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The compact cars industry is being driven by the growing demand for vehicles with good fuel economy. Along with fuel economy, people usually look for compact cars that offer good legroom and a generous number of standard features. These cars are meant to be more for commuting as compared to comfort and performance as their compact nature makes the driving experience much better even in traffic or congested areas. These features are significantly driving the demand for compact cars, particularly in emerging nations, which are experiencing rapid urbanisation. The increasing population density in urban areas and the lack of space are expected to favour the compact cars industry over the forecast period. Moreover, the growing adoption of electric compact cars will further boost the industry growth.
General Motors Company (NYSE: GM) is one of the key players in the industry. The company is focusing on expanding its presence in emerging nations like China. Witnessing the shifting market dynamics in China, the company launched more than 20 all-new or refreshed vehicles in the region in 2020. The new products included compact cars and crossovers from the company’s new global vehicle family and new-energy vehicles. Moreover, in September 2020, General Motors Co. and Nikola Corporation (NASDAQ: NKLA) announced a strategic partnership owing to which General Motors will engineer, validate, and manufacture the Nikola Badger, further carrying cost reductions through Nikola's other programmes, including Nikola Tre, Nikola One, Nikola Two, and NZT, which represents a key commercialisation milestone for General Motors. Such developments are expected to aid the compact cars industry growth over the forecast period.
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The major players in the global compact cars market are Suzuki Motor Corporation, Toyota Motor Corporation, Honda Motor Company, Ltd., Tata Motor Limited, General Motors Company, and Nissan Motor Corp, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.
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