Future Market Insights
Increase in the demand for fuel efficient vehicle coupled with increasing stringent emissions norms are driving the demand for hybrid vehicles. In mild hybrid vehicles, energy is produced while applying brake pedal and it turns into electric energy that is then stored in a battery, this stored energy is used to turn on the starter motor for start-stop function.
At present mild hybrid vehicle are preferred over battery electric vehicles and hybrid vehicles, as the cost involved with them is quite high as compared with mild hybrid vehicles. Mild-hybrids make use of regenerative braking and start stop technology, but they tend not to return as high an EPA rated mpg as electric vehicles or full hybrids. In many countries such as U.S., Germany, and UK, government provides subsidies and incentives to support the purchase of the electric vehicle. For instance, in U.S., government provide tax credit $2,500 to $7,500 per new electric vehicle purchased. Similarly, in Germany, government provides a subsidy of $4,000 on a purchase of new electric vehicle. The government also launched US$ 1,069.2 Mn electric vehicle incentive program launched in Germany for electric vehicle customers.
Mild Hybrid Vehicles Market: Dynamics
Stringent government emission norms, increasing awareness regarding hybrid vehicles, and environmental concerns will spur the demand for mild hybrid vehicles market. Along with this, mild hybrid vehicles provide better fuel economy than the conventional vehicles which acts as attractive parameter for the end users to purchase the vehicle as the rise in the prices of petroleum products increases the operation costs of the vehicles. The concerns for rising pollution is also driving the market for hybrid vehicles including mild hybrids specifically in developed countries.
There are some countries where governments have removed subsidy on mild hybrid vehicles which will hamper the growth of mild hybrid vehicle. For instance in India, government withdraw the subsidy on mild hybrid diesel cars under FAME (Faster Adoption and Manufacturing of Hybrid and Electric Vehicles) scheme. This decision is tends to affect the market for mild hybrid vehicles in India.
Mild Hybrid Vehicles Market: Segmentation
On the basis of capacity, the mild hybrid vehicles market can be segmented into:
On the basis of vehicle type, the mild hybrid vehicles market can be segmented into:
On the basis of battery, the mild hybrid vehicles market can be segmented into:
Mild Hybrid Vehicles Market: Outlook / Trend
It is estimated that mild hybrid vehicle will capture significant share in the Western European market by the next decade. Western Europe, North America and Japan are expected to be the prominent market for mild hybrid vehicles due to the increasing demand for hybrid vehicles and awareness regarding the hybrid vehicles. However, in Asia Pacific (excluding Japan), Latin America, Eastern Europe, and Middle East & Africa region the demand for the mild hybrid vehicles is limited as compared with the developed regions. Though it is anticipated that demand will increase with the significant growth rate in the coming years.
The market is also benefitted by the introduction of various mild hybrid vehicles by the key automakers. The automakers and component suppliers are developing advanced battery and other component solutions to enhance the performance of the mild hybrid vehicles.
Mild Hybrid Vehicles Market: Market Participants
Examples of some of the market participants identified in the mild hybrid vehicles market across the globe are:
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