Mild Hybrid Vehicles Market Growth, Size, Share, Trends, and Forecast 2032

The global Mild Hybrid Vehicles market size accrued earnings worth approximately USD 93.61 Billion in 2023 and is predicted to gain revenue of about USD 329.32 Billion by 2032, is set to record a CAGR of nearly 15.00% over the period from 2024 to 2032

Mild Hybrid Vehicles Market: Overview

In mild hybrid vehicles, the energy is generated while applying the brake pedal, which turns into electric energy that is stored in a battery. This energy is further used in order to turn on the starter motor for start-stop functionality. The mild-hybrids make use of start-stop technology and regenerative braking.

Mild Hybrid Vehicle Market: Facts

BorgWarner ramps up the 48-volt mild hybrid technology in order to fuel the electric vehicle's efficiency. It is expected by BorgWarner that 48-volt systems will capture more than half of the global hybrid vehicle market. The company’s 48-volt system solutions, along with the integrated belt interior starters and the eBooster electronically driven compressors, use waste energy in order to offer additional power, efficiency, and functionality.

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Mild Hybrid Vehicle Market: Growth Factors

The major factors that are driving the mild hybrid vehicle market are the rise in awareness about hybrid vehicles, strict government norms regarding emissions, and environmental concerns. The mild hybrid vehicles have better fuel efficiency than the traditional vehicles, which is attracting end users to purchase the hybrid vehicles. The other factors that are influencing the purchase of hybrid vehicles are the rapid rise in petroleum products and the growing operational costs of the vehicles. Increased concerns about pollution are also driving the sales of hybrid vehicles, along with mild hybrids. There are some nations where the governments have eliminated subsidies for mild hybrid vehicles, which limits the growth of the vehicles.

Mild Hybrid Vehicles Market: Report Scope

Mild Hybrid Vehicles Market: Segmentation

The global market for mild hybrid vehicles is fragmented by its capacity, vehicle type, and battery type. Based on capacity, the global market is segregated into 48 volts, 12 volts, 24 volts, and others. Based on the vehicle type, the market is categorized into HCV, passenger car, and LCV. Based on the type of battery used, the market is divided into lithium-ion, lead-based, and others.

The passenger vehicle segment dominates the market share and is expected to experience the most rapid growth in the forecast period. Passenger vehicles have been prevalent in the market due to their affordable pricing, suitability for personal use, and convenient size for parking in urban areas. Commercial cars are designed for specific commercial tasks and are often larger than passenger vehicles, which restricts their customer base. A greater quantity of mild hybrid passenger vehicles were manufactured in comparison to commercial mild hybrid vehicles.

Mild Hybrid Vehicle Market: Regional Analysis

The prominent regional markets for the mild hybrid vehicles are North America, Western Europe, and Asia Pacific, especially Japan. This is due to the increasing demand for hybrid vehicles in these regions and the rise in awareness of hybrid vehicles. Regions such as Latin America, the Middle East and Africa, Eastern Europe, and some countries in the Asia-Pacific region have a limited demand for mild hybrid vehicles. But in the coming years, there will be a change in this trend, and the market will flourish in these regions.

Mild Hybrid Vehicles Market: Competitive Players

The key market players that are involved in the

• Suzuki Motor Corporation
• Toyota Motor Corporation
• Volvo Group
• Audi AG
• Groupe PSA
• Changan Automobile (Group) Co. Ltd.
• Honda Motor Company
• Renault-Nissan
• Daimler AG
• Volkswagen AG
• BMW AG
• and General Motors Company.

Segments Covered in Mild Hybrid Vehicles Market

Based on the capacity

• less than 48V
• 48V and above

Based on the vehicle type

• passenger vehicles
• commercial vehicles

By Regional Segments

• North America
  • U.S.
• Europe
  • UK
  • France
  • Germany
• Asia Pacific
  • China
  • Japan
  • India
• Latin America
  • Brazil
• Middle East and Africa

What Reports Provides

• Full in-depth analysis of the parent market
• Important changes in market dynamics
• Segmentation details of the market
• Former, on-going, and projected market analysis in terms of volume and value
• Assessment of niche industry developments
• Market share analysis
• Key strategies of major players
• Emerging segments and regional markets
• Testimonials to companies in order to fortify their foothold in the market.