Mini Cars Market Size, Share & Trends Analysis Report By Type (Fuel Cars, Electric Cars), By Region (North America, Europe, Asia Pacific, Central & South America, Middle East & Africa), And Segment Forecasts, 2021 - 2028

Report Overview

The global mini cars market size was valued at USD 30.5 billion in 2020 and expected to expand at a compound annual growth rate of 7.6% from 2021 to 2028. Low cost of the mini cars is one of the major driving factors, which results in attracting consumers with middle to lower-income groups. The high fuel efficiency offered by mini cars is another factor that drives the market.   

Mini cars are compact in dimension, are blissful to drive with punchy performance and agile handling. These cars are affordable among low-income group consumers, easy to maintain, environment-friendly, and required less space for parking. In addition, increased inclination among the young generation towards opting for electric cars is positively influencing the growth of the market. Mini cars are categories into two types fuel cars and electric cars.   

In recent years technological advancement from the manufacturing companies into the mini car segment propels the industry growth. Mini cars have rising demand in the market in Japan due to huge popularity and well suited to narrow roads. In 2020, Daihatsu remained the major manufacturer of mini cars in Japan while, Suzuki become the best-selling brand for mini cars with totaling the 403,480 units sold. 

The COVID-19 pandemic has slightly hampered the market growth for many industries all over the world. The market has negatively impacted due to covid-19 pandemic. Sales of mini cars were down compared to previous years, as many countries imposed country-wise lockdown to control to spread of coronavirus. The government of various countries imposed strict restrictions on movement, which results in lowering the demand for mini cars in the global market. However, as things get normal it is expected that the market will recover steadily in near future.

Type Insights

The fuel-based mini cars segment dominated the market and accounted for holding the largest revenue share of over 90.0% in 2020. The segment is expected to witness a substantial growth rate from 2021 to 2028. Traditionally mini cars were available in the fuel category only, thus holding a large percentage of share in the global market. In recent years, the new product developed from manufacturing companies in this category propelled the growth of this segment. In addition, mini cars are more convenient than other passenger cars thus; its demand is high and contributes more to market revenue.   

The electric-based mini cars segment accounted for a significant revenue share and is expected to witness a CAGR of 9.0% from 2021 to 2028. Consumers growing inclination towards electric-based cars as it provides sustainable and environmental solutions to growing pollution which in turn will drive the electric cars market growth over the forecast period. In addition, growing developments from manufacturers for introducing electric-based cars will further boost the sale of mini cars in this category.

Regional Insights

Europe dominated the market and accounted for the largest revenue share of more than 45.0% in 2020. This is due to a significant increase in sales of electric cars in this region in recent years. Moreover, the presence of major mini cars manufacturers operating in this region attracts a large consumers base and holds 7% market share of total cars share.

In Asia Pacific, the market is estimated to witness a CAGR of 7.9% from 2021 to 2028. China and Japan are the two major countries expected to contribute largely in the mini car market growth in this region. This is due to the reason that small car has always been widespread in Japan, particularly in busy and crowded urban areas while, China is one of the largest consumers of electric cars globally. Therefore, Asia Pacific is expected to grow at the fastest CAGR over the forecast period.

Key Companies & Market Share Insights

The market for mini cars is fragmented in nature. New product developments from top manufacturing companies will attract a large consumer base. Top manufacturers companies adopt various strategies to expand their footprints in the global market, such as mergers and acquisitions, expansion of distribution channels, new product developments, and reaching out to customers through various channels. Some of the key players in the mini cars market include:

• Stellantis NV
• Toyota Motor Corporation
• Renault SAS
• Volkswagen AG
• Hyundai Motor Company
• Kia Corporation
• Suzuki Motor Corporation
• General Motors Company
• Mitsubishi Motors Corporation
• BMW AG
• Honda Motor Company, Ltd. 

Mini Cars Market Report Scope 

Segments Covered in the Report

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2028. For the purpose of this study, Million Insights has segmented the global mini car market on the basis of by type and region:

• Type Outlook (Revenue, USD Million, 2017 - 2028)
  • Fuel Cars
  • Electric Cars
• Regional Outlook (Revenue, USD Million, 2017 - 2028)
  • North America
    • U.S.
    • Canada
  • Europe
    • Germany
    • U.K.
    • France
    • Russia
    • Italy
  • Asia Pacific
    • China
    • Japan
    • India
  • Central & South America
    • Brazil
    • Argentina
  • Middle East & Africa
    • South Africa
    • Saudi Arabia