The global mild hybrid vehicle market is estimated to be valued at US$ 115.17 Mn in 2023 and is expected to exhibit a CAGR of 7.3% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
SWOT Analysis
Strength: Toyota Motor Corporation, Honda Motor Company, and Hyundai Motor Company have extensive experience in developing and manufacturing mild hybrid vehicles. They have strong brand image and reputation which help them attract more customers. Their large scale production capabilities allow them to benefit from economies of scale and produce vehicles at competitive prices.
Weakness: Developing mild hybrid technology requires huge capital investments in research and development. Smaller automakers may find it difficult to bear such high costs. Mild hybrid vehicles provide relatively less fuel savings compared to full hybrid or plug-in hybrid vehicles. This can discourage some customers from opting for them.
Opportunity: Strict emission norms in major markets are encouraging consumers to shift to hybrid vehicles. Governments in various countries offer purchase incentives and subsidies for hybrids which is increasing their demand. Rising fuel prices and awareness about environmental protection are key drivers for the growth of mild hybrid vehicle market. With advancing technology, their fuel efficiency is improving over years.
Threats: Fully electric vehicles are gaining momentum due to falling battery prices and growing charging infrastructure. This poses a threat to the sales of all hybrid vehicles including mild hybrids. Any decline in crude oil prices can reduce the savings from hybrid technology, hampering the market's growth. Trade wars and geopolitical tensions pose risk to the automotive supply chain.
Key Takeaways
The Global Mild Hybrid Vehicle Market Growth is expected to witness high over the forecast period. Its market size for 2024 is projected to be US$ 115.17 million, registering a CAGR of 7.3% between 2024-2031.
Regional analysis: Asia Pacific currently dominates the mild hybrid vehicle market owing to large vehicle production and sales in China, Japan, and other countries. Major automakers like Toyota, Honda and Hyundai have their manufacturing bases in the region. Asia Pacific accounted for around 45% of the global mild hybrid vehicle sales in 2020. Europe is another major market due growing preference for fuel-efficient vehicles to curb emissions. Stringent CO2 norms in the EU are accelerating hybrid vehicle adoption.
Key players: Key players operating in the mild hybrid vehicle market are Toyota Motor Corporation, Nissan Motor Co. Ltd, Honda Motor Company Ltd, Hyundai Motor Company, Kia Motors Corporation, Suzuki Motor Corporation, Daimler AG, Volvo Group, Volkswagen Group, BMW AG, Ford Motor Company, Audi AG, Jaguar Land Rover Ltd, and Chevrolet. Toyota is the global leader in hybrid vehicles with wide experience and technological capabilities. Hyundai and Kia have also significantly expanded their hybrid lineups in recent years.
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