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 Overview:
Mild hybrid vehicles are equipped with smaller capacity batteries and electric motors to provide power assistance during acceleration as well as improved fuel efficiency. They help reduce emission levels and achieve high fuel economy.
Market key trends:
One of the major trends fueling the growth of mild hybrid vehicle market is stringent emission regulations. Regulatory bodies across the globe are continuously implementing stringent emission standards to curb rising pollution levels. For instance, Euro 6 emission standards in Europe impose strict limits on emission of particulate matter and nitrous oxides. Moreover, many countries are offering tax benefits and other incentives for electric and hybrid vehicles to promote their adoption. This is positively impacting growth of mild hybrid vehicle market. Additionally, launch of new hybrid models by major automakers and increasing preference of consumers towards fuel-efficient vehicles are some other key factors driving the mild hybrid vehicle market growth.
SWOT Analysis
Strength: Mild hybrid vehicle technology offers improved fuel-efficiency and lower emissions compared to conventional vehicles. The technology also saves fuel costs and improves mileage for customers.
Weakness: The upfront costs of mild hybrid vehicles are higher than conventional vehicles. The batteries and electric motors add to the overall production cost. Limited all-electric range is also a constraint.
Opportunity: Stringent emission norms and fuel economy standards defined by various governments are driving automakers to adopt hybrid technologies. Growing environment awareness among customers also boosts demand.
Threats: Development of plug-in hybrid and battery electric vehicles pose a threat as they offer better mileage and lower running costs than mild hybrids. Fluctuating fuel prices also impact customer preferences.
Key Takeaways
Global Mild Hybrid Vehicle Market Demand is expected to witness high growth, exhibiting CAGR of 18% over the forecast period, due to increasing stringent emission norms defined by regulatory bodies globally.
Regional analysis
Asia Pacific dominates the mild hybrid vehicle market currently due to large production and sales volume in countries like China, Japan and India. Stringent emission regulations and tax benefits for green vehicles in China and India are fueling adoption. Europe is also expected to emerging as a major market owing to favorable government policies promoting hybrid technologies.
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, Chevrolet. The key players are focusing on expanding their presence through new product launches, partnerships and strategic investments in developing hybrid technologies further.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
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