Mild Hybrid Vehicles Market by Capacities (48V, Less than 48V, and Above 48V), Vehicle Types (Commercial Vehicles and Passenger Cars), Battery Types (Lead Acid, Lithium-Ion, and Others), and Regions (Asia Pacific, North America, Latin America, Europe, and Middle East & Africa) - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast 2021 – 2028

The global market size is anticipated to expand at a substantial CAGR of 3.8% during the forecast period, 2021–2028. The growth of the market is attributed to the increased demand for fuel-efficient cars and government regulations to minimize CO2 emissions, the global mild hybrid cars market is anticipated to grow during the forecast period.

A hybrid electric vehicle (HEV) uses both an internal combustion engine (ICE) and an electric motor for propulsion. Mild hybrid cars provide an efficient powertrain option that improves driving comfort and efficiency while lowering engine load. An internal combustion engine, a 48-volt battery, an electric motor, and a converter make up a mild hybrid car.

Furthermore, mild hybrids are largely conventional automobiles with engines that can be turned off in the event of braking, coasting, or a car stop, but can be restarted cleanly and swiftly. The use of a bigger motor, which spins the engine to operational RPM levels before fuel injection, causes the engine to restart. Mild hybrid cars offer an easily accessible, cost-effective, and consumer-friendly platform for fulfilling demanding standards for safer, cleaner, and more fuel-efficient automobiles.

However, due to strict measures to reduce carbon emissions and hazardous pollutants from exhaust gases, as well as improved powertrain performance, electrification in cars is inclined to produce considerably over the next decade.

Market Trends, Drivers, Restraints, and Opportunities

• Automakers and customers are switching to hybrid vehicles from conventional cars due to rigorous environmental rules, fuel efficiency, and government incentives are key factors boosting the market growth during the forecast period.
• Mild hybrid vehicles are more fuel-efficient than gas engines. Instead of burning additional fuel, it uses stored electricity to power the engine when more power is needed, increasing efficiency by 8-15 % is estimated to spur the market expansion in the coming years.
• The global mild hybrid vehicle industry is being fueled by newly released vehicle types with improved driving experiences is the main factor propelling the market growth during the forecast period.
• Mild hybrid vehicle's powertrain is fairly complicated. As a result, the electric motor requires a larger battery to generate the desired power output, and these additional elements increase the vehicle's weight and price is expected to hamper the market expansion.
• High primary cost of the mild hybrid vehicle possesses a key challenge that can impede the market growth in the coming years.

Scope of the Report

The report on the global mild hybrid vehicles market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Global Mild Hybrid Vehicles Market Segment Insights

Above 48V segment is projected to account for a key market share
Based on capacities, the global mild hybrid vehicles market is segmented into 48V, less than 48V, and above 48V. The 48V segment is expected to hold a key share of the market during the forecast period due to the growth rate of mild hybrid cars in the global market is expected to continue to develop favorably in the coming years, due to manufacturers' increased production of 48V and above voltage mild hybrid vehicles.

Passenger cars segment is expected to grow at a significant pace
On the basis of vehicle types, the market is divided into commercial vehicles and passenger cars. The passenger cars segment is expected to represent a key share of the market during the forecast period owing to the growing population, increased use of lightweight materials in vehicles, as well as more fuel-efficient, have greater power, and release less pollution. Due to stricter pollution regulatory guidelines and an increasing desire for low or zero-emission cars, passenger cars are growing in the market.

Lithium-ion segment is anticipated to expand at a substantial CAGR
In terms of battery types, the global mild hybrid vehicles market is segregated into lead acid, lithium-ion, and others. The lithium-ion segment is expected to constitute a key share of the market in the coming years due to increasing demand for electric automobiles Lithium-Ion batteries are high-performance batteries that are utilized in mild hybrid automobiles. In comparison to traditional batteries such as nickel-metal hydride and lead-acid batteries, lithium-ion batteries are also rechargeable and environmentally safe.

Asia Pacific is anticipated to dominate the market
On the basis of regions, the global mild hybrid vehicles market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. Asia Pacific is anticipated to dominate the market at an impressive CAGR during the forecast period. The regional market growth can be attributed to the existence of main players in countries like China, Japan, and India. The market in this area is expected to grow due to increased production and demand for mild hybrid automobiles.

Segments

• 48V
• Less than 48V
• Above 48V

• Commercial Vehicles
• Passenger Cars

• Lead Acid
• Lithium-Ion
• Others

• Asia Pacific
• North America
• Latin America
• Europe
• Middle East & Africa

• AB Volvo
• Volkswagen AG
• Toyota Motor Corporation
• Suzuki Motor Corporation
• Nissan Motor Co. Ltd
• Mitsubishi Motors Corporation
• Kia Motors Corporation
• Hyundai Motor Company
• Honda Motor Co., Ltd.
• Ford Motor Company
• Daimler AG
• BYD Co. Ltd
• BMW AG
• Audi AG
• General Motors
• Renault Group

Competitive Landscape

Key players competing in the global mild hybrid vehicles market are AB Volvo; Volkswagen AG; Toyota Motor Corporation; Suzuki Motor Corporation; Nissan Motor Co. Ltd; Mitsubishi Motors Corporation; Kia Motors Corporation; Hyundai Motor Company; Honda Motor Co., Ltd.; Ford Motor Company; Daimler AG; BYD Company Ltd; BMW AG; Audi AG; General Motors; and Renault Group. Some of these players are adopting several market strategies including acquisitions, mergers, collaborations, partnerships, capacity expansion, and product launches to increase their market shares.

For instance, in 2020, Toyota is collaborating with Panasonic to enhance battery technology so that it can keep up with emerging innovations in the automobile sector. Their study focuses on lowering costs and reducing weight. The business expects to be able to commercialize next-generation solid-state batteries.