Global Microcars Market is expected to reach $7.97 billion by 2027 growing at a CAGR of 16.8% during 2019 to 2027.
Some of the key players profiled in the Microcars Market include BMW AG., Daihatsu Motor Co. Ltd., Hyundai, Daimler AG, Group PSA, Groupe Renault SA, Honda Motor Company, LIGIER Group., Mahindra & Mahindra, Mazda Motor Corporation, Piaggio & C. Spa, Subaru, Suzuki Motor Corporation, Tata Motors, and Toyota Motor Corporation.
Expansion of the construction industry and rising development through rapid industrialization are the major factors propelling the market growth. However, the impact of COVID-19 on automotive sector is restraining the market growth.
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Microcar term is commonly utilized for the smallest size of cars with three or four wheels and often have engine lesser than 700cc. Some of the example of the microcar is bubble cars, quadricycles, cycle cars etc. Microcars have hassle-free registrations and licensing as compared to normal cars.
Based on the drive, the all-wheel drive (AWD) segment is going to have a lucrative growth during the forecast period due to it helps increase fuel efficiency, improve traction, and control of the vehicle. Rise in demand for small and lightweight passenger vehicles in order to raise the fuel-efficiency of the vehicle is projected to boost the microcars market across the globe.
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By geography, Asia Pacific is estimated to have a lucrative growth due to high population, rising disposable income, cost sensitiveness owing to constrained spending habits. The customers in this region prefer to buy smaller cars as they are affordable and economical to maintain for middleclass people.
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Wheels Covered: • 3-wheel Microcar
• 4-wheel Microcar
Fuel Types Covered: • Electric • Hybrid • Petrol/Diesel
• Alternate Fuel
Sales Channels Covered: • Distribution Channel
• Direct Channel
Drives Covered: • 2WD/1WD
• All-Wheel Drive (AWD)
Applications Covered: • Commercial Cars
• Personal Cars
• North America o US o Canada o Mexico • Europe o Germany o France o Italy o UK o Spain o Rest of Europe • Asia Pacific o Japan o China o India o Australia o New Zealand o South Korea o Rest of Asia Pacific • South America o Argentina o Brazil o Chile o Rest of South America • Middle East & Africa o Saudi Arabia o UAE o Qatar o South Africa
o Rest of Middle East & Africa
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