Over the last few years, as growing environmental concern, increasing fuel price as well as traffic congestion globally, the emphasis on improving transportation facilities began to gather more attention. Thus, automobile manufacturers are breaking their dependency on heavier car models and managing to develop comfortable, affordable, low carbon emissions as well as fuel consumption small vehicles such as microcars. Thus, these tiny cars are finding appeal among consumers offered as an alternative to combat road traffic congestion. Moreover, as the companies are introducing new models, the microcars are gaining more popularity and competitiveness in the market. In many developing countries such as India, microcars are used as public transportation. In the U.S., people who own three-wheel microcars are benefiting from safety regulations as these microcars are categorized as motorcycles. The primary benefits to owning microcars include taxes, insurance credits as well as special parking are the factors which as boost the microcars market in the near future.
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Microcars Market: Drivers and Restraints
Expanding automotive industry, rise in income level, growing consumer demand for small vehicles, and innovative engineering solutions such as rear-mid-engine are the primary factor driving the growth of the global microcars market. Additionally, consumers are inclining towards low carbon automobile solutions, and advancement in novel technology are the key factors driving the growth of the microcars market over the forecast period. However, changing consumer preference, scarcity of land for parking, growing safety concerns, fluctuation in oil price, rising clean air standards for automobiles, and regimes regulatory standards may limit the growth of the microcars market during the forecast the period. The automotive industry is embracing the low carbon vehicles, and changing micro mobility systems are the prominent trend in the market which is increasing the demand for microcars during the forecast period.
Microcars Market: Segmentation
The microcars met has been classified by application and end-user industry.
Based on microcars type, the microcars market is segmented into the following:
- Three-wheel Microcars
- Four-wheel Microcars
Based on engine type, the microcars market is segmented into the following:
Based on the end user, the microcars market is segmented into the following:
Microcars Market: Overview
Microcars market revenue is expected to grow at a rapid growth rate, over the forecast period. The market is anticipated to perform well soon attributed to expanding demand for hybrid cars in APEJ owing to its affordability as well as low maintenance along with the decrease in the micro electric vehicle’s battery cost. Additionally, the rapidly increasing vehicles penetration in developing countries and growing investment in research and development activities are the key factors which drive the growth of global microcars market during the forecast period. The microcars are distributed through specialized dealers who had a selling relationship with other microcars manufacturers. Based on microcars type, four-wheel microcars segment is projected to lead the global microcars market over the forecast period attributed to its superior braking, safety, and stability features compared to the model that has three-wheel. However, the lack of performance due to the speed limit as well as fierce competition from large automotive manufacturers are the major restraining factors which may hinder the growth of global microcars market over the forecasted period.
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Microcars Market: Region-wise Outlook
Depending on the geographic region, the microcars market is segmented into seven key regions: North America, Eastern Europe, Latin America, Western Europe, Japan, Asia-Pacific, and the Middle East & Africa. Asia-Pacific is expected to be the leading markets in the global microcars market followed by Europe, and Japan is owing to increasing demand for small electronic vehicles, expanding government initiatives for the development of microcars as well as to ensure local car manufacturers are leading the way in microcars market globally. Moreover, in the U.K., the government offers many tax benefits to people who uses microcars. The market in Asia-Pacific is projected to have the fastest growth due to rising smart car culture among young population, growing export opportunities for microcars manufacturers, and increasing disposable income. Additionally, growing demand for electric vehicles in China, changing living standards, and rise in traffic problems are some of the factors which are anticipated to surge in the growth of microcars market throughout the forecast period.
Microcars Market: Key Players
Some of the prominent players in the microcars market are Groupe Renault, Aixam-Mega SAS, Toyota Motor Corporation, Hyundai Group, The Ford Motor Company, General Motors Company, Tata Group, Piaggio & C. SpA, Mitsubishi Corporation, Honda Motor Co., Ltd., Suzuki Motor Corporation, Volkswagen Group, Micro Cars Limited, and others. The above mentioned prominent players are focus on developing low carbon emission vehicle solution with advanced technology and expanding their production capacity to meet the growing market demand along with increasingly stating their support for future micro electric cars.