Market Overview:
The global mild hybrid vehicles market has been expected to increase at a CAGR of 4.8%, with a significant value during the estimated forecast year of 2030.
The reducing costs of the electric battery, strict emission & fuel economy laws, and the increasing adoption of the hybrid vehicles are the major market trends that will help the mild hybrid vehicles market grow over the projected years. Over the last few years, several automakers have started launching the 48V mild-hybrid vehicle as a standard feature in the new vehicle models. The demand for mild hybrid vehicles equipped with less than 48V capacity has steadily grown in various regions all across the world. Automobile manufacturers in various countries globally are launching vehicles with a mild-hybrid system with less than the 48V capacity, further increasing the demand for the less than 48V capacity segment.
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The mild-hybrid vehicles are internal combustion engine vehicles equipped with an electric motor. This motor allows the vehicles to perform several functions like stopping the engine while coasting and slowing down, with the electric motor taking over. This allows for considerable savings in terms of fuel and emissions. The mild-hybrid vehicles connect the conventional, internal combustion vehicles and futuristic electric vehicles running purely on electric power. The evolution in the automobile industry has been a major factor that controls the conversation in the mild hybrid vehicles market industry in recent years, with electric vehicles representing the necessary step for the industry. Several automobile manufacturers are innovating various ways to incorporate electric power into existing automobile technology to reduce the impact of vehicles on the environment. Over the estimated forecasting years, it will likely be a major driver for the global mild hybrid vehicles market. At the same time, the entire market has been facing a huge loss due to the outbreak of the COVID-19 pandemic.
Market Segmentation:
According to the global mild hybrid vehicles market report, the entire market has been segmented into capacity, vehicle type, battery type & regional basis. The capacity section is further divided into three sections up to 12V, 12V-24V and more than 24V. The market has been divided into passenger cars and commercial vehicles with the vehicle type. According to the battery type, the market has been classified into lithium-ion, lead-acid and others. According to the regional basis, the entire global market has been divided into five sections such as Asia-Pacific, Europe, North America, South America and Middle East & Africa.
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Regional Analysis:
The Asia-Pacific region has been capturing the highest share in the mild hybrid vehicles market due to having the highest sales of the vehicles in China. Several automobile industries have planned to invest in Asia-Pacific to cater to the strong demand for mild hybrid vehicles. With the aim of long-term development and to realize the zero-emission goal, Chinese automobile manufacturers are working on the strong HEV, PHEV, other advanced technologies and high-efficiency engines while introducing the 48V mild-hybrid technology. The Indian government has also undertaken multiple initiatives to promote the manufacturing and adoption of electric vehicles in India to reduce emissions as per the international conventions and to develop e-mobility in the wake of the rapid urbanization.
Industrial News:
All the plans that the automobile and the governments for electric mobility are anticipated to further boost mild-hybrid vehicle sales in the Asia-Pacific market during the forecasting years.
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