Mild hybrid vehicles incorporate a small electric motor and battery unit to recover energy under braking and use it to boost acceleration and reduce fuel consumption. These vehicles offer better fuel economy than conventional vehicles without compromising on performance.
Market key trends:
The mild electrification of vehicles has been accelerating in recent years due to stringent emission norms across regions. The mild hybrid technology allows automakers to partially electrify their vehicles without significant changes to the powertrain and at a lower cost compared to full hybrids. This has helped boost the adoption of these vehicles, especially in economic passenger car segments. Major automakers are focusing on introducing more models with mild-hybrid powertrains to improve fuel efficiency and comply with emission standards, which is expected to further drive the growth of the mild hybrid vehicle market over the forecast period.
Segment Analysis
The global mild hybrid vehicle market is dominated by the passenger vehicles segment. Passenger vehicles with mild-hybrid powertrains deliver higher fuel efficiency and lower emissions compared to conventional vehicles. Many automobile manufacturers are focusing on developing affordable mild hybrid passenger cars to attract environment-conscious customers.
Key Takeaways
The Global Mild Hybrid Vehicle Market Size is expected to witness high growth over the forecast period of 2024 to 2031. The increasing stringency of emission norms along with rising fuel prices are driving demand for fuel-efficient hybrid vehicles. The global Mild Hybrid Vehicle Market is estimated to be valued at US$ 115.17 Mn in 2024 and is expected to exhibit a CAGR of 7.3% over the forecast period 2024 to 2031.
Regional analysis:
The Asia Pacific region currently dominates the mild hybrid vehicle market and is expected to maintain its position during the forecast period. Countries like China, India, and Japan are witnessing strong sales of hybrid vehicles due to growing environmental concerns. Government initiatives to promote eco-friendly mobility solutions are also boosting the regional market.
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. Toyota Motor Corporation is a prominent player offering a wide range of popular mild hybrid models like Camry and RAV4. Nissan also has a significant share with models like Note and Qashqai.
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