The automotive sector continues to experience waves of innovations at a consistent pace. Regulatory pressure pertaining to carbon emissions in automotive vehicles has paved the way for a range of innovative concepts that aim to reduce air pollution. At present, hybrid and full-electric cars are gaining immense popularity around the world, as automotive companies are increasingly focusing on launching electric vehicles to establish a solid footing in the automotive sector. As the popularity of electric vehicles continues to head in the upward direction, microcars are gradually making a solid presence around global markets. Current trends in the automotive sector indicate a growing interest in micro-mobility due to which, the demand for microcars is growing at a steady pace particularly in East Asia and Europe.
Sensing the growing interest in microcars, a broad spectrum of automotive companies are increasingly diversifying their product offerings to launch energy-efficient, eco-friendly, and cost-effective microcars. In addition, government bodies around the world are promoting the production of electric vehicles by offering lucrative incentives and tax subsidies due to which, the overall production of microcars is projected to grow at a rapid pace during the forecast period. Several original equipment manufacturers (OEMs) have initiated the development of their own microcar concepts– a trend that is expected to set the wheels running for the microcars market in the assessment period.
At the back of these factors, along with advancements in technology, the global microcars market is expected to reach ~US$ 12.7 Bn by the end of 2030.
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License-free Driving and Environmental Concerns to Augment Sales
Governments across several key regions continue to put forward stringent regulations pertaining to environment safety and carbon emissions. The automotive sector, thereby, is required to comply with these regulations due to which, hybrid and electric cars are being developed. Microcars are likely to provide consumers the convenience of a four-wheeler and mobility of two or three-wheeled vehicles – both these factors are expected to play a key role in augmenting the sales of microcars in the upcoming years.
In several nations around the world, a driving license is not mandatory to drive a microcar- another factor that is expected to play a major role in influencing consumers to opt for microcars during the forecast period. The soaring demand for electric microcars coupled with growing interest in artificial intelligence-based autonomous vehicles is projected to play a key role in the overall development of the microcars market.
China to Remain Frontrunner in Production, Automotive Companies Eye Launch of New Microcars
The automotive sector is highly competitive wherein companies are striving hard to survive the cutthroat competition. Automotive companies are increasingly investing in new technologies and concepts to roll out eco-friendly microcars. At present, China is a major manufacturer of microcars due to the presence of over 400 microcar developers in the nation. Although there are no concrete guidelines and regulations related to the usage of microcars, government bodies are gradually stepping toward that direction by putting forward guidelines that are likely to improve on-road safety.
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Several automotive brands are launching new models of electric microcars to gain an advantage in the microcars market. For instance, Sunning Logistics and Baidu Apollo revealed a newly developed microcar equipped with the self-driving technology. Companies further revealed their plans of mass-producing unmanned delivery vehicles– a trend that is likely to be witnessed during the forecast period. Several startups in various parts of the world have entered the microcars market, due to which the competition continues to grow.
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Sales to Drop amid COVID-19 Pandemic
The onset of the COVID-19 pandemic is expected to deeply impact the automotive sector. The initial lockdown in the first quarter of 2020 in China has created major disruptions in the supply chain of various automotive components. In addition, as China is projected to control a dominant share of the global supply chain in the automotive sector, the lockdown of the industrial sector in the first quarter of 2020 is expected to hinder the growth of the microcars market in 2020.
Restrictions on transportation and cross-border trade coupled with the ongoing political tension between China and the U.S. are likely to influence the growth of the microcars market. The demand for microcars is expected to remain sluggish in 2020 amid the ongoing COVID-19 event. However, the trend is likely to change over the last quarter of 2024, as the demand is expected to gain momentum.
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