Asia-Pacific Micro-Hybrid Vehicles Market Size

Asia-Pacific Micro-Hybrid Vehicles Market Analysis

The Asia-Pacific Micro-Hybrid Vehicles Market is anticipated to register a CAGR of over 8% during the forecast period (2020 - 2025).

• The few major factors driving the demand for the market are growing environmental concerns (owing to rising exhaust emissions), endorsement of stringent emissions and fuel economy norms, and government initiatives, in terms of subsidies and benefits for increasing the adoption rate of micro and mild hybrid vehicles.
• The increasing industrialization and growing urban population in this region is attributing the demand to the micro hybrid vehicles market.
• Also, the development of high-performance lithium-ion batteries is expected to drive the demand for micro-hybrid vehicle market significantly during the forecast period.
• The Indian government has announced that all the vehicles registered after the April 1st of 2020 should be BS-VI compliant. However, due to the outbreak of CoVid-19 in the country, dealerships and production facilities were shutdown from mid-march, due to which large stock of BS-IV vehicles have been in the inventory. The government has given an extension. This will boost the market post the end of lockdown in the country.
• The cost of hybrid and electric vehicles and lack of charging infrastructure can hinder the growth rate of market in emerging economies such as India, China, and Japan as cost effective customers prefer conventional IC engine vehicles affordable.
• With the rapid advancements in automotive technology, automobile manufacturers are focusing on a large number of functional operations these days. The functions have increased exponentially during the past few years, resulting to the intense competition among the automobile manufacturers.