Microcars market is anticipated to grow at a considerable CAGR of 3.0% during the forecast period. The growth of the market is attributed to factors such as increasing urbanization, rising fuel costs, growing environmental concerns, and advancements in automotive technologies. Additionally, factors such as the demand for compact and economical vehicles in congested urban areas and government initiatives promoting electric and hybrid vehicles are anticipated to fuel the demand for microcars. For instance, in recent years, there has been a significant shift towards sustainable transportation solutions, which has boosted the adoption of microcars. Moreover, adoption of electric microcars are becoming increasingly popular owing to their eco-friendly nature and improved charging infrastructure, offering convenient and sustainable transportation options. Microcars are cheaper to charge than larger electric vehicles as they don't require as much energy. For instance, in November 2022, PMV Electric launched its first electric micro car in India called the EaS-E. The PMV EaS-E micro electric car is powered by a 10 kWh lithium iron phosphate battery that is coupled with a 15 kW (20 bhp) PMSM electric motor.

Get Free Sample link @ https://www.omrglobal.com/request-sample/microcars-market

Among the vehicle size segment, the compact microcars are expected to register significant growth during the forecast period. Compact microcars are popular in urban areas due to their smaller footprint, ease of manoeuvrability, and ability to navigate through congested traffic. These vehicles offer a practical solution for daily commuting, especially in crowded cities with limited parking space. The compact size also contributes to fuel efficiency and lower emissions, aligning with the increasing environmental concerns and government regulations. For instance, in April 2023, MG Motor India launched the MG Comet EV microcar. The Comet EV is a compact three-door electric hatchback with a starting price of $9700 and is expected to have a range of around 200 km on a single charge. The MG Comet EV is loaded with features, including dual 10.25-inch screens, a two-spoke steering wheel, dual airbags, ABS with EBD, ESC, and more.

full report of Microcars Market available @ https://www.omrglobal.com/industry-reports/microcars-market

Market Coverage
Market number available for – 2024-2031
Base year- 2024
Forecast period- 2024-2031
Segment Covered- By Source, By Product Type, By Applications
Competitive Landscape- Archer Daniels Midland Co., Ingredion Inc., Kerry Group Plc, Cargill
, and others

Market Segmentation

Global Microcars Market by Type

Fuel Cars
Electricity Cars
Hybrid Cars

Global Microcars Market by Application

Personal Cars
Commercial Cars

Global Microcars Market by Technology

Automatic
Semi-automatic

Global Microcars Market by Distribution Channel

Online
Offline

Global Microcars Market by Vehicle Size

Compact
Sub-compact

Company Profiles 

Automobiles SA Citroën
BYD Co. Ltd.
Chery
Daihatsu Motor Co., Ltd.
General Motors
Honda Motor Co., Ltd.
Hyundai
KIA India Pvt. Ltd.
Mahindra & Mahindra Ltd.
Maruti Suzuki India Ltd.
Mitsubishi Electric Corp.
Peugeot Motor Co. plc
Suzuki Motor Corp.
Tata Motors Passenger Vehicles Ltd.
Toyota

The Report Covers

Market value data analysis of 2022 and forecast to 2030.
Annualized market revenues ($ million) for each market segment.
Country-wise analysis of major geographical regions.
Key companies operating in the global microcars market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.
Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
Analysis of market-entry and market expansion strategies.
Competitive strategies by identifying ‘who-stands-where’ in the market.

For More Customized Data, Request for Report Customization @ https://www.omrglobal.com/report-customization/microcars-market

About Orion Market Research
Orion Market Research (OMR) is a market research and consulting company known for its crisp and concise reports. The company is equipped with an experienced team of analysts and consultants. OMR offers quality syndicated research reports, customized research reports, consulting and other research-based services. The company also offer Digital Marketing services through its subsidiary OMR Digital and Software development and Consulting Services through another subsidiary Encanto Technologies.

Media Contact:

Company Name: Orion Market Research

Contact Person: Mr. Anurag Tiwari

Email: [email protected]

Contact no: +91 780-304-0404