The global Mini Cars Market size is expected to reach USD 54.2 billion by 2028, according to a new report by Million Insights. The market is expected to expand at a CAGR of 7.6% from 2021 to 2028. The mini cars are more affordable and environment friendly thus drives the market growth. In addition, minimum maintenance and suitable in parallel parking further propel the industry demand. Most of the product manufacturers adopt different strategies such as the expansion of distribution channels, and new product developments to increase their market share.
COVID-19 pandemic has negatively impacted the market. COVID-19 pandemic caused lockdowns and restrictions imposed by governments in countries across the world. Due to this, the global sales of the mini cars decreased significantly in 2020. In addition, the COVID-19 pandemic has resulted in a decrease in the production of mini cars. However, it is expected that the market will witness promising growth in the near future due to relaxed COVID-19 restrictions and resuming trade and manufacturing activities.
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The fuel-based mini cars segment contributed to the global market revenue share of over 90% in 2020. The segments hold a maximum percentage of shares as traditionally mini cars were available only in fuel category. Moreover, in the last couple of years; the various manufacturers developed fuel-based mini cars with different new attractive features and following all governments’ regulations. Therefore, the fuel-based segment contributes more to the market revenue.
Europe accounted for the largest market share of more than 45% in 2020. Many European governments increased subsidy schemes for EVs, which results in increased cars registrations in this region. High disposable income and expansion of distribution channels from top brands are the major factors driving the market demand. According to the OICA, passenger cars sale in Germany, France, and the U.K. is largest in this region, thus contributed high revenue generation in the market.
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Mini Cars Market Report Highlights:
• Asia Pacific is estimated to be the fastest-growing market for mini cars, growing at a CAGR of 7.9% from 2021 to 2028. Increasing demand from the developed economies of the Asia Pacific such as China and Japan is anticipated to drive the market growth over the forecast period. Moreover, regulatory authorities pushing for fuel efficiency in this region is another factor expected to increase the market in the near future
• Electric based mini cars segment is likely to register the highest CAGR of 9.0% from 2021 to 2028. Supportive government policies and regulations, growing investments by top automotive OEMs, and declining battery prices are the important factors expected to drive the growth of the electric-based mini cars segment over the forecast period
Mini Cars Market Segmentation
Million Insights has segmented the global mini car market on the basis of type and region:
Mini Cars Type Outlook (Revenue, USD Million, 2017 – 2028)
Mini Cars Regional Outlook (Revenue, USD Million, 2017 – 2028)
Central & South America
Middle East & Africa
List of Key Players of Mini Cars Market
Toyota Motor Corporation
Hyundai Motor Company
Suzuki Motor Corporation
General Motors Company
Mitsubishi Motors Corporation
Honda Motor Company, Ltd.
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