Mild hybrid vehicles leverage battery assistance to improve fuel economy without compromising driving capability. Equipped with smaller batteries and electrical motors that recapture energy during braking, mild hybrids do not possess plug-in or full hybrid capabilities and can run solely on traditional internal combustion. Their simple yet effective mild hybrid systems help enhance city and highway fuel efficiency through start-stop functionality and boost assistance. Rising consumer awareness about eco-friendly mobility paired with affordable price points have prompted swift uptake of these mild electrified powertrains across family sedans, SUVs, and commercial vehicles.
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 7.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Automakers are rapidly adopting 48V mild-hybrid systems to meet increasingly stringent emission regulations without compromising functionality or driving dynamics. These 48V architectures utilize a belt-driven starter generator and a small lithium-ion battery pack to harvest brake energy, assist acceleration and enable engine stop-start capability. Manufacturers are focusing their investments on upgrading existing gasoline and diesel engines with 48V mild-hybrid systems as it provides an affordable path to electrification. Additionally, governments across major automobile markets such as Europe, China and the U.S. are providing purchase incentives and tax benefits for mild hybrids to drive their adoption over conventional internal combustion vehicles. This is creating significant growth opportunities for automakers and component suppliers in the mild hybrid vehicle segment.
Segment Analysis
The global mild hybrid vehicle market is dominated by the passenger vehicle segment. Within the passenger vehicle segment, the HEV segment holds a major share due to its advantages such as reduced emissions as compared to conventional vehicles. HEVs provide optimum balance between performance and fuel-efficiency which makes them popular among customers.
Key Takeaways
The global mild hybrid vehicle market analysis is expected to witness high growth over the forecast period. Growing need to reduce emissions and increasing stringency of fuel economy norms are driving the demand for fuel-efficient hybrid vehicles. 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 7.3% over the forecast period 2023 to 2030.
Regional analysis
The Asia Pacific region dominates the global mild hybrid vehicle market and is expected to maintain its leading position over the forecast period. This can be attributed to higher production and sales of hybrid vehicles in major markets of China, Japan and India. Growing demand for affordable and fuel-efficient vehicles and supportive government policies and initiatives promoting hybrid technology adoption are augmenting the Asia Pacific market.
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 a major market share due to its wide range of HEV models. Hyundai Motor Company is also among the leading manufacturers, particularly in the Asia Pacific region.
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