Mild Hybrid Vehicles Market Research, 2033
The global mild hybrid vehicles market size was valued at $284.2 million in 2023, and is projected to reach $743.0 million by 2033, growing at a CAGR of 10.6% from 2024 to 2033.
Market Introduction and Definition
Mild hybrid vehicles combine an internal combustion engine (IC engine) with an electric motor to improve efficiency and reliability. In mild hybrid vehicles, electric motors are employed to assist the engine. The electric motors in these vehicles aid the engine during acceleration and cruising.
The mild hybrid vehicles industry is constantly evolving owing to the rapid technical advancements. The automotive industry is driven by the ongoing progress of technology within a vehicle with each new model release. The vast majority of automobiles on the road today are powered by internal combustion engines. However, severe rules to minimise carbon emissions and dangerous pollutants from exhaust gases, enhanced powertrain performance, and car electrification are expected to grow dramatically.
Mild hybrid vehicles offer an economical powertrain choice that increases driving comfort and efficiency while reducing engine load. They include an internal combustion engine, a 48-volt battery, an electric motor, and a converter. Furthermore, mild hybrids are traditional vehicles with engines that can be turned off while braking, coasting, or coming to a halt, yet resume smoothly and effectively. The larger motor restarts the engine by spinning it to working RPM levels prior to fuel injection. Mild hybrid vehicles provide a broadly accessible, affordable, and consumer-friendly platform for meeting stringent criteria for safer, cleaner, and more fuel-efficient vehicles.
Key Takeaways
The mild hybrid vehicles market study covers 20 countries. The research includes a segment analysis of each country in terms of value ($Million) for the projected period 2023-2032.
More than 1,500 product literatures, industry releases, annual reports, and other such documents of major mild hybrid vehicles market industry participants along with authentic industry journals, trade associations releases, and government websites have been reviewed for generating high-value mild Hybrid Vehicles Industry insights.
The study integrated high-quality data, professional opinions and analysis, and critical independent perspectives. The research approach is intended to provide a balanced view of global markets and to assist stakeholders in making educated decisions in order to achieve their most ambitious growth objectives.
Recent Key Developments
In September 2022, Volvo launched its latest range of petrol mild-hybrid cars in India. The company's 2023 line-up includes the petrol mild-hybrid version of its flagship SUV XC90, mid-size SUV XC60, compact SUV XC40, and its luxury sedan S90.
In February 2024, Volvo introduced the 2024 XC60 with an updated mild hybrid powertrain, focusing on improved fuel economy and reduced emissions. The system features a 48-volt battery and an electric motor that assists the internal combustion engine during acceleration and energy recuperation. This launch aligns with Volvo's commitment to electrification and sustainability, as the company aims to have a fully electrified lineup by the end of the decade.
Key Market Dynamics
The global mild hybrid vehicles market size is expected to increase significantly during the forecast period. With stricter pollution standards and growing environmental concerns, automakers throughout globe are working on transforming their product portfolio. Mild hybrid vehicles provide automakers a cost-effective solution for fulfilling emission limits while maintaining operating efficiency. As a result, many top manufacturers are developing new mild-hybrid vehicles.
Customers are also becoming more supportive of the technology because it provides better fuel economy than traditional internal combustion engines. Furthermore, technological developments targeted at improving the driving range and performance of mild hybrids may increase their popularity. However, high purchasing prices hampers the mild hybrid vehicles market growth.
Market Segmentation
The mild hybrid vehicles market is segmented into vehicle type, voltage and region. On the basis of vehicle type, the market is divided into passenger cars, commercial vehicles and others. As per voltage, the market is classified into less than 48V and 48V and above. Region-wise, the market is analyzed across North America, Europe, Asia-Pacific, Latin America, and Middle East and Africa.
Regional/Country Market Outlook
Asia-Pacific countries, such as India and China, have seen tremendous development in automobile manufacturing and sales in recent years, notably in medium to premium luxury vehicles. Asia-Pacific dominates the largest?share of the market due to rising car sales, particularly in China. Many automobile companies planned to invest in the Asia-Pacific market to meet the high demand for hybrid vehicles.
With the purpose of long-term development and achieving the zero-emission goal, Chinese automakers are developing powerful HEV, PHEV, high-efficiency engines, and other sophisticated technologies, as well as introducing 48V mild hybrid technology.
Competitive Landscape
The major players operating in the mild hybrid vehicles market shareinclude 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 and BMW AG.
Key Players
The mild-hybrid vehicles market involves several major players such as Ford Motor Company, Nissan Motor Co. Ltd, and Suzuki Motor Corporation which are notable for their contributions to design, manufacturing, and distribution. The market is influenced by technological advancements, the demand for energy-efficient solutions, and the adoption of automation in manufacturing processes.
Stringent government rules have a significant impact on the market landscape. Governments around the globe are implementing stricter emission rules and pushing the use of greener automobiles. This has provided a favourable atmosphere for the development of mild hybrid vehicles, which provide greater fuel efficiency and lower emissions than typical internal combustion engine automobiles. Furthermore, as individuals become more aware of the negative implications of climate change, they are actively seeking greener options. People are becoming more aware of the environmental impact of their transportation choices and are willing to adopt sustainable mobility options.
Industry Trends:
In 2022, The Ministry of Industry and Information Technology (MIIT) , China, published a "Catalog of New Energy Models Exempt from Vehicle Purchase Tax" on its official website. The plug-in hybrid models chosen include 14 passenger vehicles (such as Chery's Dasheng and Great Wall Motor's Mocha PHEV) , three buses, four trucks, and eight specialty vehicles.
In January 2024, 2.32 million passenger vehicles, 3W, 2W, and quadricycles had been produced. Between April and January of FY24, 23.36 million passenger cars, commercial vehicles, two-wheelers, three-wheelers, and quadricycles were produced in India.
In 2020, the International Organization of Motor Vehicle Manufacturers estimated that 70.50 million passenger cars would be produced worldwide (OICA) .
In September 2023, the central government has allocated US$1.4 billion for electric mobility under the Faster Adoption and Manufacturing of Hybrid and Electric Vehicles (FAME) II scheme, signaling its commitment to EV adoption and in turn creating new avenues for ACM manufacturers.
PESTEL Analysis of Global Mild Hybrid Vehicles Market
Political Factors
- Government Policies and Subsidies -
- Governments worldwide are incentivizing the adoption of hybrid and electric vehicles (EVs) through subsidies, tax breaks, and rebates, which encourage consumers to buy mild hybrids.
- Government Policies and Subsidies -
Economic Factors
- Economic Growth
- Economic conditions impact consumer purchasing power. In a strong economy, consumers are more likely to invest in new technologies, including mild hybrids.
- Economic Growth
Social Factors
- Consumer Preferences -
- Increasing environmental awareness is shifting consumer preferences towards more sustainable transportation options, including mild hybrids.
- Consumer Preferences -
Technological Factors
- Advancements in Battery Technology -
- Improvements in battery efficiency, capacity, and cost reduction are crucial for the development and adoption of mild hybrid vehicles.
- Advancements in Battery Technology -
Environmental Factors
- Climate Change -
- Increasing concern over climate change and the need to reduce greenhouse gas emissions are driving the adoption of mild hybrid vehicles.
- Climate Change -
Legal Factors
- Emission Regulations -
- Compliance with stringent emission standards is mandatory, propelling the shift towards mild hybrids which offer lower emissions compared to conventional vehicles.
- Emission Regulations -
Key Sources Referred
India Brand Equity Foundation
National Ocean Industries Association
Occupational Safety and Health Administration
ANSI Organisation
U.S. Department of Transportation
National Aeronautics and Space Administration
International Transport Forum
Maryland Department of Natural Resources
Key Benefits For Stakeholders
This report provides a quantitative analysis of the mild hybrid vehicles market segments, current trends, estimations, and dynamics of the mild hybrid vehicles market analysis from 2022 to 2032 to identify the prevailing mild hybrid vehicles market opportunity.
The market research is offered along with information related to key drivers, restraints, and opportunities.
Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
In-depth analysis of the mild hybrid vehicles market segmentation assists to determine the prevailing market opportunities.
Major countries in each region are mapped according to their revenue contribution to the global mild hybrid vehicles market forecast statistics.
Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
The report includes the analysis of the regional as well as global mild hybrid vehicles market trends, key players, market segments, application areas, and market growth strategies.
Mild-Hybrid Vehicles Market Report Highlights
| Aspects | Details |
 Market Size By 2033 | USD 743.0 Million |
 Growth Rate | CAGR of 10.6% |
 Forecast period | 2024 - 2033 |
 Report Pages | 324 |
 By Vehicle Type |
|
 By Voltage |
|
 By Region |
|
 Key Market Players | Hyundai Motor Company, Kia Motors Corporation, Toyota Motor Corporation, Suzuki Motor Corporation, Volkswagen Group, BMW AG, Volvo Group, Daimler AG, Nissan Motor Co. Ltd, Honda Motor Company Ltd |
The passenger cars is the leading vehicle type of Mild-Hybrid Vehicles Market.
The upcoming trends of Mild-Hybrid Vehicles Market include increasing adoption of FCEV and BEV.
Asia-Pacific is the largest regional market for mild-hybrid vehicles.
The mild hybrid vehicles market was valued at $284.2 million in 2023.
Toyota Motor Corporation, Nissan Motor Co. Ltd, Honda Motor Company Ltd, Hyundai Motor Company, Kia Motors Corporation are the top companies to hold the market share in Mild-Hybrid Vehicles.
Loading Table Of Content...
