Newark, May 20, 2024 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the USD 101.04 billion in 2023 global mild hybrid vehicles market will reach USD 500.83 billion by 2033. Integrating vehicle-to-grid (V2G) technology into mild hybrid vehicles presents an exciting opportunity to enhance their value proposition and contribute to grid stability and energy management. By allowing bi-directional energy flow between vehicles and the electric grid, mild hybrid vehicles can serve as mobile energy storage units, providing grid services such as peak shaving, load balancing, and renewable energy integration. V2G-enabled mild hybrid vehicles could unlock new revenue streams for vehicle owners and contribute to a more sustainable and resilient energy system. Furthermore, integrating advanced connectivity and autonomous driving features into mild hybrid vehicles presents opportunities to enhance the overall driving experience, improve energy efficiency, and enable new business models and revenue streams. Features such as predictive energy management, adaptive cruise control, and intelligent route planning can optimize the operation of mild hybrid systems, maximizing fuel efficiency and reducing emissions.
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Scope of Mild Hybrid Vehicles Market
| Report Coverage | Details |
| CAGR | 17.36% from 2024 to 2033 |
| Market Size in 2023 | USD 101.04 Billion |
| Market Size by 2033 | USD 500.83 Billion |
| Largest Market | Europe |
| Base Year | 2023 |
| Forecast Year | 2024 to 2033 |
| Historical Year | 2020-2022 |
| Segments Covered | Capacity, Vehicle Type, Regions |
| Regions Covered | North America, Europe, Asia-Pacific, Latin America, and Middle East & Africav |
Additionally, connectivity-enabled services such as over-the-air updates, remote diagnostics, and predictive maintenance can enhance vehicle performance, reliability, and customer satisfaction. In addition, collaboration between automakers, technology companies, energy providers, and government agencies presents opportunities for synergies, innovation, and market expansion within the mild hybrid vehicles market. Strategic partnerships can facilitate the development of integrated solutions, such as vehicle-to-grid (V2G) infrastructure, smart charging networks, and energy management platforms, that enhance the value proposition of mild hybrid vehicles and accelerate their adoption. Collaborative efforts to standardize interoperability, regulations, and certification processes can also remove barriers to market entry and foster industry growth.
Key Insight of the global Mild Hybrid Vehicles market
Asia Pacific is expected to witness the highest market growth over the forecast period.
Economic growth and rising disposable income levels in countries across the Asia Pacific region are driving increased demand for automobiles. Consumers increasingly seek vehicles that offer better fuel efficiency and lower operating costs as consumers become more affluent. Mild hybrid vehicles, which offer improved fuel economy than conventional ICE (internal combustion engine) vehicles, appeal to cost-conscious consumers looking to save on fuel expenses over the long term. Additionally, the region is the largest automotive market globally, accounting for a huge share of global vehicle sales. As the automotive market in the region continues to expand, driven by population growth, urbanization, and rising incomes, the demand for mild hybrid vehicles is expected to increase correspondingly. Automakers will likely introduce a wider range of hybrid options to cater to consumers' diverse preferences and needs in the Asia Pacific region. Most Importantly, the expansion of charging infrastructure for electric vehicles (EVs) in the Asia Pacific region is expected to benefit mild hybrid vehicles indirectly by addressing range anxiety concerns and increasing consumer confidence in electrified vehicles. Governments and private companies invest in developing charging infrastructure networks, making it easier for consumers to adopt mild hybrid vehicles with the assurance of access to refuelling or recharging facilities when needed.
In 2023, the 48V and above segment dominated the market with the largest share of 66.21% and revenue of 66.89 billion.
The capacity segment is divided into less than 48V, and 48V and above. In 2023, 48V and above segment dominated the market with the largest share of 66.21% and revenue of 66.89 billion.
In 2023, the passenger car segment dominated the market with the largest share of 81.19% and revenue of 82.03 billion.
The vehicle type segment is classified into commercial vehicle and passenger car. In 2023, the passenger car segment dominated the market with the largest share of 81.19% and revenue of 82.03 billion.
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Advancement in market
In May 2023: GAC Group, a Chinese manufacturer, has unveiled the Trumpchi E9 hybrid MPV. The vehicle comes in three trim levels. The base Pro trim is priced at around $ 45,170 (¥ 329,800), while the mid-range Max trim is available at around $ 50,648 (¥ 369,800).
In September 2022: Mitsubishi Motors Europe B.V. has debuted the latest iteration of its ASX SUV in Europe, featuring a mild hybrid system. The vehicle will be manufactured at Renault's Valladolid plant in Spain.
Market Dynamics
Driver: Infrastructure development and support.
Expanding charging infrastructure for electric vehicles (EVs) also benefits mild hybrid vehicles. The availability of charging stations supports pure electric vehicles and enhances the appeal of mild hybrid vehicles. Mild hybrids, which combine internal combustion engines with electric motors and small battery packs, rely on efficient charging capabilities to optimize their performance and fuel efficiency. With an expanding charging infrastructure network, owners of mild hybrids can charge their vehicles conveniently, reducing dependence on traditional fossil fuels and minimizing emissions. Moreover, integrating mild hybrids into the charging infrastructure ecosystem contributes to a more comprehensive and sustainable transportation landscape. As governments and private entities invest in charging infrastructure projects, they incentivize consumers to consider hybrid options, stimulating market growth and fostering innovation in hybrid vehicle technologies.
Restraint: Technological challenges.
Mild hybrid systems leverage the integration of electric motors and battery packs alongside conventional internal combustion engines. This integration aims to enhance overall performance while improving fuel efficiency and reducing emissions. However, achieving seamless integration and optimizing performance without compromising reliability presents a significant technological hurdle for automakers. The intricate coordination of these various components demands meticulous engineering to ensure harmonious operation and durability. Navigating these challenges may entail additional costs and complexities for automakers. For instance, ensuring the compatibility and durability of components within the hybrid system requires extensive research and development efforts.
Opportunity: Urbanization and congestion challenges.
As urban areas grapple with traffic gridlock and air pollution, the appeal of mild hybrid vehicles becomes increasingly evident. Their hybrid technology, which integrates electric motors and small battery packs with traditional internal combustion engines, enables seamless transitions between power sources. This agility proves invaluable in urban settings where frequent stops and starts are the norm, as mild hybrids can leverage electric power during low-speed, stop-and-go situations, conserving fuel and minimizing emissions. By offering improved fuel efficiency and reduced emissions, mild hybrid vehicles align with the evolving needs of urban commuters seeking sustainable transportation options. Their ability to navigate congested city streets with ease not only enhances the driving experience but also contributes to mitigating air pollution and improving overall urban air quality.
Challenge: Regulatory uncertainty.
Automakers constantly navigate a complex web of regulations and standards set by governmental bodies. Changes in emissions standards and fuel efficiency requirements can significantly impact mild hybrid vehicles' design and production processes. Manufacturers may need to recalibrate their engineering efforts to ensure compliance with new regulations, which could necessitate additional research and development costs. Moreover, uncertainty surrounding future regulations may lead to hesitancy in long-term investment decisions, potentially slowing down innovation and technological advancements in the mild hybrid sector. For consumers, shifting government policies can affect the attractiveness of mild hybrid vehicles in the market. Incentives such as tax credits or subsidies influence purchasing decisions, making hybrid vehicles more appealing to cost-conscious buyers. Changes in these incentives can alter the economic calculus for consumers, potentially affecting the demand for mild hybrid vehicles. Uncertainty surrounding future policy directions may also create hesitation among consumers, impacting their willingness to invest in hybrid technology.
Some of the major players operating in the global Mild Hybrid Vehicles market are:
• Audi AG
• BMW AG
• BYD Co. Ltd.
• Daimler AG
• Ford Motor Company
• Groupe PSA
• General Motors Company
• GAC Group
• Honda Motor Company Ltd.
• Hyundai Motor Company
• Jeep
• Kia Motors Corporation
• Mitsubishi Motors Corporation
• Mercedes-Benz
• Nissan Motor Co. Ltd.
• Suzuki Motor Corporation
• Toyota Motor Corporation
• Volvo Group
• Volkswagen Group
Key Segments cover in the market:
By Capacity
• Less than 48V
• 48V and Above
By Vehicle Type
• Commercial Vehicle
• Passenger Car
By Region
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, the UK, Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
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About the report:
The market is analyzed based on value (USD Billion) and volume (Units). All the segments have been analyzed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyses driving factors, opportunities, restraints, and challenges to gain critical market insight. The study includes Porter's five forces model, attractiveness analysis, Product analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
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