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The microcar is basically a small-sized car with either three or four wheels and an engine that is generally smaller than 700 cc. Factors such as increased demand for electric cars and regulations of government regarding environmental safety and carbon emissions are attributing to the growth of the market. However, the lack of a consistent regulatory framework and low safety ratings is restraining the growth of the market.
The rise in urbanization and requirement for smart cities around the world has boosted the usage of passenger cars and light commercial vehicles by a considerable margin, which is likely to supplement the microcars market during the forecast period. Several vehicle manufacturers are investing heavily in research & development to develop new autonomous and connected vehicles. This will positively influence the growth of the microcars market during the forecast period. Some of the factors such as the decrease in vehicle loan interest rates, trouble-free availability of finance with customized financial schemes, and increase in each person income of consumers are some of the drivers leading to the rise in sales and manufacture of microcars. Also, the development of the construction industry and rising development from side to side speedy industrialization are anticipated to drive the production and sales of industrial vehicles, particularly in developed regions, including China, the U.S., and Japan. This, in turn, is likely to propel the microcars market across the globe.
Key Market Driver -
congestions on roads and pre-installed advanced feature are some of the major feature for the market growth.
Key Market Restraint -
low engine power and compact design are some of the major restraints for the market.
The Microcars market can be segmented by wheels, by drive type, by fuel types, by application, and by region. Based on wheels, the market is sub-segmented into 4-wheel microcar and 3-wheel microcar. The 4-wheel microcar segment is anticipated to grow rapidly in the forecast period as it is comparatively more energy efficient and is preferred more by the majority of the consumers. Based on the drive type, the market is segmented into all-wheel drive and 2- wheel drive/1 wheel drive. The all-wheel-drive segment is expected to grow rapidly over the forecast period as they provide more power to the engine for acceleration. The 2-wheel drive and 1-wheel drive microcars are comparatively cheaper in price. Hence they are more prevalent in developing economies. Based on fuel type, the market is sub-segmented into electric, petrol/diesel, and hybrid. The electric sub-segment is anticipated to hold the largest market share due to the increase in demand for battery electric vehicles in the market. The electric vehicle is comparatively cheaper, and it requires less maintenance; this is one of the major factors driving the market's growth. Based on application, the market is sub-segmented into commercial and personal. The personal segment is expected to account for the largest share in the market, as microcars have lately been in trend, and consumers prefer it more because of the compact and small designs, which eventually dries the growth of the market.
Some of the prominent players in global Microcars market are Daihatsu Motor Co., Ltd., Daimler AG, Groupe PSA, Mahindra Electric Mobility Limited, Nissan Motor Co., Ltd., Piaggio & C. Spa, Renault S.A., Suzuki Motor Corporation, Tata Motors Limited, Toyota Motor Corporation. These are the major market players along with other competitors of the market.
On the basis of region, the microcars market is segmented into North America, Europe, Asia Pacific, and the Rest of the World. Asia Pacific is the largest and fastest-growing market for microcars. This is attributed to an increase in fleet and traffic in the country, consumption of new production facilities, and increase in automotive sales due to rising expenditures and upcoming passenger and commercial vehicles. The automotive sector is highly competitive in which companies are determined to survive the aggressive competition. Automotive companies are increasingly investing vast amounts in new technologies and concepts to manufacture eco-friendly microcars. At present, China is the largest manufacturer of microcars due to the existence of over 400 micro car developers in the nation. Even though there are no actual guidelines and regulations associated with microcars' operation, government bodies gradually address the lack of rules by implementing policies that are likely to improve on-road safety.
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