Compact Cars Market

Market Overview:

The global compact cars market size reached US$ 47.1 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 54.7 Billion by 2028, exhibiting a growth rate (CAGR) of 2.35% during 2023-2028.

Compact cars fall between mid- and subcompact-sized vehicles that have a combined passenger and cargo interior volume. These cars consume less fuel and are affordable as well as easy to drive and park compared to large and luxury vehicles. They are gaining traction across the globe due to the growing consumer inclination towards more economical, convenient, and environmentally friendly alternatives. At present, on account of the continuously advancing technology, leading manufacturers are offering automatic transmissions in compact cars to enhance the overall driving experience.

Compact Cars Market Trends:

The emerging solo driving trend on account of convenience offered represents one of the main factors shifting consumer preferences towards compact cars that are well suited for short commutes. Moreover, the substantially increasing traffic congestion and lack of parking space on urban road networks, along with stringent regulations imposed by governments of numerous countries to minimize carbon emissions of vehicles, are encouraging automotive manufacturers across the globe to reduce car size and weight. Apart from this, several leading manufacturers are offering customized models with added features, such as television (TV) and wheel rims. These manufacturers are also collaborating with foreign original equipment manufacturers (OEMs) and increasingly investing in the manufacturing and research and development (R&D) facilities to improve the design and efficiency of compact cars. Furthermore, surging fuel prices and growing environmental concerns are leading consumers to favor economical and lightweight cars. This is anticipated to impel the growth of the market in upcoming years.

Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each sub-segment of the global compact cars market report, along with forecasts at the global, regional and country level from 2023-2028. Our report has categorized the market based on fuel type and application.

Breakup by Fuel Type:

• Gasoline
• Diesel
• Electric
• Others
   

Breakup by Application:

• Private
• Commercial
   

Breakup by Region:

• North America
  • United States
  • Canada
• Asia-Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Indonesia
  • Others
• Europe
  • Germany
  • France
  • United Kingdom
  • Italy
  • Spain
  • Russia
  • Others
• Latin America
  • Brazil
  • Mexico
  • Others
• Middle East and Africa
   

Competitive Landscape:

The competitive landscape of the industry has also been examined along with the profiles of the key players being Ford Motor Company, General Motors, Hyundai Motor Group, Renault Group, Stellantis N.V, Suzuki Motor Corporation, Toyota Motor Corporation and Volkswagen AG (Porsche Automobil Holding SE).

Report Coverage:

Key Questions Answered in This Report:

• How has the global compact cars market performed so far and how will it perform in the coming years?
• What has been the impact of COVID-19 on the global compact cars market?
• What are the key regional markets?
• What is the breakup of the market based on the fuel type?
• What is the breakup of the market based on the application?
• What are the various stages in the value chain of the industry?
• What are the key driving factors and challenges in the industry?
• What is the structure of the global compact cars market and who are the key players?
• What is the degree of competition in the industry?