Top Companies in Microcars Market

The microcars market is projected to grow from USD 36.75 billion in 2025 to USD 49.00 billion by 2032 at a CAGR of 4.2%. Increasing urbanization and ongoing developments in the electric vehicle charging infrastructure are expected to drive the demand for microcars during the forecast period.

The key players in the microcars market are SAIC-GM-Wuling (China), Suzuki Motor Corporation (Japan), Honda Motor Corporation (Japan), BYD Auto Co., Ltd. (China), and Stellantis N.V. (Netherlands). These players have adopted product development, collaboration, and partnership strategies to strengthen their presence in the microcars market.

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Suzuki Motor Corporation has focused on strategic moves such as product development and investment to strengthen its position in the global microcars market. In September 2024, the company launched the Suzuki Spacia Gear high-roof wagon-type Kei car. The vehicle is equipped with water-repellent seats, dirt-resistant luggage floors, and roof rails. The company launched the Suzuki Hustler Tough Wild in May 2024. The car is an updated version of the Suzuki Hustler, and it features LED headlamps as standard, 360° premium UV & IR cut glass, and the vehicle is offered in a turbocharged variant as well. The company has also focused on investment as a strategy to gain traction in the market; in May 2024, Suzuki Motor Corporation invested in Glydways, Inc. to develop an on-demand personal rapid transit (PRT) system using small electric vehicles that operate autonomously in dedicated lanes. Suzuki’s goal is to improve urban mobility with a more efficient and convenient transportation system.

SAIC GM Wuling (SGMW) Automobile Co., Ltd. is a joint venture involving three key players: SAIC Motor Corporation, General Motors (GM), and Guangxi Auto (formerly Wuling Group). The joint venture was aimed at creating a strong automobile manufacturing entity focused on producing affordable and small vehicles for the Chinese market. The company focuses on product development as a strategy to strengthen its position in the global microcars market. In November 2023, SGMW launched the third generation of Wuling Hongguang EV Macaron in the Chinese market. The car was priced at around USD 6,400. In the same year, the company launched the Wuling Air EV for the Chinese market. The 26.7 kWh car has a range of 300 km. The company has been the top-selling vehicle manufacturer in China for 14 consecutive years, and it has achieved a total sales volume of more than 29 million vehicles to date.

Honda Motor Co., Ltd. has focused on product launch as a strategy to maintain its position in the global microcars market. In September 2024, the company launched N-Box Joy, which was an updated form of N-Box meant for camping purposes. In June 2024, Honda launched the N-Van e, which is a commercial-use mini-EV model developed by adding user-friendly features unique only to EVs to the gasoline-powered N-VAN. Honda has a strong foothold in the Japanese Kei car market. It is focused on research and development activities, and in 2023, it invested 4.8% of its total revenue in R&D.

Related Reports:

Microcars Market by Category (Kei Cars, A00, Neighborhood Electric Vehicles, Quadricycles), Power Output (<5, 5-25, 26-40, >40 kW), End-use Application, Kei Cars and Quadricycles (Propulsion and Classification), and Region - Global Forecast to 2032

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