According to IMARC Group’s latest report, titled “Compact Cars Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026”, the global market reached a value of US$ XX Billion in 2020.
Compact cars fall between the categories of mid- and subcompact-sized vehicles, which have a combined passenger and cargo interior volume.
They are affordable, consume less fuel, and are easier to drive and park than large and luxury vehicles.
Compact cars are gaining traction across the globe owing to the shifting consumer preferences towards more convenient, economical, and environmentally friendly automotive alternatives.
Presently, on account of continuous technological advancements, several leading manufacturers are offering automatic transmissions in compact cars to enhance the overall consumer experience.
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The elevating popularity of solo driving is one of the primary factors driving the compact cars market.
Moreover, the escalating levels of traffic congestion and the lack of sufficient parking space in urban areas are further bolstering the market growth.
Besides this, the rising number of stringent regulations implemented by government bodies across countries to minimize carbon emissions of vehicles is encouraging automotive manufacturers to reduce car size and weight, which is further augmenting the global market.
Furthermore, the escalating trend of various manufacturers offering customized models with added features, including television (TV) and wheel rims, is acting as another significant growth-inducing factor.
Apart from this, the growing number of collaborations between domestic players and foreign original equipment manufacturers (OEMs) is leading to increasing investments in the manufacturing and R&D facilities to improve the design and efficiency of compact cars.
This, in turn, is anticipated to catalyze the compact cars market over the forecasted period. Looking forward, IMARC Group expects the market to grow at a CAGR of XX% during 2021-2026.
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As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the industry behaviors of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
Competitive Landscape with Key Players:
- Ford Motor Company
- General Motors
- Hyundai Motor Group
- Renault Group
- Stellantis N.V
- Suzuki Motor Corporation
- Toyota Motor Corporation
- Volkswagen AG (Porsche Automobil Holding SE).
Market Segmentation:
Breakup by Fuel Type:
- Gasoline
- Diesel
- Electric
- Others
Breakup by Application:
- Private
- Commercial
Breakup by Region:
- North America (United States, Canada)
- Europe (Germany, France, United Kingdom, Italy, Spain, Others)
- Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Others)
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Note: We are updating our reports, If you want the report with the latest primary and secondary data (2021-2026) including industry trends, market size and Competitive landscape, etc.
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Key highlights of the report:
- Market Performance (2015-2020)
- Market Outlook (2021-2026)
- Market Trends
- Market Drivers and Success Factors
- Impact of COVID-19
- Value Chain Analysis
- Comprehensive mapping of the competitive landscape
If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
About Us:
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations.
Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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