Global Micro Hybrid Vehicles Market, By Battery Capacity [48V, 12V], By Battery Type [Lithium-ion Battery, Lead-Acid Battery], By Vehicle Type [Passenger Cars, Commercial Vehicles], By Type [Micro-Hybrid 1, Micro-Hybrid 2], By Region, Opportunities and Forecast, 2017-2031F

Micro-Hybrid Vehicles Market is projected to witness a CAGR of 4.54% during the forecast period 2024-2031, growing from USD 26.09 billion in 2023 to USD 37.22 billion in 2031.

Micro-Hybrid Vehicles Market Size, Trends, Growth 2031

Global micro hybrid vehicles market is projected to witness a&nbsp;CAGR of 4.54%&nbsp;during the forecast period 2024-2031, growing from&nbsp;USD 26.09 billion&nbsp;in 2023 to&nbsp;USD 37.22 billion&nbsp;in 2031. A micro hybrid car is made up of an electric motor and a combustion engine. Unlike other top hybrid vehicles, the electric motor in a micro hybrid is too small to drive the vehicle on its own (usually 12V or 48V). Micro Hybrid serves mostly as a supplementary role, assisting in maximizing engine performance and fuel efficiency. It can be considered as vehicles between a standard gas or diesel automobile and self-charging hybrid vehicles. These vehicles, like self-charging fully hybrid vehicles, never need to be plugged in to a charger, but the efficiency gains and power assistance are limited due to the modest electric motor and battery configuration.&nbsp;
Authorities all over the world are implementing eco-solutions to address the growing environmental concerns. Nations are attempting to reduce their carbon emissions by introducing hydrogen vehicles, electric vehicles, hybrid vehicles, and micro hybrid vehicles. One of the key drivers of the market is integration of 48V micro hybrid systems in various vehicle segments to enhance fuel efficiency, reduce emissions, and improve overall performance. Additionally, advancements in battery technology and increasing consumer awareness are propelling the growth of micro hybrid systems. A notable trend is the adoption of 48V micro hybrid systems in premium vehicle segments, driven by higher power requirements and demand for advanced features. Moreover, the market is experiencing consolidation among key players, leading to the development of more efficient systems.
<a href="https://www.marketsandata.com/industry-reports/micro-hybrid-vehicles-market/sample-request">Download Free Sample Report</a>
<h2 style="text-align: justify;">Higher Fuel Prices and Need for Fuel-Efficient Vehicles to Fuel the Market Growth</h2>
Several incidents like the Russia-Ukraine war, trade tariffs, and sanctions have impacted global crude oil prices, flourishing the hybrid and micro hybrid industry. Micro hybrid vehicles are growing at a very fast rate all over the world, apart from the government efforts, many consumers consider it as a most valuable option or substitute over electric vehicles because of their better fuel efficiency and part sharing with regular ICE vehicles. These vehicles keep consumers free from range anxiety. The lower maintenance and operational costs are working in the favor of these vehicles and hence the adoption is likely to follow the upward trajectory during the forecast period. Like fully hybrid cars, MHEVs come in a variety of powertrain architectures, which are primarily distinguished by the location of the electric motor. As a result, the systems have varying prices and advantages in terms of lowering CO2 and other pollution emissions.
Fuel prices have seen a significant increase in prices in past few years. In the period of two years from June 2021 to June 2023, prices of petrol in India rose around 2.36%, while the hikes in Bangladesh, Nepal, Pakistan, and Sri Lanka were, respectively, 50.83%, 30.11%, 79.61%, and 42.39. In terms of major economies, annual fuel price increase in the United States was 30.15%, followed by France, Germany, Italy, Spain, the United Kingdom, and Canada, which increased by 22.67%, 19.08%, 14.68%, 17%, 10.93%, and 24.17%, respectively.
<h2 style="text-align: justify;">Integration Into Large Vehicles is Expected to&nbsp;Propel Market Growth</h2>
Larger cars like SUVs and trucks had started to come equipped with micro hybrid technology in response to consumer concerns about fuel economy in these sectors. A larger range of options for consumers is made possible by the increased usage of micro hybrids. The Micro Hybrid setup in large vehicles offers better mileage without compromising on power. It solves low efficiency issues concerned with large vehicles for better fuel consumption and power delivery, along with better fuel efficiency electric motor integrated with micro hybrid system providing torque assist for better power delivery even when the engine is running at low RPMs.
In November 2023, Toyota launched Micro hybrid version of its popular Hilux pickup in the European market. The powertrain setup claims to offer better performance and increased fuel economy compared to its ICE-focused diesel model. The setup claims to offer a smooth start-stop transition and around a 10% increase in fuel efficiency from the regular ICE model.
<h2 style="text-align: justify;">Growing Technological investments are expected to Drive the Market Growth</h2>
The technology behind micro hybrids is constantly evolving. From idle to start stop micro hybrids had evolved towards regenerative braking torque assist. Additionally, there is a development of passive boost technology, in this a combined starter/generator unit that is positioned in-between the engine and the gearbox replaces the conventional alternator and starting motor setup. The passive boost function reverses the generator polarity to convert the generator into a motor and utilizes a high-voltage battery to assist with the acceleration of the vehicle. &nbsp;
For instance, in January 2024, Maruti Suzuki India Ltd. re-launched the Maruti Brezza with its smart hybrid technology known as SHVS, coupled with manual and automatic transmission. The vehicle claims to have a 19.89km/l range, increasing the mileage and the power by torque assistance.
<h2 style="text-align: justify;">Torque Assist Feature is Expected to Increase the Sales of 48V Battery Capacity Hybrid Vehicles</h2>
The instantaneous total system power can be increased by using an electric motor (EM). The torque-assist feature can be used to downsize engines, the smaller engines are utilized along with EM while keeping performance the same and enhancing vehicle acceleration. It can enable engine down-speeding for increased efficiency without sacrificing performance. The potential advantage of the setup is mostly correlated with the electric motor and battery pack's peak power.
From January 2023 to October 2023, there have been 64,097 electric cars sold compared to 266,465 hybrids in India. Hybrid car sales have notably increased from 4.42% of the 4.1 million cars sold in 2022 to reaching 7.2% in 2023. Presently, mild hybrids represent over 90% of total hybrid sales, indicating a significant preference for the type of hybrid technology in the market.
<h2 style="text-align: justify;">Asia-Pacific to Hold Significant Market Share in Micro Hybrid Vehicle Market</h2>
In Asia Pacific, the increase in micro hybrid vehicles can attribute to several factors. Government and consumers are becoming more conscious about air pollution and fuel economy and seeking for more eco-friendly transportation. Micro hybrids are seen as a viable option as they offer much better fuel economy and reduced emissions than conventional vehicles. Also, the micro hybrids adoption is supported by incentives and regulations. For instance, in India, state wise and country wise tax benefits and subsidies have been introduced for hybrid vehicles. Moreover, the introduction of new micro hybrid models by major automakers such as Maruti Suzuki, Mahindra Motors, etc. in India is driving the growth of micro hybrid market in the country. The impact of China and Japan&rsquo;s automakers on the development and production of hybrid vehicles cannot be overstated. As a result, China and Japan are investing more in automotive technologies and consumers in Asia Pacific are turning to micro hybrids as a practical and more sustainable mode of transportation.
In Japan, hybrids are selling better than ever, with the trend indicating that they are on track to exceed half of domestic passenger vehicle sales for the first time in 2024. The surge in hybrid sales can be attributed to the long-standing presence of Toyota Motor Corp. and other manufacturers that have invested a long time in hybrid technology providing hybrid vehicles from long time. As other developed markets push manufacturers towards fully electric vehicles, Japan's biggest carmakers have been reluctant to shift away from hybrid technology, which has been a significant part of their product line.
Future Market Scenario (2024 &ndash; 2031F)
<ul style="text-align: justify;">
<li>Government initiatives, advanced micro hybrid technology, and extended efficiency and torque assist are expected to be the game-changing factors during the forecast period.</li>
<li>Global adoption, cost effective hybrid solutions, and industry partnerships are the highlight of the global market.</li>
<li>Advancements in battery type to transform the global micro hybrid vehicles market.</li>
<li>CO2 emission reduction and fuel economy improvements is expected to drive the market.</li>
</ul>
Report Scope
&ldquo;Micro Hybrid Market Assessment, Opportunities, and Forecast, 2017-2031F&rdquo;,&nbsp;is a comprehensive report by Markets and Data, providing in-depth analysis and qualitative and quantitative assessment of the current state of global micro hybrid vehicle market, industry dynamics, and challenges. The report includes market size, segmental shares, growth trends, opportunities, and forecast between 2024 and 2031. Additionally, the report profiles the leading players in the industry mentioning their respective market share, business model, competitive intelligence, etc.
<table>
<tbody>
<tr>
<td width="301">
Report Attribute
</td>
<td width="301">
Details
</td>
</tr>
<tr>
<td width="301">
Base Year of the Analysis
</td>
<td width="301">
2023
</td>
</tr>
<tr>
<td width="301">
Historical Period
</td>
<td width="301">
2017-2022
</td>
</tr>
<tr>
<td width="301">
Forecast Period
</td>
<td width="301">
2024-2031
</td>
</tr>
<tr>
<td width="301">
Projected Growth Rate
</td>
<td width="301">
CAGR of 4.54% between 2024 and 2031
</td>
</tr>
<tr>
<td width="301">
Revenue Forecast in 2031
</td>
<td width="301">
USD 37.22 billion
</td>
</tr>
<tr>
<td width="0">
Segments Covered
</td>
<td width="0">
Battery Capacity, Battery Type, Vehicle Type, by Type
</td>
</tr>
<tr>
<td width="301">
Regions Covered
</td>
<td width="301">
North America, Europe, South America, Asia-Pacific, Middle East and Africa
</td>
</tr>
<tr>
<td width="301">
Key Companies Profile
</td>
<td width="301">
Suzuki Motor Corporation, Hyundai Motor Company, Volkswagen AG, Ford Motor Company, Mercedes-Benz AG, Mahindra and Mahindra Limited, Subaru Corporation, Toyota Motor Corporation, Jaguar Land Rover Automotive PLC, Nissan Motors&nbsp;&nbsp; Co. Ltd
</td>
</tr>
<tr>
<td width="301">
Customization Scope
</td>
<td width="301">
15% free report customization with purchase
</td>
</tr>
<tr>
<td width="301">
Pricing and Purchase Options
</td>
<td width="301">
Avail the customized purchase options to fulfill your precise research needs
</td>
</tr>
<tr>
<td width="301">
Delivery Format
</td>
<td width="301">
PDF and Excel through email (subject to the license purchased)
</td>
</tr>
</tbody>
</table>
In the report,&nbsp;global micro hybrid market&nbsp;has been segmented into the following categories:
<ul style="text-align: justify;">
<li>By Battery Capacity
<ul>
<li>48V</li>
<li>12V</li>
</ul>
</li>
<li>By Battery Type
<ul>
<li>Lithium-ion Battery</li>
<li>Lead-Acid Battery</li>
</ul>
</li>
<li>By Vehicle Type
<ul>
<li>Passenger Cars</li>
<li>Commercial Vehicles</li>
</ul>
</li>
<li>By Type
<ul>
<li>Micro Hybrid 1</li>
<li>Micro Hybrid 2</li>
</ul>
</li>
<li>By Region
<ul>
<li>North America</li>
<li>Europe</li>
<li>Asia-Pacific</li>
<li>South America</li>
<li>Middle East and Africa</li>
</ul>
</li>
</ul>
Key Players Landscape and Outlook
Key players in the Micro Hybrid market are Hyundai Motor Company, Toyota Motors Corporation, Suzuki Motor Corporation, and others. They are focusing on supply chains, advanced technology, and increased efficiency. Companies compete to supply cutting-edge technology while maintaining best-in-class efficiency and performance. Key stakeholders are collaborating, partnering, and acquiring firms working on better technologies to upgrade their car powertrains and technology.
In November 2023, Volkswagen began accepting pre-orders for the all-new Tiguan in Europe. The SUV's third generation has been completely redesigned and will feature eight different powertrain options. These include new 48V mild-hybrid drives, a turbocharged diesel, and two new plug-in hybrid drives with an electric range of around 100 km.
In February 2024, Hyundai unveiled their 2024 i20 N-Line in Europe. The Europe variant of i20 N Line is equipped with the same 1-liter turbo-petrol engine producing 120 PS. However, it generates 200 Nm of torque, which is 28 Nm more than the India-spec model due to the inclusion of a 48V mild hybrid system.
Key Players Operating in the Global Micro Hybrid Vehicle Market are:
<ul style="text-align: justify;">
<li>Suzuki Motor Corporation</li>
<li>Hyundai Motor Company</li>
<li>Volkswagen AG</li>
<li>Ford Motor Company</li>
<li>Mercedes-Benz AG</li>
<li>Mahindra and Mahindra Limited</li>
<li>Subaru Corporation</li>
<li>Toyota Motor Corporation</li>
<li>Jaguar Land Rover Automotive PLC</li>
<li>Nissan Motors Co. Ltd.</li>
</ul>
Markets and Data&rsquo;s reports answer the following questions:
<ul style="text-align: justify;">
<li>What is the current and future market size of the product/service globally or specific to different countries?</li>
<li>How are the markets divided into different product/service segments and the market size and growth of each segment?</li>
<li>What is the market potential of different product segments and their investment case?</li>
<li>How are the markets predicted to develop in the future and what factors will drive or inhibit growth?</li>
<li>What is the business environment and regulatory landscape specific to the product/service?</li>
</ul>
If you can't find what you're searching for or have any custom requirements for global micro hybrid vehicle market, you may approach our team at&nbsp;<a href="mailto:info@marketsandata.com">info@marketsandata.com</a>.

Global Micro Hybrid Vehicles Market Assessment, Opportunities and Forecast, 2017-2031F

Technological advancements, increased efficiency, and government incentives to propel global hybrid vehicles market growth during the forecast period.

FAQs

Industry Reports

Blogs

Case Studies

Industry News

Press Release

Infographics