Albany, NY -- (SBWire) -- 12/21/2018 --Over the last few years, as growing environmental concern, increasing fuel price as well as traffic congestion globally, the emphasis on improving transportation facilities began to gather more attention. Thus, automobile manufacturers are breaking their dependency on heavier car models and managing to develop comfortable, affordable, low carbon emissions as well as fuel consumption small vehicles such as microcars. Thus, these tiny cars are finding appeal among consumers offered as an alternative to combat road traffic congestion. Moreover, as the companies are introducing new models, the microcars are gaining more popularity and competitiveness in the market. In many developing countries such as India, microcars are used as public transportation. In the U.S., people who own three-wheel microcars are benefiting from safety regulations as these microcars are categorized as motorcycles. The primary benefits to owning microcars include taxes, insurance credits as well as special parking are the factors which as boost the microcars market in the near future.

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Microcars Market: Drivers and Restraints

Expanding automotive industry, rise in income level, growing consumer demand for small vehicles, and innovative engineering solutions such as rear-mid-engine are the primary factor driving the growth of the global microcars market. Additionally, consumers are inclining towards low carbon automobile solutions, and advancement in novel technology are the key factors driving the growth of the microcars market over the forecast period. However, changing consumer preference, scarcity of land for parking, growing safety concerns, fluctuation in oil price, rising clean air standards for automobiles, and regimes regulatory standards may limit the growth of the microcars market during the forecast the period. The automotive industry is embracing the low carbon vehicles, and changing micro mobility systems are the prominent trend in the market which is increasing the demand for microcars during the forecast period.

Microcars Market: Segmentation

The microcars met has been classified by application and end-user industry.

Based on microcars type, the microcars market is segmented into the following:

Three-wheel Microcars
Four-wheel Microcars
Based on engine type, the microcars market is segmented into the following:

Electric
Petrol
Diesel
Hybrid
Based on the end user, the microcars market is segmented into the following:

Passenger
Utility
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