Mild Hybrid Vehicles Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)

The Mild Hybrid Vehicles Market is segmented by capacity (less than 48 V and 48 V and Above), vehicle type (passenger car and commercial vehicle), and geography (North America, Europe, Asia-Pacific, and the rest of the world). The report offers market size and forecasts for all the above segments in value (in USD).

Mild Hybrid Vehicles Market Size

Mild Hybrid Vehicles Market Summary
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Study Period 2019 - 2029
Base Year For Estimation 2023
CAGR 17.45 %
Fastest Growing Market Asia-Pacific
Largest Market Asia-Pacific
Market Concentration Medium

Major Players

Mild Hybrid Vehicles Market Major Players

*Disclaimer: Major Players sorted in no particular order


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Mild Hybrid Vehicles Market Analysis

The Mild Hybrid Vehicles Market size is estimated at USD 100.35 billion in the current year. It is expected to reach USD 224.27 billion within the next five years, registering a CAGR of 17.45% during the forecast period.

Stringent emission standards, fuel efficiency, and government incentives are the major factors driving automakers and buyers to shift toward hybrid vehicles from conventional vehicles. However, demand for battery-electric vehicles is growing significantly, which might hinder the growth of the mild hybrid vehicle market.

Asia-Pacific is expected to grow faster during the forecast period. However, certain trends in emerging countries, like India, may hinder the sales growth of hybrid vehicle types as the country recently removed the subsidy for mild hybrid vehicles under the FAME scheme. North America and Europe are expected to witness considerable growth for mild hybrid vehicles as these regions are focusing more on the growth of pure electric or full hybrid vehicles.

Mild Hybrid Vehicles Market Trends

48V and Above Mild Hybrid Vehicles Continue to Capture the Major Market Share

Over the past three years, many automakers started launching a 48V mild hybrid as a standard feature in their new vehicle models. The demand for mild hybrid vehicles equipped with less than 48V capacity steadily grew in various countries across the globe.

One of the key advantages of 48V and above mild hybrid vehicles is that they can offer many of the benefits of full hybrid vehicles, such as regenerative braking and engine start-stop technology, at a lower cost. It makes them a more cost-effective option for improving fuel efficiency and reducing emissions, especially for larger vehicles such as SUVs and trucks.

Several major automakers, such as Mercedes-Benz, Audi, and BMW, are investing in 48 V mild hybrid technology, and many of their new models now feature this technology. For example, the 2022 Mercedes-Benz S-Class offers a 48 V mild hybrid system that provides an additional 22 horsepower and up to 184 lb-ft of torque while also improving fuel efficiency by up to 10%.

Automobile manufacturers in various countries globally are launching vehicles with a mild hybrid system with less than 48 V capacity, which is further increasing demand for the less than 48 V capacity segment.

Leading vehicle manufacturers such as Suzuki Corporation, Mahindra, Hyundai, etc., launched vehicles with a 12 V mild hybrid in the past. With increasing demand from end users, manufacturers are now focusing on developing vehicles with a 48 V mild hybrid system, which is expected to challenge the growth of the market over the forecast period.

Mild Hybrid Vehicles Market: Global Plug-in hybrid electric vehicle sales, in Units, 2011 - 2022

Asia-Pacific Continues to Capture the Major Market Share

Asia-Pacific is capturing the largest share of the market owing to the highest vehicle sales, majorly in China. Many automotive companies planned to invest in the Asia-Pacific market to cater to the strong demand for hybrid vehicles.

With an aim for long-term development and to realize the zero-emission goal, Chinese automakers are working on strong HEV, PHEV, high-efficiency engines, and other advanced technologies while introducing 48V mild hybrid technology. For instance,

  • In September 2022, Volvo launched its latest range of petrol mild-hybrid cars in India. The company's 2023 line-up includes the petrol mild-hybrid version of its flagship SUV XC90, mid-size SUV XC60, compact SUV XC40, and its luxury sedan S90.

The Indian government also undertook multiple initiatives to promote the manufacturing and adoption of electric vehicles in India to reduce emissions as per international conventions and develop e-mobility in the wake of rapid urbanization.

The National Electric Mobility Mission Plan (NEMMP) and Faster Adoption and Manufacturing of Hybrid & Electric Vehicles in India (FAME I and II) schemes helped create the initial interest and exposure to electric mobility. The Faster Adoption and Manufacturing of Hybrid & Electric Vehicles in India (FAME) program, first implemented in 2015 and updated in 2019, provides consumers and domestic companies with various incentives. For instance, in phase II of FAME, the government announced an outlay of USD 1.4 billion through 2022. This phase focused on the electrification of public and shared transportation through subsidizing 7090 e-buses, 500,000 electric three-wheelers, 550,000 electric passenger vehicles, and 1,000,000 electric two-wheelers.

The above plans by automakers and governments for electric mobility are anticipated to further boost mild hybrid vehicle sales in the Asia-Pacific market during the forecast period.

Mild Hybrid Vehicles Market: Mild-Hybrid Vehicles Market, Growth Rate by Region, 2023 - 2028

Mild Hybrid Vehicles Industry Overview

Some of the major players in the market include Nissan Motor Co. Ltd, Volkswagen Group, Suzuki Motor Corporation, Hyundai Motor Company, Ford Motor Company, and Toyota Motor Corporation, among others. New product launches by various automobile manufacturers are also boosting the demand for mild hybrid cars.

Mild Hybrid Vehicles Market Leaders

  1. Nissan Motor Co. Ltd

  2. Suzuki Motor Corporation

  3. Volkswagen AG

  4. Hyundai Motor Company

  5. Ford Motor Company

*Disclaimer: Major Players sorted in no particular order

Mild Hybrid Vehicles Market Concentration
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Mild Hybrid Vehicles Market News

  • May 2023: Toyota South Africa announced that the Fortuner and Hilux will be launched with mild-hybrid powertrains. The SUV duo is likely to be underpinned by the automaker's TNGA platform and could also make its way to the Indian market to make its global debut in 2024.
  • May 2023: Chinese manufacturer GAC launched the Trumpchi E9 hybrid MPV. There are three trims on offer. Base Pro trim costs CNY 329,800 (USD 45,170). Mid-spec Max trim costs CNY 369,800 (USD 50,648).

Mild Hybrid Vehicles Market Report - Table of Contents


    1. 1.1 Study Assumptions

    2. 1.2 Scope of the Study




    1. 4.1 Market Drivers

      1. 4.1.1 Fuel Efficiency and Emissions Reduction

      2. 4.1.2 Government Regulations and Incentives

    2. 4.2 Market Restraints

      1. 4.2.1 Competing Alternative Technologies

    3. 4.3 Industry Attractiveness - Porter's Five Forces Analysis

      1. 4.3.1 Bargaining Power of Suppliers

      2. 4.3.2 Bargaining Power of Buyers/Consumers

      3. 4.3.3 Threat of New Entrants

      4. 4.3.4 Threat of Substitute Products

      5. 4.3.5 Intensity of Competitive Rivalry


    1. 5.1 Capacity Type

      1. 5.1.1 Less than 48V

      2. 5.1.2 48V and Above

    2. 5.2 Vehicle Type

      1. 5.2.1 Passenger Car

      2. 5.2.2 Commercial Vehicle

    3. 5.3 Geography

      1. 5.3.1 North America

        1. US

        2. Canada

        3. Rest of North America

      2. 5.3.2 Europe

        1. Germany

        2. UK

        3. France

        4. Rest of Europe

      3. 5.3.3 Asia-Pacific

        1. China

        2. Japan

        3. India

        4. Rest of Asia-Pacific

      4. 5.3.4 Rest of the World

        1. Brazil

        2. South Africa

        3. Other Countries


    1. 6.1 Vendor Market Share**

    2. 6.2 Company Profiles*

      1. 6.2.1 Toyota Motor Corporation

      2. 6.2.2 Nissan Motor Co. Ltd

      3. 6.2.3 Honda Motor Company Ltd

      4. 6.2.4 Hyundai Motor Company

      5. 6.2.5 Kia Motors Corporation

      6. 6.2.6 Suzuki Motor Corporation

      7. 6.2.7 Daimler AG

      8. 6.2.8 Volvo Group

      9. 6.2.9 Volkswagen Group

      10. 6.2.10 BMW AG

      11. 6.2.11 Ford Motor Company

      12. 6.2.12 Audi AG

      13. 6.2.13 Mitsubishi Motors Corporation

      14. 6.2.14 BYD Co. Ltd


    1. 7.1 Increasing Consumer Awareness and Preference for Hybrid Technology

    2. 7.2 Integration of Advanced Driver Assistance Systems (ADAS)

**Subject to Availability
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Mild Hybrid Vehicles Industry Segmentation

Mild hybrid vehicles contain an internal combustion engine (ICE) equipped with an electric motor. It allows the engine to be turned off whenever the vehicle is coasting, braking, or stopped and restart quickly. Mild hybrid vehicles do not include an exclusive electric-only mode of propulsion. These vehicles employ regenerative braking and some level of power assist to the ICE. The features above of mild hybrid vehicles are considered in the scope of the market.

The mild hybrid vehicles market is segmented by capacity, vehicle type, and geography. By capacity, the market is segmented into less than 48V and 48V and above. Based on vehicle type, the market is segmented into passenger cars and commercial vehicles. By geography, the market is segmented into North America, Europe, Asia-Pacific, and the rest of the World. The mild hybrid vehicles market size and forecast will be provided in value (USD).

Capacity Type
Less than 48V
48V and Above
Vehicle Type
Passenger Car
Commercial Vehicle
North America
Rest of North America
Rest of Europe
Rest of Asia-Pacific
Rest of the World
South Africa
Other Countries
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Mild Hybrid Vehicles Market Research FAQs

The Mild Hybrid Vehicles Market is projected to register a CAGR of 17.45% during the forecast period (2024-2029)

Nissan Motor Co. Ltd, Suzuki Motor Corporation, Volkswagen AG, Hyundai Motor Company and Ford Motor Company are the major companies operating in the Mild Hybrid Vehicles Market.

Asia-Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).

In 2024, the Asia-Pacific accounts for the largest market share in Mild Hybrid Vehicles Market.

The report covers the Mild Hybrid Vehicles Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Mild Hybrid Vehicles Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.

Mild Hybrid Vehicles Industry Report

Statistics for the 2024 Mild Hybrid Vehicles market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Mild Hybrid Vehicles analysis includes a market forecast outlook to for 2024 to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.

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Mild Hybrid Vehicles Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)