Mild hybrid vehicles offer superior fuel efficiency and lower emissions compared to conventional internal combustion engine vehicles. Mild hybrid vehicles use a small electric motor to assist the gasoline engine, allowing for improved acceleration and braking regeneration.
The global Mild Hybrid Vehicle Market is estimated to be valued at US$ 99.97 Bn in 2023 and is expected to exhibit a CAGR of 18.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Introduction of fuel-efficient vehicles has accelerated the growth of the mild hybrid vehicle market. Stringent emission norms by regulatory bodies worldwide have increased the demand for fuel-efficient vehicles. Mild hybrid vehicles are more efficient and affordable compared to plug-in hybrid and battery electric vehicles. They improve fuel economy by 10-15% through brake energy regeneration and engine stop-start functionality. Leading automakers are focusing on introducing new mild hybrid vehicle models with advanced technology to appeal more customers. For instance, Toyota launched new Corolla and RAV4 models with a mild-hybrid powertrain providing an optimal balance of affordability and efficiency.
Segment Analysis
The global mild hybrid vehicle market can be segmented based on vehicle type, battery capacity, transmission type, and geography. The passenger vehicle segment is expected to dominate the market during the forecast period. This is because passenger vehicles hold a major share of the total vehicles sold globally each year. Within passenger vehicles, the hatchback segment accounts for the largest share as these vehicles provide good fuel efficiency along with space for passengers and cargo.
Key Takeaways
The Global Mild Hybrid Vehicle Market Demand is expected to witness high growth over the forecast period of 2023 to 2030. The market size is projected to increase from US$ 99.97 Bn in 2023 to US$ XXX Bn by 2030, registering a CAGR of 18%.
Regional analysis
Asia Pacific is expected to be the fastest growing as well as dominant region in the global mild hybrid vehicle market during the forecast period. Countries like China, India, and Japan are witnessing high sales of passenger vehicles each year. Strong economic growth and rising disposable income are increasing the demand for personal vehicles in emerging economies of Asia Pacific. This is driving the adoption of fuel-efficient mild hybrid vehicles in the region.
Key players
Key players operating in the mild hybrid vehicle market are Toyota Motor Corporation, Nissan Motor Co. Ltd, Honda Motor Company Ltd, Hyundai Motor Company, Kia Motors Corporation, Suzuki Motor Corporation, Daimler AG, Volvo Group, Volkswagen Group, BMW AG, Ford Motor Company, Audi AG, Jaguar Land Rover Ltd, and Chevrolet. Toyota Motor Corporation holds the largest share currently due to its wide range of hybrid models like Prius, Corolla, and Camry available across various geographies
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What is a Hybrid Car?With more and more people looking for an eco-friendly means of commuting, the popularity of alternative-fuel vehicles has soared in the USA.
With the automotive industry under pressure to electrify or hybridize its vehicles, this market has also become significantly more accessible.Read more - Everything You Need to Know About Hybrid Cars
