Global Mild Hybrid Vehicles Market can achieve a healthy CAGR of 4.8% CAGR during the forecast period (2019-2025), asserts Market Research Future (MRFR). A hybrid electric vehicle (HEV) has two sources of power for propulsion- internal combustion engine (ICE) and electric motor. Mild hybrid vehicles offer an effective powertrain solution that helps in improving the driving experience and fuel economy, thereby reducing engine load. A mild hybrid vehicle combines an internal combustion engine, a 48-volt battery, an electric motor, and a converter. Moreover, mild hybrids are primarily conventional vehicles that allow engines to turn off in case of braking, coasting, and car stoppage, yet restarting cleanly and quickly. This restart is due to the incorporation of a larger motor, which spins the engine to operating RPM speeds before fuel injection. Mild hybrid vehicles provide a readily available, cost-effective, and consumer pleasing platform to align with stringent steps for safer, cleaner, and more fuel-efficient vehicles.
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Market Boosters and Key Restraints
Fuel efficiency has become a significant purchasing factor for consumers, given the rising need to curb fuel spending. Sensing the underlying opportunity in this scenario, several automakers like Hyundai and Mahindra are focusing on developing alternatives that deliver similar productivity but also high fuel efficiency. Such initiatives are expected to boost demand for mild hybrid vehicles market, as these promote fuel efficiency.
Vehicle electrification is another significant driver, contributing substantially to the growth of the mild hybrid electric vehicles market. Additionally, prominent economies like Michigan and China are keenly following the electrification method, which does wonders for the global market.
- Daimler Ag (Germany)
- Fiat Spa (Italy)
- Ford Motor Company (US)
- General Motors Company (US)
- Honda Motor Company Limited (Japan)
- Peugeot Sa (France)
- Suzuki Motor Corporation (Japan)
- Volkswagen Ag (Germany)
- Tesla Motors Incorporated (US)
- Toyota Motor Corporation (Japan)
- Renault–Nissan–Mitsubishi Alliance (Netherlands)
- Groupe PSA (France)
- Hyundai Motor Company (South Korea)
- BYD Co. Ltd (China)
- AB Volvo (Sweden)
Mild Hybrid Vehicles Market Segmentation:
The global mild hybrid vehicles market is segmented based on capacity, vehicle type, battery type, and region. On the basis of capacity, the global mild hybrid vehicles market has been segmented into 12 V, 12 V to 24 V, and more than 24 V. The more than 24 V segment majorly includes 48 V mild hybrid cars. On the basis of vehicle type, the global mild hybrid vehicles market has been divided into passenger cars and commercial vehicle. On the basis of battery type, the global mild hybrid vehicles market has been segmented into lithium-ion, lead-acid, and others.
Geographically, the global mild hybrid vehicles market has been segmented into four major regions, which are North America, Europe, Asia-Pacific, and the rest of the world. Europe mild hybrid car market has witnessed significant growth owing to the adoption of hybrid vehicles in countries such as Germany, Norway, the Netherlands, and France. Asia-Pacific is expected to register substantial growth in the global mild hybrid vehicles market due to government subsidiaries for purchasing mild hybrid electric vehicles to achieve optimal reduction level in carbon emissions across the region. Furthermore, the shifting trend from conventional to hybrid or electric vehicles is projected to propel the growth of the global market over the forecast period. Moreover, North America is expected to register substantial growth over the next decade owing to rising adoption of electric cars and stringent government regulations and standards to reduce emissions across the region.
The global mild hybrid vehicles market is mainly concentrated in the regions of North America, Asia Pacific (APAC), Europe, and the rest of the world (RoW). Asia Pacific (APAC) controls a considerable share of the global mild hybrid vehicles market. The strong market growth in the region is in response to their highest vehicles sales in China. A large number of automotive companies are investing in the regional market, in a bid to capitalize on the high demand for hybrid vehicles. For instance, at present, Toyota’s main objective is to be in-line with advancing technologies within the automotive industry.
With electric vehicles gaining immense favor in leading countries of Europe, the mild hybrid vehicles market players could be presented with major opportunities in the near future. Case in point, the year-to-date sales recorded by Kia Motors Europe this year was backed by the rising sales of their range of electric and hybrid models.
Ford is working on developing electrified vehicles with mild hybrid and plug-in hybrid versions of the new Kuga compact SUV along with mild-hybrid versions of the new Puma subcompact SUV. In addition to this, the new plug-in hybrid Explorer large SUV can also be expected in the near future.
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