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.
Rise in consumer demand for four-wheel microcars is driving the global market, Asia Pacific is likely to account for dominant market share in the near future due to rise in demand for fuel-efficient and affordable vehicles in countries such as India and China
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.
Get the Recently Updated Report on the Microcars Market as a Sample Copy at: https://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=32126
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
Buy this Premium Research Report | Immediate Delivery Available - https://www.transparencymarketresearch.com/checkout.php?rep_id=32126<ype=S
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.
Expand operations in the future – To get requisite details, ask for a custom report - https://www.transparencymarketresearch.com/sample/sample.php?flag=CR&rep_id=32126
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
About Transparency Market Research
Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision makers. Our experienced team of Analysts, Researchers, and Consultants use proprietary data sources and various tools & techniques to gather and analyses information.
Our data repository is continuously updated and revised by a team of research experts, so that it always reflects the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in developing distinctive data sets and research material for business reports.
Contact:
Nikhil Sawlani
Transparency Market Research Inc.
CORPORATE HEADQUARTER DOWNTOWN,
1000 N. West Street,
Suite 1200, Wilmington, Delaware 19801 USA
Tel: +1-518-618-1030
USA – Canada Toll Free: 866-552-3453
Website: https://www.transparencymarketresearch.com
Blog: https://tmrblog.com
Email: sales@transparencymarketresearch.com
