Dublin, Jan. 19, 2022 (GLOBE NEWSWIRE) -- The "Microcars - Global Market Trajectory & Analytics" report has been added to ResearchAndMarkets.com's offering.
Global Microcars Market to Reach US$50.3 Billion by the Year 2026
Global market for Microcars estimated at US$44.5 Billion in the year 2020, is projected to reach a revised size of US$50.3 Billion by 2026, growing at a CAGR of 2.1% over the analysis period. Electric, one of the segments analyzed in the report, is projected to grow at a 2.6% CAGR to reach US$22.6 Billion by the end of the analysis period.
Microcars are compact fuel-efficient automobiles that are smaller in size than standard cars. Global automotive industry has undergone significant transformation in the past few decades in terms of vehicle design, features, production costs and affordability. The resultant upsurge in vehicle population and the rise in fuel prices have compelled governments to impose strict regulations and manufacturers to seek alternative options which led to the efforts to commercialize electric vehicles and other alternatives, though they have been in use since long.
As the number of cost conscious customers rises and vehicular traffic becomes more congested, automotive manufacturers are rethinking business plans focused on smaller and efficient vehicles to address some of these issues. Amidst the scenario, the automotive industry globally has been looking towards microcars, which are beneficial in terms of higher fuel economy and lower carbon footprints.
Rapid industrialization, increasing urbanization and expansion of construction industry would also promote market growth, especially for microcars capable of transporting cargo, particularly in countries like Japan, China and the US. Gradually reducing space for parking is also contributing to market growth. The pandemic also led to increased interest among public in owning cars instead of using public transport.
After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Hybrid segment is readjusted to a revised 1.8% CAGR for the next 7-year period. Hybrid cars would continue to witness popularity in the next few years compared to electrified cars owing to their high fuel efficiency and longer driving range.
Though adoption of pure-battery operated electric vehicles is expected to increase in the long run, but for immediate future, hybrid cars are likely to fare better than electric vehicles. As a result, manufacturers are rolling out a combination of electric motor and conventional combustion engine to develop a micro hybrid car.
Along with full-electric and hybrid cars of standard size, electric microcars can be seen making their presence felt across the global markets owing to the growing interest of commuters, especially those in Europe and East Asia, in micro mobility. Subsidies and tax incentives offered by government bodies for ramping up production of EVs is also a major contributing factor for growth of the market for microcars, especially electric microcars.
The U.S. Market is Estimated at $3.8 Billion in 2021, While China is Forecast to Reach $5.6 Billion by 2026
The Microcars market in the U.S. is estimated at US$3.8 Billion in the year 2021. The country currently accounts for a 8.5% share in the global market. China, the world's second largest economy, is forecast to reach an estimated market size of US$5.6 Billion in the year 2026 trailing a CAGR of 2.8% through the analysis period.
Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 1.9% and 1.6% respectively over the analysis period. Developing economies in Asia-Pacific, Latin America and Middle East will continue to be a prominent regional market for automobiles. Asia-Pacific in particular represents a major market for passenger cars.
China and India in particular, have been displaying high demand for new cars, primarily due to continued industrialization, growth in GDP, rising employment levels, improving standard of living, increase in discretionary spends, and development of road infrastructure.
Petrol/Diesel Segment to Reach $1.3 Billion by 2026
In the global Petrol/Diesel segment, USA, Canada, Japan, China and Europe will drive the 1.5% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$8.6 Billion in the year 2020 will reach a projected size of US$9.5 Billion by the close of the analysis period.
China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$882.8 Million by the year 2026, while Latin America will expand at a 1.7% CAGR through the analysis period.
Key Topics Covered:
I. METHODOLOGY
II. EXECUTIVE SUMMARY
1. MARKET OVERVIEW
- Impact of COVID-19 Pandemic and Looming Global Recession
- 2020: A Year of Disruption & Transformation
- As the Race between the Virus & Vaccines Intensifies, Where is the World Economy Headed in 2021?
- How the Automotive Industry was Impacted by the Pandemic & What's the New Normal?
- Pandemic Impacts Demand for Microcars
- Increased Use of Mask-Vacation Pods at Workspaces, An Opportunity for Microcars
- An Introduction to Microcars
- Microcars: Promising Alternative to Traditional Vehicles
- Global Market Prospects & Outlook
- Developing Regions to Witness High Growth
- Competition
- Recent Market Activity
2. FOCUS ON SELECT PLAYERS (Total 57 Featured):
- 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
3. MARKET TRENDS & DRIVERS
- Growing Challenges of Urban Transportation Enhance Importance of Microcars
- Growing Road Congestion and Restricted Parking Spaces Fuel Need for Smaller Microcars
- Urbanization and Emergence of Smart Cities Spurs Demand for Light Vehicles, Microcars to Benefit
- Rise in Two-Wheeler Accidents Turns Consumers towards Microcars
- Regulatory Pressures to Reduce Carbon Emissions Drives Focus onto Micro-Electric Vehicles
- Trend towards Small and Low-Speed Electric Vehicles
- Hybrid Cars to Remain in Race in Near Term
- Government Support for Electric Vehicles: Micro-Electric Vehicles Market to Benefit
- Micro-Mobility Trend Fuels Importance of Microcars
- Could Microcars Emerge as the Future of Shared Mobility Services?
- Microcars Proved to be Successful for Car Sharing even before Pandemic
- The Advantage of License-free Driving Bodes Well for Microcars Market
- Changing Mobility Trends Affect Design Changes
- Motorized Quadricycles Market: Poised for Healthy Growth
- Safety Aspect Remains High Priority among Consumers
- Stringent Eco-Norms and Safety Rules to Increase Prices of Microcars
- Small Engine Compact Cars to Witness Robust Demand
- Solar Electric Microcar - A New Development
- Consumer Perceptions: A Major Hindrance for Adoption of Microcars
4. GLOBAL MARKET PERSPECTIVE
III. REGIONAL MARKET ANALYSIS
IV. COMPETITION
For more information about this report visit https://www.researchandmarkets.com/r/i1qger
