The global microcars market to grow at a CAGR of 2.69% during the period 2017-2021.
This report, Global Microcars Market 2017-2021, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market.
The latest trend gaining momentum in the market is OEMs launching microcars with inflated engine capacity and features. OEMs are increasingly adding advanced features to microcars for negating the perception of microcars being labelled as cheap cars with an intention to sell them exclusively in the emerging countries. Also, OEMs are moving their focus from markets like China and India to countries like Thailand, Russia, Europe, and Brazil to increase their global market esence. For instance, General Motors postponed the launch of its compact vehicles that targeted the Indian and Chinese markets due to the underperformance of their compact car segments in these markets.
According to the report, one of the major drivers for this market is increased eference for affordable economic cars in APAC. Automotive markets in APAC have always been cost sensitive due to constrained spending habits, the lack of awareness regarding financial methods, and economic backwardness. Hence, the penetration of passenger cars is less in APAC compared to the Americas and Europe. Customers in APAC efer to buy small cars as they are affordable and economical to maintain. Moreover, the perception of achieving higher social acceptance by owning a car in China and India is expected to drive the sales of small cars that fit within the constrained budgets of the customers.