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 offer more fuel efficient operation and lower emissions compared to conventional vehicles through the use of small electric motors and battery packs that supplement torque output from the combustion engine. They help optimize fuel usage which leads to reduced operating costs for customers.
Market key trends:
One of the key trends in the mild hybrid vehicle market is the increasing demand for fuel efficient and low emission vehicles. Governments across the globe are tightening emission norms and promoting hybrid and electric vehicles to reduce environmental pollution. As a result, automobile manufacturers are focusing on developing more efficient powertrain technologies including 48V mild hybrid systems that allow combustion engines to operate more efficiently while also enhancing driving dynamics. The adoption of 48V mild hybrid technology is expected to grow significantly over the coming years as it provides significant fuel savings at low additional costs.
Segment Analysis
The mild hybrid vehicle market is segmented by type, propulsion, and region. Based on type, the parallel hybrid segment dominated with a market share of over 60% in 2023 due to its affordable cost compared to series hybrids. Parallel hybrids have the advantage of using both an internal combustion engine and an electric motor to power the vehicle and offer better fuel efficiency than conventional vehicles.
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 environmental concerns and stringent emission norms being implemented worldwide. Hybrid electric vehicles reduce dependency on fossil fuels and help lower carbon emissions, driving their adoption.
Regional analysis
Europe dominated the mild hybrid vehicle market with over 40% share in 2023 followed by Asia Pacific. Countries like Germany, UK and France have been investing heavily in developing electric vehicle charging infrastructure to boost hybrid electric vehicle adoption. The Asia Pacific region is expected to witness the fastest growth due to rising demand from major markets like China and India supported by initiatives to promote green vehicles.
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 leads the mild hybrid vehicle market with popular models like Corolla and RAV4 while Hyundai and Kia are also expanding their hybrid electric vehicle lineups globally.
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