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Compact Cars Market Segmented By fuel type such as Gasoline, Diesel and Electric
Compact cars are gaining popularity as they provide better fuel efficiency and are easy to drive and parking in roads comprising of high traffic. There are variety of cars that are available in the market as per consumer buying patterns. The compact cars are small cars that offer a different set of features such as larger space relative to economy cars at the expense of fuel efficiency expected to register notable growth in terms of sales volume.
The growth in demand of compact cars will be largely fueled by favorable policy. The success in the compact car segment for the manufacturers will be mainly decided by innovative design and attractive prices to attract consumer base within the segment.
The compact car segment is strategically important for the players as it holds one of the leading share in the automobile industry. The focus on compact cars will also be encouraged among manufacturers to meet corporate average fuel economy standards (CAFÉ). One of the major advantage of gaining customer in the segment is anticipated pattern of buyer that typically buy from the same manufacturer for life.
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The compact cars are expected to be one of the fastest growing segment in the automobile market with expansion likely to maintain its momentum in the near future owing to the downsizing trend coming up in the industry. The demand growth in the car market will increase in the coming years owing to the increase in overall spending all over the world, and continuously decrease in the pricing of the technology.
The compact SUV will be the fastest growing segment expected to register huge year-on-year growth and the trend is projected to continue for the coming years. Adding to this, low priced compact cars help manufacturers to keep potential buyers away from the used car market. The manufacturers are working on compact cars family designed with special focus on emerging markets like India and China as these countries will remain main consumers for compact cars.
The automaker are also planning to target markets of Brazil, Russia, and Thailand. Compact cars are most popular sough after due to the amount of features that are offered as well as new innovations and technologies by a manufacturer is also offered with the car. The manufacturers are also offering customized models by adding variety of features such as Television and wheel rims. Compact cars are best for cities which have small and narrow roads.
One of the major restraint to the market is growing popularity Sports Utility Vehicle (SUV) in these countries that may mute demand of the small and mid-sized hatchbacks and sedans. The cost of upgrading plants to produce the new cars would also be prohibitively high required for developing products for the local market and more swiftly adapt to changing consumer trends.
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The global Compact Cars market is segmented into seven key regions: North America, Latin America, Western Europe and Eastern Europe, Asia Pacific Excluding Japan (APEJ), Japan and Middle East and Africa (MEA). In the coming years, Western Europe, Japan and North America are expected to hold notable share in the demand of Compact Cars mainly driven by growing electric compact car market is growing rapidly in the regions.
The APEJ is expected to register significant growth due to demand for compact cars will fueled by India and China based strong demand. The MEA, Latin America and Eastern Europe are also expected to register healthy CAGR over the forecast period.
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Examples of some of the market participants identified across the value chain of the global Compact Cars market include:
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