Mild Hybrid Vehicles Market: Introduction
- Mild hybrid electric vehicles employ an IC engine for propulsion and an electric motor to further enhance performance and efficiency. Small electric motors of mild hybrid vehicles are used solely to assist the engine. These vehicles use electric motors only to support the engine during acceleration and cruising. The electric motors cannot propel the vehicle.
Key Drivers of Mild Hybrid Vehicles Market
- Increasing prices of fossil fuels due to the depletion in stocks and global politics coupled with awareness among people regarding emissions from I.C engines have boosted the sale of electric vehicles. The International Energy Agency stated in their Global EV Outlook 2020 that in 2019, more than 2.1 million sales of electric cars were recorded worldwide, with a 40% year-on-year growth. The mild hybrid vehicle is a viable alternative to the traditional I.C engine-powered vehicle, as it does not require significant modifications, which might result in high costs for OEMs and customers, and also provides considerable fuel savings and reduction in emission. Mild hybrid vehicles permit the engine to be turned off whenever the car is cruising, braking, or stopped, yet it restarts quickly. These vehicles employ regenerative braking to recharge the batteries. These benefits have prompted numerous OEMs to introduce mild hybrid vehicles. For instance, VW Golf, Audi A4, BMW 3 Series, Mercedes-Benz C-Class, Fiat 500, Volvo KC 60and 90 Series, Kia Ceed, and Ford Kuga are a few mild hybrid vehicle models available in the market. Thus, rising popularity of electric vehicles along with a wide variety of options available are driving the global mild hybrid vehicles market.
- Electrical network of mild hybrid vehicles of lower voltage capacities can be easily upgraded to 48 Volts network at low cost. The lower volt hybrid vehicles lack in acceleration, comfort and convenience; hence, several OEMs are preferring 48 Volt systems. For instance, Volvo Car Corporation is offering 48 volt system in both its mild hybrid cars XC90 and XC60. Thus, the newly introduced vehicle models with enhanced drive experience are fuelling the global mild hybrid vehicles market.
For Right Perspective & Competitive Insights on Mild Hybrid Vehicles Market, Request for a Sample
Challenges in Mild Hybrid Vehicles Market
- The powertrain of a mild hybrid vehicle is quite complex as it contains all the components of an I.C engine and the components of an electric vehicle. Therefore, it needs a larger battery for the electric motor to deliver the required power output. These additional parts increase the weight as well as the cost of the vehicle. These limitations of hybrid vehicles are hampering their adoption, thereby restraining the global mild hybrid vehicles market.
Impact of COVID-19 pandemic on Mild Hybrid Vehicles Market
- The recent outbreak of COVID-19 pandemic decreased the sales and production of electric vehicles, as the supply of raw materials and automotive components took a major hit worldwide. This decrease in sale and production of electric vehicles during the onset of COVID-19 pandemic has restrained the mild hybrid vehicles market. However, the global mild hybrid vehicles market is projected to expand in the near future, as automobile manufacturers and suppliers are restarting their operations with preventive measures to curb the spread of the virus and as the cross-border trade and transportation activities are reopening.
Europe holds Significant Share of Global Mild Hybrid Vehicles Market
- Europe accounted for a significant share of the global mild hybrid vehicles market, owing to the high presence of OEMs coupled with the stringent emission norms that are encouraging the adoption of electric vehicles. Moreover, the member countries of the European Union including France and Germany are offering incentives on the purchase of electric vehicles. These factors are propelling the mild hybrid vehicles market in Europe.
Key Players Operating in Mild Hybrid Vehicles Market
The global mild hybrid vehicles market is highly concentrated due to the presence of top manufacturers. A few of the key players operating in the global mild hybrid vehicles market are:
- Audi AG
- Automobili Lamborghini S.p.A.
- BMW AG
- BorgWarner Inc.
- Continental AG (Vitesco)
- Daimler AG
- Ferrari S.p.A
- Fiat Chrysler Automobiles
- Ford Motor Company
- Geely Auto
- General Motors
- Groupe Renault
- Honda Motor Co., Ltd.
- Hyundai Motor Company
- JAGUAR LAND ROVER LIMITED
- Robert Bosch GmbH
- SAIC Motor Corporation Limited
- Suzuki Motor Corporation
- Volvo Car Corporation
Are you a start-up willing to make it big in the business? Grab an exclusive PDF Brochure of this report
Global Mild Hybrid Vehicles Market: Research Scope
Global Mild Hybrid Vehicles Market, by Architecture
Belt-integrated starter generator
- Crankshaft-integrated motor generator
Global Mild Hybrid Vehicles Market, by Vehicle Type
- Passenger Vehicle
- Commercial Vehicle
- Light Commercial Vehicle
- Heavy Commercial Vehicle
Global Mild Hybrid Vehicles Market, by Voltage Rating
- 12 V
- 48 V
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.