Mild Hybrid Vehicles Market Are Gaining Popularity Owing To Their Fuel Efficiency And Relatively Lower Cost As Compared To The Full Hybrid And Plug-In Hybrid Vehicles

Mild Hybrid Vehicles Market


The 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.

Mild hybrid vehicles utilize the regenerative braking system and Belt-driven Starter Generator (BSG) system to recover kinetic energy during braking which is stored in a battery and is further used to add power to assist the engine during acceleration. This enhances the fuel economy of the vehicle by around 10-15% as compared to a conventional internal combustion engine vehicle.

Market Overview:
The mild hybrid vehicle market consists of vehicles equipped with a small electric motor, which provide assistance to the internal combustion engine during acceleration for improved fuel efficiency. The mild hybrid system typically ranges between 12 to 15 kilowatts and has a small battery pack ranging between 0.5 to 1 kWh to store energy recovered through regenerative braking. The key advantages of mild hybrid vehicles include improved fuel efficiency, reduced emissions, and low costs as compared to other hybrid technologies like full hybrids.

Market key trends:
One of the major trends driving the growth of the mild hybrid vehicle market is stringent government regulations and policies to reduce vehicular emissions. Government across regions such as Europe and Asia Pacific are offering subsidies and incentives to buyers of electrified vehicles including mild hybrids to lower their carbon footprint. For instance, in 2021 the UK government announced around GBP 6,000 subsidy for buyers of new battery electric vehicles and plug-in hybrids. Such subsidies encourage auto manufacturers to increase production of electrified vehicles including mild hybrids to meet the regulatory standards. Additionally, consumers are also becoming aware of the environmental impact of vehicular emissions and are willing to opt for more fuel efficient vehicle technologies such as mild hybrids driving the demand over the forecast period.

Porter’s Analysis

Threat of new entrants: The Mild Hybrid Vehicle Market requires large initial capital investments and established supply chains, posing barriers for new companies.

Bargaining power of buyers: Individual buyers have low bargaining power due to presence of several established manufacturers. However, large fleet operators can negotiate better prices for bulk orders.

Bargaining power of suppliers: Major component suppliers like battery, engine and parts makers have consolidated over the years, gaining negotiation power over auto manufacturers.

Threat of new substitutes: Alternatives like battery electric and plug-in hybrid vehicles pose threat due to declining battery prices and increasing charging infrastructure.

Competitive rivalry: Intense competition exists among established automakers to gain market share through new launches, technology upgrades and attractive offerings.

SWOT Analysis

Strengths: Rising fuel efficiency and emission norms drive adoption. Hybrids help automakers meet compliance without huge investments in EVs.

Weaknesses: Higher costs than conventional vehicles limit affordability. Dependence on gasoline engine means limited savings at pumps.

Opportunities: Tighter emission rules in key regions present opportunities. Rising living standards fuel personal vehicle demand in developing nations.

Threats: Volatility in fuel prices can impact returns on investment. Rapid EV advancements can make hybrids obsolete sooner than expected.

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 fuel efficiency and emission regulations globally. Asia Pacific dominated the market in 2023 with over 40% share, led by China, India and Japan owing to rising vehicle ownership, large automobile production bases and government incentives for green vehicles.

Europe accounted for second largest share of over 30% in 2023. Stringent norms under EU7 and increasing charging infrastructure are fueling mild hybrid uptake in major markets like Germany, UK and France.

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. Leading automakers are focusing on new launches and technology upgrades to expand their mild hybrid lineups.
 

Read More- https://www.ukwebwire.com/mild-hybrid-vehicle-market-size-share-and-demand/

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