Three-wheeler maker Piaggio Vehicles India has plans to enter the quadricycle segment, a senior company official said here today.
"We are looking at it (launching quadricycle)," Hardip Goindi, Executive Vice President Piaggio Vehicles told reporters after rolling out the company's Ape City Compact Diesel variant here.
However, introduction of quadricycle will not affect the three-wheelers as a mode of transport, he said.
"Three-wheelers still have got a huge potential in India. My thinking is that quadricycle will create its own segment, but three-wheelers will remain in the market place. India still has lesser number of three-wheelers than what it should have," he said.
Declining to give any further details on the features, launch or other aspects of the company's proposed quadricycle, Hardip said, "We have to wait and watch how the quadricycle will evolve. I think it will create its own segment and not affect the three-wheelers in the real way because this segment is too big to get affected."
"But definitely, in certain towns, quadricycle will create some opportunity," he added.
According to Hardip, the company controls 60 per cent of the three-wheelers cargo market and over 31 per cent of the three-wheeler passenger market.
He said the company plans to increase its export volume which is at present 2,000 vehicles per month, targeting a higher growth to various countries including Sri Lanka, Nigeria, Ethiopia, Latin American countries, among others.