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

Mild Hybrid Vehicles Market

The size of the global market for mild hybrid vehicles was estimated to be worth USD 93.61 billion in 2023. By 2032, it is expected to have grown to be worth USD 329.32 billion, with a compound annual growth rate (CAGR) of over 15.00%.

Mild Hybrid Vehicles Market: Overview

When the brake pedal is depressed in a mild hybrid car, energy is produced that is converted into electric energy and stored in a battery. The starter motor is also turned on with this energy to provide start-stop capability. Regenerative braking and start-stop technology are employed by the mild hybrids.

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Mild Hybrid Vehicle Market: Facts

In order to maximize the efficiency of the electric vehicle, BorgWarner boosts the 48-volt mild hybrid technology. According to BorgWarner, 48-volt systems are anticipated to account for over 50% of the worldwide market for hybrid vehicles. Utilizing waste energy, the company's 48-volt system solutions, integrated belt internal starters, and electronically driven compressors (eBooster) provide more power, efficiency, and functionality.

Mild Hybrid Vehicle Market: Growth Factors

The market for mild hybrid vehicles is being driven primarily by rising consumer awareness of hybrid cars, stringent government regulations pertaining to emissions, and environmental concerns. Due to their superior fuel efficiency over conventional cars, mild hybrids are becoming more and more popular among consumers. The sharp increase in petroleum products and the rising cost of operating the vehicles are the other elements promoting the purchase of hybrid cars. Along with mild hybrids, more people are becoming concerned about pollution, which is also pushing the sales of hybrid cars. The government of various countries has stopped providing subsidies for mild hybrid cars, which has stunted the industry's growth.

Mild Hybrid Vehicles Market: Segmentation

The capacity, vehicle type, and battery type of mild hybrid vehicles divide the global market. The global market is divided into 48 volts, 12 volts, 24 volts, and other categories based on capacity. The market is divided into three segments based on the kind of vehicle: HCV, passenger car, and LCV. The market is separated into lithium-ion, lead-based, and other categories based on the kind of battery utilized.

With a dominant market share, the passenger vehicle sector is anticipated to increase at the fastest rate throughout the projection period. The market has seen a lot of passenger cars because of their reasonable prices, fit for individual use, and practical size for parking in cities. Commercial automobiles have a smaller client base than passenger cars because they are made for specialized commercial purposes and are frequently larger. Passenger mild hybrid vehicles were produced in greater quantities than mild hybrid commercial vehicles.

Mild Hybrid Vehicle Market: Regional Analysis

The three main regional markets for mild hybrid cars are Asia Pacific, particularly Japan, Western Europe, and North America. This is a result of both the growing knowledge of hybrid vehicles and the growing demand for hybrid vehicles in these areas. There is a small market for mild hybrid cars in areas including Latin America, the Middle East and Africa, Eastern Europe, and several Asia-Pacific nations. However, this trend will reverse in the upcoming years, and the industry will grow in these areas.

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