A mild-hybrid car works vastly similar to any normal combustion-engined car. The difference here is that manufacturers will typically add a smaller battery to an existing engine orderly to boost efficiency and cut emissions. The mild hybrid cars are advantageous as they have conventional combustion-engined.
Statistics:
The global mild hybrid vehicle market is estimated to account for US$ 85.43 Bn in terms of value by the end of 2022.
Drivers:
Due to a significant rise in demand for hybrid vehicles across the world, various OEMs have been innovating and approving new hybrid vehicles to maintain their position in the market which is anticipated to fuel the growth of global mild hybrid vehicle market. For instance, Guangzhou Automobile Group Co., Ltd., in Dec 2021, launched numerous new models in partnership with Honda.
Opportunities:
There are some associations assisted by some State government that are intrinsically involved in achieving the 'EV Everywhere Grand Challenge', working toward adopting the electric vehicle across all globe by 2025 which is anticipated to be provide lucrative opportunities in the global mild hybrid vehicle market.
Restraint:
Preference of battery electric vehicles and the fuel cell vehicles is expected to hinder the growth of global mild hybrid vehicle market. As per a report surveyed, the number of fuel cell vehicles registered by people in 2022 were 25,932 and the number of buses were 5,468. The buses were fueled by hydrogen.
Global Mild Hybrid Vehicle Market - Impact of Coronavirus (Covid-19) Pandemic
The COVID-19 outbreak has negatively impact the mild hybrid vehicles market owing to shutdown of various production facilities and suspension of work. The COVID-19 pandemic had obligated about 95% of all automotive-related companies to put their workforces on hold during the lockdowns. Globally, the consequences of the lockdown have been massive and unprecedented due to the halt of manufacturing activities.
Key Takeaways:
The global mild hybrid vehicle market was valued at US$ 71.19 Bn in 2021 and is forecast to reach a value of US$ 333.27 Bn by 2030 at a CARG of 18.5% between 2022 and 2030.
Passenger Car Segment held the dominant position in the global mild hybrid vehicle market in 2022, responsible for 88.03% share in terms of value, increasing approval and launch of new products is expected to propel the growth of the segment during the forecast period.
To know the latest trends and insights prevalent in Global Mild Hybrid Vehicle Market, click the link below:
https://www.coherentmarketinsights.com/market-insight/mild-hybrid-vehicle-market-5245
Key Trends:
Trend 1
The main aim is to reduce electric motors' cost and the volume and weight of the motor while maintaining or enhancing the performance, efficacy, and reliability. Meeting the 2022 cost targets described in the EV Everywhere Blueprint, research in the electric motor field is likely to help decrease the price of the motor by 43%- 50% which is projected to act as a key trend in the development of global mild hybrid vehicle market.
Trend 2
The National Renewable Energy Laboratory has increased its focus in research and development on improving electric motor thermal management and performance and reliability. Some of the programs are the Clean Energy Manufacturing Initiative, US Drive Partnership, 21st Century Truck Partnership. All these factors are anticipated to boost the growth of the global mild hybrid vehicle market.
Competitive Landscape:
Major players in the global 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.
Recent Development:
In April 2019, in addition to the 2.0-liter CRDi 48V diesel powertrain Hyundai Motor combined it is effective and responsive 48V mild hybrid technology with the 100 kW/136-PS 1.6-liter CRDi diesel engine and approved it into European market. The technology comprises a 48-volt battery, a Mild Hybrid Starter Generator (MHSG) and LDC converter (Low Voltage DC/DC).
