Microcars Revenue to Top US$ 17.1 Billion by 2031; Four Wheels Segment Accounts for a Leading Share of 76.2% - Transparency Market Research, Inc.

Wilmington, Delaware, United States, March 28, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - According to a Transparency Market Research study, the global market was valued at US$ 7.9 Bn in 2022 and is anticipated to grow at a CAGR of 9.0% during the forecast period from 2023 to 2031 and reach US$ 17.1 Bn by the end of 2031

Microcar is a fuel-efficient automobile, which is smaller than conventional vehicles. Few popular microcars are quadricycles, cycle cars, and bubble cars. Microcars have application in both passenger and commercial segments, and these function on three types of engine:100cc–250cc, 251cc–500cc, and 501cc–700cc.

Launch of new microcars is projected to enable prominent market players in generating revenue and gaining an edge over other companies. In May 2022, Squad Mobility announced the launch of new two-seater solar electric vehicle. The objective behind the launch was to reduce the gap between passenger electric vehicles and electric two-wheeler automobiles.

Additionally, well-established companies are collaborating with other players to expand presence and improve revenue share.

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Key Findings of Market Study

• Increase in Demand for Four-wheel Microcars: In terms of number of wheels, the global market has been bifurcated into three wheels and four wheels. The four wheels’ segment accounted for dominant market share in 2022. The trend is likely to continue during the forecast period. Four-wheel automobiles have shown the capability to remain balanced while taking sharp turns and on rough terrains, and are also more energy-efficient than three-wheel automobiles. Hence, demand for these automobiles is high, which is driving the segment.
  
  
• Rise in Demand for IC Engine Microcars: Based on propulsion, the global market has been bifurcated into IC engine and electric. The IC engine segment accounted for dominant share in 2022. The trend is expected to continue during the forecast period. Increase in disposable income of consumers, rise in demand for affordable cars, and surge in number of two-wheeler accidents, particularly in developing countries due to lack of strict implementation of safety measures, are anticipated to drive the segment in the next few years. Microcars that function on IC engine run on fuels such as diesel and gasoline.
  

Microcars Market - Key Drivers

• Rise in demand for alternative fuels due to high cost associated with petroleum
  
  
• Increase in demand for pick-up trucks and electric motorcars in the logistics industry
  
  
• Surge in implementation of strict guidelines by governments due to increase in air pollution levels
  

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Microcars Market - Regional Insights

• The market in Asia Pacific is anticipated to account for dominant share during the forecast period. Increase in demand for fuel-efficient & affordable automobiles and large presence of leading manufacturers in countries such as India and Japan are projected to drive market development in the region. Manufacturers are also expected to establish microcar production units and R&D centers in countries in Asia Pacific due to ease of availability of resources such as land and labor.
  
  
• The market in North America is likely to witness robust growth in the next few years due to increase in customer demand for electric microcars and rise in consumer preference for utility vehicles in countries such as the U.S. and Canada.
  

Microcars Market-Key Players

The global market is competitive, with the presence of several international and local players. Entry of new players is likely to intensify competition in the next few years.

Leading players are investing significantly in R&D to manufacture improved microcars that meet consumer requirements. Increase in demand for advanced products is likely to help create business opportunities for prominent companies in the near future.

Key players operating in the market are Suzuki Motor Corp., Toyota Motor Corp., Squad Mobility, Tata Motors, Mahindra Electric Mobility Ltd., and Nissan Motor Company Limited.

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The global market has been segmented as follows:

• Number of Wheels
  
  
  • Three Wheels
    
  • Four Wheels

• Drive Type
  
  
  • One-wheel Drive
    
  • Two-wheel Drive
  • All-wheel Drive
    
    
• Application
  
  
  • Passenger
    
  • Commercial

• Engine Capacity
  
  
  • 100cc-250cc
    
  • 251cc-500cc
  • 501cc-700cc
    
    
• Propulsion
  
  
• IC Engine
  
  
  • Gasoline
    
  • Diesel

• Electric
  
  
  • Battery Electric
    
  • Plug-in Hybrid Electric
  • Fuel-cell Electric
    
    
• Region
  
  
  • North America
    
  • Europe
  • Asia Pacific
  • Middle East and Africa
  • Latin America
    

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