The most influential Megatrends set to shape the world through 2030, identified by Euromonitor International, help businesses better anticipate market developments and lead change for their industries.
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Learn moreFeb 2018
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Mini and small cars make up the third-largest vehicle segment by global sales, with approximately 15 million units sold in 2016. The largest mini and small car markets were in Asia Pacific and Western Europe in 2016, although only Western Europe and North America saw positive CAGRs over 2011-2016. Vehicles in this category tend to appeal to cost-sensitive consumers and those facing structural barriers to driving larger cars, such as those living in Western Europe’s congested cities.
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Regional standards for vehicle size are reflected in the historical performanceof the mini/small car segment. In developing countries or in places withcongested downtown streets (e.g., Western Europe and Japan), mini andsmall cars remain popular. However, in regions with wide roads and wealthierconsumers – North America, Australasia and now China – consumers preferlarger crossovers and SUVs to mini and small cars.
Some of the historical shifts in mini and small car sales can be traced back tolocal legislation, which amplified consumer behaviour because of how costsensitive many consumers in this demographic are. For example, there were156,000 more small cars sold in the United Kingdom in 2016 than in 2011,while there were 60,000 fewer units sold in the Netherlands in 2016 than in2011. Despite the United Kingdom and the Netherlands being economicallyand politically similar over most of the 2011-2016 time period (i.e., pre-Brexit),a new tax scheme went into effect in the Netherlands in 2016 that raisedalready high vehicle taxes.
Despite most vehicle segments in China experiencing consistent growth over2011-2016, both mini and small car sales declined in China over this timeperiod. The minicar market declined at a compound average rate of over 15%over 2011-2016, while the small car market declined at a rate of nearly 6%over the same period. Disposable incomes and overall new car sales grew atCAGRs of 8% and 10% respectively over 2011-2016, suggesting that wealthierChinese consumers were substituting pricier upper medium cars and SUVs formini and small cars.
Gain competitive intelligence about market leaders. Track key industry trends, opportunities and threats. Inform your marketing, brand, strategy and market development, sales and supply functions.