Mild-Hybrid Vehicles Market to Reach $743.0 Million, Globally, by 2033 at 10.6% CAGR: Allied Market Research
Wilmington, Delaware, Sept. 18, 2024 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, "Mild-Hybrid Vehicles Market by Vehicle Type (Passenger Cars, Commercial Vehicles and Others), Voltage (Less than 48V and 48V and Above): Global Opportunity Analysis and Industry Forecast, 2024-2033". According to the report, the mild-hybrid vehicles market was valued at $284.2 million in 2023, and is estimated to reach $743.0 million by 2033, growing at a CAGR of 10.6% from 2024 to 2033.
The global mild hybrid vehicles market is experiencing significant growth due to a growing environmental consciousness and rigorous government emission standards are increasing demand for cleaner, more efficient vehicles. Consumers are increasingly seeking fuel-efficient choices that minimize carbon footprints without sacrificing performance, making mild hybrid technology an appealing option. Advances in battery and electric motor technologies have significantly reduced the cost and reliability of mild hybrid systems, accelerating their adoption. In addition, automakers are expanding their electrified vehicle portfolios to include mild hybrids across multiple categories, giving buyers a broader range of options.
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Prime determinants of growth
The mild hybrid vehicle market is expected to expand due to the positive environmental impact on hybrid vehicles which is fueling the expansion of the mild hybrid vehicle industry. Increasing adoption of FCEV and BEV to restrain the market growth. Opportunities exist in high demand for fuel efficiency for passenger cars.
By Vehicle Type
Passenger Cars segment is expected to grow faster throughout the forecast period.
By Vehicle Type, the passenger cars segment is anticipated to experience faster growth in the mild hybrid vehicles market due to the increasing environmental awareness and stringent emission regulations which are pushing both consumers and manufacturers towards more eco-friendly vehicle options. Mild hybrids, which offer significant reductions in fuel consumption and emissions, are becoming a popular choice. Secondly, advancements in technology have made mild hybrid systems more efficient and cost-effective, enhancing their appeal to a broader range of buyers. Economic factors also play a role; rising fuel prices make the improved fuel efficiency of MHVs particularly attractive to cost-conscious consumers.
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By Voltage
The 40V and above segment is expected to grow faster throughout the forecast period.
By Voltage, the 40V and above segment is anticipated to experience growth in the mild hybrid vehicle market, owing to higher voltage systems (40V and above) offering more significant improvements in fuel efficiency and performance compared to lower voltage systems. They enable more robust electric assistance for the internal combustion engine, leading to better acceleration, smoother driving, and enhanced regenerative braking capabilities. Technological advancements have made higher voltage systems more reliable and cost-effective, encouraging automakers to adopt them more widely. The ability to support more powerful electrical components, such as electric turbochargers and advanced start-stop systems, also makes these higher voltage MHVs more attractive to consumers seeking performance and efficiency.
By Region
Asia-Pacific to maintain its dominance by 2033.
By region, Asia-Pacific is expected to maintain its dominance in the mild hybrid vehicle market by 2032 owing to rise in government initiatives and car sales. In addition, the Indian government launched several measures to promote the production and acceptance of electric vehicles in India to reduce emissions in accordance with international conventions and develop e-mobility in the face of rising urbanization. The National Electric Mobility Mission Plan (NEMMP) and the Faster Adoption and Manufacturing of Hybrid and Electric Vehicles in India (FAME I and II) initiatives sparked initial interest and exposure to electric mobility. The Faster Adoption and Manufacturing of Hybrid and Electric Vehicles in India (FAME) programme, launched in 2015 and amended in 2019, offers a variety of incentives to both consumers and domestic enterprises. For instance, in phase II of FAME, the government allocated USD 1.4 billion until 2022. This phase prioritized the electrification of public and shared transportation by subsidizing 7090 e-buses, 500, 000 electric three-wheelers, 550, 000 electric passenger vehicles, and 1 million electric two-wheelers.
Players:
- 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
The report provides a detailed analysis of these key players in the global mild hybrid vehicle market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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Recent Industry News
- In March 2024, Kia announced the release of the 2024 Sportage with a mild hybrid option, designed to offer better fuel efficiency and lower emissions. The mild hybrid system includes a 48-volt battery that supports the vehicle's 1.6-liter engine, enhancing performance while reducing the environmental impact. This introduction reflects Kia's ongoing efforts to expand its electrified vehicle offerings and provide consumers with more eco-friendly choice.
Report Review :
Technological advancements and growing environmental regulations are driving the adoption of mild hybrid vehicles. Improvements in battery technology, electric motor efficiency, and hybrid control systems have made these vehicles more cost-effective and practical for mainstream consumers. Automakers are integrating mild hybrid systems across a range of vehicle models, from compact cars to SUVs, to meet stricter emissions standards and cater to the increasing consumer demand for greener options. The market is also supported by government incentives and policies promoting fuel-efficient technologies, which further stimulate consumer interest and industry investment.
Despite their advantages, mild hybrid vehicles face competition from full hybrids, plug-in hybrids, and electric vehicles, which offer greater fuel savings and zero emissions. However, mild hybrids are positioned as a transitional solution for those who are not yet ready to fully embrace more advanced hybrid or electric technologies. As the automotive industry continues to evolve, the mild hybrid market is expected to grow, driven by ongoing technological improvements and a broader acceptance of hybrid systems among consumers and manufacturers alike.
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