The Rise of Mild Hybrid Vehicles Industry
- Mild Hybrid Vehicles Industry is projected to register a CAGR of 17.45% during the forecast period 2022-2027 and reaching USD 190.95 billion by 2027.
- The automobile manufacturers in various countries globally are launching vehicles with a mild hybrid system with less than 48V capacity, which is further increasing demand for the less than 48V capacity segment.
- Poland, in 2021 announced that as much as PLN 1.87 billion would be allocated to developing charging infrastructure, with further PLN 870 million allocated for subsidies from national funds, hoping to drive the market for hybrid vehicles.
- The Middle Eastern automotive market is ready for the development and introduction of new ‘clean vehicle’ technologies, with several governments across the region launching policies and initiatives to encourage the use and production of hybrid cars. For instance, Dubai's Roads and Transport Authority announced ambitious plans for converting half of the emirate’s cabs to hybrid vehicles by 2021.
Innovations In Mild Hybrid Vehicles Industry
- Owing to a significant increase in demand for hybrid vehicles across the world, several OEMs (Original equipment manufacturers) have been innovating and launching new hybrid vehicles.
- Guangzhou Automobile Group Co., Ltd., in Dec 2021, launched numerous new models in partnership with Honda. The models include plug-in hybrid version of the Breeze. The company also launched 6 other new models that include the 4th generation Highlander Hybrid vehicle.
- With such immense activity in the space of product development from OEMs, the buyers are offered, with a broad range of products at hand, which is expected to increase the market share of MHEVs and drive the market further during the forecast period.
- Several technological developments have been observed over the past year in terms of OEM product innovation.
Read our related report on: Electric Commercial Vehicles Market
Key Players Acing the Mild Hybrid Vehicles Market
- Our main top five Key players are Suzuki Motor Corporation, Hyundai Motor Company, Nissan Motor Co. Ltd, Volkswagen Group (Includes Audi AG) and Ford Motor Company.
- Suzuki Motor Corporation plays one of the key roles as its plan includes the development of hybrid systems for mini, compact and commercial vehicles, plug-in hybrids and expanding the range of vehicles equipped with its hybrid and mild hybrid system in India.
- Hyundai Motor Company is also playing an important role by implementing new technologies, changing consumer demands, expected to offer new opportunities for the company to explore the mild hybrid vehicle segment.
- Volkswagen group is poised to benefit from the increasing demand for mild hybrid, hybrid electric, and alternate fuel vehicles.
Recent Progressions in Mild Hybrid Vehicles
- Nissan is said to be working on a mild-hybrid GT-R model, which is expected to launch in late 2022.
- Hyundai Kia introduced the ‘Eco Dynamics+’ 48V diesel mild-hybrid electric vehicle (MHEV) powertrain to the entire Ceed family.
- Suzuki Motor Corporation announced the world premiere of an SUV, the all-new S-CROSS, complete-changeover from the SX4 S-CROSS crossover. Manufactured at Suzuki’s Hungarian subsidiary