Mild hybrid vehicles provide enhanced fuel efficiency while emitting lower emissions, improving its applicability for everyday commute. Mild hybrid vehicles integrate a mild-hybrid powertrain that assists the internal combustion engine. The mild-hybrid system comprises of a small electric motor that aids the engine during acceleration and recaptures energy during braking, thereby enhancing fuel economy.
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 18.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends: Enhanced fuel efficiency delivers increased savings for customers
The key driver boosting the mild hybrid vehicle market is its enhanced fuel efficiency compared to conventional vehicles. The small electric motor and battery in mild hybrid vehicles help improve fuel efficiency by 10-15% depending on usage conditions. This translates to significant savings on fuel costs for customers over the lifetime of the vehicle. The boost in efficiency has made mild hybrid vehicles an attractive choice for daily commutes in urban areas. Many leading automakers have introduced diverse mild hybrid models across segments to capitalize on the growing preference of customers for efficient and low emission vehicles.
Segment Analysis
The global mild hybrid vehicle market is dominated by the passenger vehicle segment. Passenger mild hybrid vehicles account for over 70% of total mild hybrid vehicles sold globally. This is because passenger vehicles form the bulk of total vehicle sales worldwide and consumers are looking to reduce fuel costs and emissions from their personal vehicles. Commercial vehicle sales of mild hybrids are growing faster but form a much smaller share currently due to higher costs of electrification for commercial fleets.
Key Takeaways
The Global Mild Hybrid Vehicle Market Size is expected to witness high growth over the forecast period of 2023 to 2030 driven by stringent emission regulations and rising consumer demand for fuel efficient vehicles. The market size is projected to reach US$ 199.94 Bn by 2030, growing at a CAGR of 18.5%.
Regional analysis: The Asia Pacific region currently dominates the mild hybrid vehicle market accounting for over 40% of sales. China, India and Japan are among the fastest growing markets in the region supported by strong government initiatives and policy push for hybrid and electric vehicle adoption. Europe is another major regional market for mild hybrids led by Germany, France and United Kingdom. Stringent EU emission regulations are driving automakers in the region to ramp up hybrid vehicle offerings.
Key players: Key players operating in the mild hybrid vehicle market include 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. Major automakers are investing heavily in mild hybrid technology and platform development to comply with tightening emission norms.
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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
Market Research Future (MRFR) highlights that the Global Mild Hybrid Vehicles Market 2020 is slated to grow exponentially over the review period, estimated to grow at a healthy CAGR of 4.8% by 2025.
The global mild hybrid vehicles market is analyzed in detail in the report, which takes a close look at the market’s historical statistics and present condition in order to present to readers detailed and accurate forecasts regarding the market’s movement over the forecast period from 2019 to 2025.
The impact of the COVID-19 pandemic on the global mild hybrid vehicles market is also studied in the report.
Mild hybrid vehicles are internal combustion engine vehicles equipped with an electric motor.
This allows for a considerable saving in terms of fuel and emissions.
Mild hybrid vehicles are the connecting bridge between conventional, internal combustion vehicles and futuristic electric vehicles running purely on electric power.Competitive Leader board:Leading players in the global mild hybrid vehicles market include AB Volvo, BYD Co. Ltd., Hyundai Motor Company, Groupe PSA, Renault-Nissan-Mitsubishi Alliance, Toyota Motor Corporation, Tesla Motors Inc., Volkswagen AG, Suzuki Motor Corporation, Peugeot SA, Honda Motor Company Ltd., General Motors Company, Ford Motor Company, Fiat SpA, and Daimler AG.
