Global Microcar Market was valued at USD 44.9 Billion in 2021 and is projected to reach around USD 52.6 Billion by 2028, at a CAGR of 2.3% during the forecast period.
Microcar term is often used for the smallest size of cars with three or four wheels and often have engine smaller than 700cc. Some of the example of the microcar is bubble cars, cycle cars, quadricycles, voiturettes etc. Microcars have hassle-free registrations and licensing as compared to normal cars. These cars are powered by petrol or diesel engines these days electric microcars are also in trend recently. The global microcar market is driven by several factors such as growing population, changing consumer vehicle preference and launch of several energy efficient microcars equipped with compact, spacious designs filled with sophistication. On the basis of fuel, the microcar market is segmented in to petrol-based cars, diesel based, electric vehicles and others. On the basis of type the microcar market is segmented into three wheelers and four wheelers.
The regions covered in this microcar market report are North America, Europe, Asia-Pacific and Rest of the World. On the basis of country level, the market of Microcar is sub divided into U.S., Mexico, Canada, U.K., France, Germany, Italy, China, Japan, India, South East Asia, Middle East Asia (UAE, Saudi Arabia, Egypt) GCC, Africa, etc.
Some major key players for global microcar market are
Some of the main growth factor of microcar market are growing popularity of electric cars and varied microcar models with advanced features introduced by OEMs. Overpopulation in developing countries like India & china (China-1.42 Billion and India- 1.35 Billion in 2018) and increasing rate of urbanization is impacting the growth of microcar market. The increasing cases of two-wheeler accidents are expected to drive the market for microcars. The price of oil worldwide is expected to increase over the next decade due to depleting fossil fuels microcars are energy efficient and offer better mileage than other cars.
Asia Pacific region is dominating the global microcar market due to high population, rising disposable income, cost sensitiveness due to constrained spending habits. The growth in the region was customers in Asia Pacific prefer to buy smaller cars as they are affordable and economical to maintain for middleclass people. Europe is the second largest market followed by North America in terms of revenue generation. The European market is majorly driven by factors such as focus on alternative fuel driven vehicles, congested city centers and increasing cost of vehicle ownership. The development of megacities, changing mobility trends and increasing interest in urban vehicles with low emissions and low fuel consumption, has encouraged OEMs to introduce microcars in Europe such as Renault, PSA Peugeot Citroen and many more.
|Historical data||2018 - 2021|
|Forecast Period||2021 - 2028|
|Market Size in 2021:||USD 44.9 Billion|
|Base year considered||2021|
|Forecast Period CAGR %:||2.3%|
|Market Size Expected in 2028:||USD 52.6 Billion|
|Tables, Charts & Figures:||175|
BAIC Motor Corporation Limited, BMW AG, BYD Auto Co., Ltd., Chery Automobile Co., Ltd., Daimler AG, Fiat Chrysler Automobiles N.V., Hyundai Motor Company, JAC Motors, Kia Motors Corporation, Mahindra & Mahindra Limited, Nissan Motor Co., Ltd., Renault Group, Tesla, Inc., Volkswagen Group, Zotye Holding Group Co., Ltd., Others.
|Segments Covered||By Drive Type, By Fuel, By Wheels, By Applications|
|Regional Analysis||North America, U.S., Mexico, Canada, Europe, UK, France, Germany, Italy, Asia Pacific, China, Japan, India, Southeast Asia, South America, Brazil, Argentina, Columbia, The Middle East and Africa, GCC, Africa, Rest of the Middle East and Africa|
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