According to the report, the global Microcars market is projected to reach ~US$ 12.7 Bn by 2030, expanding at a CAGR of ~15% during the forecast period. Growing environmental concerns, increasing fuel prices, and traffic congestion globally have laid emphasis on improving transportation facilities. Thus, vehicle manufacturers are focusing on the development of comfortable, affordable, and fuel-efficient small vehicles. This is likely to boost the microcars market during the forecast period.
Rapid increase in vehicle penetration in developing countries and rise in investment in research & development activities are key factors that are estimated to drive the global microcars market during the forecast period. The microcars market is likely to perform well soon due to the rise in the demand for hybrid cars in Asia Pacific, owing to their affordability as well as low maintenance, along with the decrease in the micro electric vehicle’s battery cost, which is likely to propel microcars market in Asia Pacific.
Rise in government initiatives for the development of microcars as well as vehicle manufacturers are integrating advance technology, including advance drive assist (ADAS) and connected vehicle, which is likely to enhance the microcars market across the globe. Moreover, in the U.K., the government offers several tax benefits to people who use microcars. Increase in smart car culture among the young population, rise in export opportunities for microcar manufacturers, and a surge in disposable income are anticipated to boost the microcars market across the globe.
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Expansion of Microcars Market
The surge in trade volume, owing to rising bilateral trade among countries is projected to boost the microcars market during the forecast period. China witnessed a surge in both general trade volume and proportion, rising to 15.66 trillion Yuan. China trade volume accounted for 56.4% of total foreign trade. Major trading partners of China are the U.S., the European Union, and ASEAN. Exports of China to the U.S. further rose by 15.2% year-on-year. Based on drive, the global microcars market has been segmented into 2WD/1WD and AWD. AWD is likely to be highly lucrative segment during the forecast period.
This is primarily due to the rise in use of sports utility vehicles and increased need for stability and control of vehicle. Legislation regarding AWD in vehicles across developed countries, including the U.S., China, and Japan, is likely to boost the microcars market. In terms of fuel type, the electric segment dominated the market, as an increase in the demand for electric vehicles due to enactment of emission regulations is driving the demand for microcars. Moreover, major vehicle manufacturers are likely to shut down the production of diesel engines due to the enactment of stringent rules and regulation regarding emission, which is estimated to boost the demand for electric microcars. This, in turn, is anticipated to boost the microcars market across the globe.
This report answers these questions and more about the microcars market, aiding major stakeholders and key players in making the right decisions and strategizing for the advancement of their business.
Microcars Market – Research Methodology
This TMR report on the microcars market is based on a complete and comprehensive evaluation of the market, backed by secondary and primary sources. Market volume is determined by country wise model mapping of vehicle through internal & external proprietary databases, and relevant patent and regulatory databases. The competitive scenario of the microcars market is supported by an assessment of the different factors that influence the market on a minute and granular level. By thoroughly analyzing the historical data, current trends and announcement by the key players, researchers of the microcars market arrive at predictions and estimations, and calculate the forecast for the market.
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This report uses an analytical triangulation method to estimate numbers and figures of the microcars market, with both a bottom-up and top-down approach.
This detailed assessment of the microcars market, along with an overview of the landscape, is provided based on a careful examination of the avenues related to this industry. Analysts’ conclusions on how the microcars market is estimated to expand are based on carefully vetted primary and secondary sources.
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