Market Size of North America Micro Hybrid Vehicles Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | > 4.00 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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North America Micro Hybrid Vehicles Market Analysis
The North American micro-hybrid vehicles market is expected to register a CAGR of around 4%, during the forecast period, 2020-2025.
- The development of high-performance lithium-ion batteries is expected to help drive the micro-hybrid vehicle market significantly during the forecast period. These vehicles have small batteries and motors that do not require any technical modification or requirements for battery manufacturing other than what is required for hybrid and electric vehicles.
- With growing stringent emission standards across the world, automakers are gradually shifting their production from conventional engine vehicles to hybrid and electric. In addition to this, governments have initiated incentives, such as cut down in vehicle tax, bonus payments, and premium, for buyers of electric and hybrid vehicles, in respective countries, to support the micro-hybrids sales growth.
- The concerns to protect the environment and reducing greenhouse gas emissions, especially carbon dioxide, will play a major role in driving the growth of the market. The fall in the prices of fuel has had an adverse impact on the choice of fuel-efficient vehicles, thereby posing some challenges to the micro-hybrid vehicle market.
