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Microcars: A Global Market Report

Global microcars market: Almost 2 million units sold by 2018


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2014-03-14 13:03:02 - Microcars: A Global Market Report - a new market research report on companiesandmarkets.com

Consolidated sales in the global Microcars market is projected to exceed 1.8 million units by 2018, primarily driven by factors such as growing traffic congestion in urban areas, rising fuel prices, ecological concerns and launch of new efficient models.

Global vehicle 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 and manufacturers to seek alternative options for achieving higher fuel economy and low carbon footprint. As the financial crisis continues to weaken consumer confidence and vehicular traffic becomes more congested, automotive manufacturers are coming out with smaller and efficient vehicles to meet these problems.

 

 

Amidst this scenario, microcars are witnessing healthy growth over the past few years with several automakers entering the space to address the increasing demand. The segment also draws traction from government initiatives such as tax exemption and no license required policy and changing mobility trends in developed cities. Also, manufacturers are adopting huge online and viral marketing strategies and car sharing and self- service rental plans to gear up sales.

Most microcar manufacturers are shifting from fuel-driven cars to battery-operated cars in line with the changing environmental regulations and concerns. Increasing concerns about climate change and the pressing need to prepare for fossil fuel independent future have prompted both developed and developing countries to step up research, manufacture, and deployment of energy-efficient transport systems. Electromobility offers a potentially groundbreaking solution to change today´s fuel dependent transport system and make a leap towards sustainable mobility. However, major hurdles that are expected to negatively affect the growth of microcars include restricted speed, limited power output and inadequate charging infrastructures for micro electric cars.

Japan represents the largest market for microcars. Kei cars which are microcars of Japanese origin are a popular means of short distance commute in Japan. Amidst favorable factors such as ecological concerns, shrinking family size and government initiatives such as tax exemptions, preferential tax policy and infrastructure development schemes, minicars have been recording impressive growth in Japan in recent times. The segment dominated new car sales in the country with over 35% share of total volume sales in 2012. Additionally, various leading car manufacturers such as Daihatsu, Mitsubishi and Suzuki are working towards electrification of Kei cars in order to tap future opportunities. Global Industry Analysts ©

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