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.
Get more insights on this topic: https://www.newswirestats.com/mild-hybrid-vehicle-market-industry-insights-trendsmild-hybrid-vehicle-market-2023-2030/
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