operators
                                                                                                                                                                                                                                                                                                                                                                      1. Logistics, Postal & E-commerce Companies
                                                                                                                                                                                                                                                                                                                                                                        1. Government & Municipal Bodies
                                                                                                                                                                                                                                                                                                                                                                          1. Tourism & Hospitality Operators
                                                                                                                                                                                                                                                                                                                                                                          2. By Price Range
                                                                                                                                                                                                                                                                                                                                                                            1. Below USD 5,000
                                                                                                                                                                                                                                                                                                                                                                              1. USD 5,000 – 10,000
                                                                                                                                                                                                                                                                                                                                                                                1. Above USD 10,000
                                                                                                                                                                                                                                                                                                                                                                              2. Brazil
                                                                                                                                                                                                                                                                                                                                                                                1. By Vehicle Type
                                                                                                                                                                                                                                                                                                                                                                                  1. Quadricycles
                                                                                                                                                                                                                                                                                                                                                                                    1. Motorized Tricycles
                                                                                                                                                                                                                                                                                                                                                                                      1. Pedal & E-assist Tricycles
                                                                                                                                                                                                                                                                                                                                                                                      2. By Power Source
                                                                                                                                                                                                                                                                                                                                                                                        1. Internal Combustion Engine 
                                                                                                                                                                                                                                                                                                                                                                                          1. CNG & LPG Powertrains
                                                                                                                                                                                                                                                                                                                                                                                            1. Battery Electric (BEV)
                                                                                                                                                                                                                                                                                                                                                                                              1. Hybrid & Other Alternative Powertrains
                                                                                                                                                                                                                                                                                                                                                                                              2. By Application
                                                                                                                                                                                                                                                                                                                                                                                                1. Personal Urban & Peri-Urban Mobility
                                                                                                                                                                                                                                                                                                                                                                                                  1. Commercial Passenger Transport (Para-Transit & Shared Mobility)
                                                                                                                                                                                                                                                                                                                                                                                                    1. Goods Transport & Last-Mile Delivery
                                                                                                                                                                                                                                                                                                                                                                                                      1. Leisure, Sports & Tourism
                                                                                                                                                                                                                                                                                                                                                                                                        1. Industrial & Institutional Utility
                                                                                                                                                                                                                                                                                                                                                                                                        2. By End User
                                                                                                                                                                                                                                                                                                                                                                                                          1. Individual Consumers / Households
                                                                                                                                                                                                                                                                                                                                                                                                            1. Fleet & Mobility Service Operators
                                                                                                                                                                                                                                                                                                                                                                                                              1. Logistics, Postal & E-commerce Companies
                                                                                                                                                                                                                                                                                                                                                                                                                1. Government & Municipal Bodies
                                                                                                                                                                                                                                                                                                                                                                                                                  1. Tourism & Hospitality Operators
                                                                                                                                                                                                                                                                                                                                                                                                                  2. By Price Range
                                                                                                                                                                                                                                                                                                                                                                                                                    1. Below USD 5,000
                                                                                                                                                                                                                                                                                                                                                                                                                      1. USD 5,000 – 10,000
                                                                                                                                                                                                                                                                                                                                                                                                                        1. Above USD 10,000
                                                                                                                                                                                                                                                                                                                                                                                                                      2. Mexico
                                                                                                                                                                                                                                                                                                                                                                                                                      3. Argentina
                                                                                                                                                                                                                                                                                                                                                                                                                      4. Chile
                                                                                                                                                                                                                                                                                                                                                                                                                      5. Colombia
                                                                                                                                                                                                                                                                                                                                                                                                                      6. Rest of LATAM
                                                                                                                                                                                                                                                                                                                                                                                                                  3. Competitive Landscape, 2024
                                                                                                                                                                                                                                                                                                                                                                                                                    1. Introduction
                                                                                                                                                                                                                                                                                                                                                                                                                    2. Quadricycle and Tricycle Market Share Analysis, 2024 (%)
                                                                                                                                                                                                                                                                                                                                                                                                                      1. Market Share Analysis, 2024
                                                                                                                                                                                                                                                                                                                                                                                                                      2. Competition Ranking, 2024
                                                                                                                                                                                                                                                                                                                                                                                                                      3. Key Developments & Growth Strategies
                                                                                                                                                                                                                                                                                                                                                                                                                        1. Merger & Acquisition
                                                                                                                                                                                                                                                                                                                                                                                                                        2. Product Launch
                                                                                                                                                                                                                                                                                                                                                                                                                        3. Expansion
                                                                                                                                                                                                                                                                                                                                                                                                                      4. Consolidated SWOT Analysis of Key Players
                                                                                                                                                                                                                                                                                                                                                                                                                  4. Company Profile
                                                                                                                                                                                                                                                                                                                                                                                                                    1. Bajaj Auto Ltd.
                                                                                                                                                                                                                                                                                                                                                                                                                      1. Business Overview
                                                                                                                                                                                                                                                                                                                                                                                                                      2. Financial Data
                                                                                                                                                                                                                                                                                                                                                                                                                      3. Key Product domains
                                                                                                                                                                                                                                                                                                                                                                                                                      4. Recent Developments
                                                                                                                                                                                                                                                                                                                                                                                                                    2. Mahindra & Mahindra Ltd.
                                                                                                                                                                                                                                                                                                                                                                                                                    3. Piaggio & C. SpA
                                                                                                                                                                                                                                                                                                                                                                                                                    4. TVS Motor Company Ltd.
                                                                                                                                                                                                                                                                                                                                                                                                                    5. Atul Auto Ltd.
                                                                                                                                                                                                                                                                                                                                                                                                                    6. Stellantis N.V.
                                                                                                                                                                                                                                                                                                                                                                                                                    7. Ligier Group
                                                                                                                                                                                                                                                                                                                                                                                                                    8. Aixam-Mega SAS
                                                                                                                                                                                                                                                                                                                                                                                                                    9. Micro Mobility Systems AG
                                                                                                                                                                                                                                                                                                                                                                                                                    10. Polaris Inc.