New York, US, Feb. 15, 2023 (GLOBE NEWSWIRE) -- According to a Comprehensive Research Report by Market Research Future (MRFR), “Micro-Hybrid Vehicles Market Information by Battery Type, Capacity and Vehicle Type, and Region - Forecast till 2030", Between 2022 and 2030, the Micro-Hybrid Vehicles Market is anticipated to be worth USD 1700131.02 million, with a CAGR of 29%.
Micro-Hybrid Vehicles Market Overview
Micro-hybrid vehicles have the smallest battery size and often allow the start-stop work in an automobile. Using regenerative braking techniques, the battery can be quickly recharged.
The advancement of superior lithium-particle batteries has a substantial impact on the development of the Micro-hybrid vehicle market size. These cars have small batteries and engines that do not require technical requirements for battery manufacturing.
Micro hybrid vehicles are also gaining popularity among customers and manufacturers as a way to enhance fuel efficiency and lower overall vehicle costs. Upgrades in battery innovation and cost reduction are augmenting advancements in the field of micro-hybrid automobiles.
Market Competitive Landscape:
The affluent firms in the micro-hybrid vehicles industry are:
- Mazda Motor Corporation (Japan)
- Daimler AG (Germany)
- Subaru (Japan)
- Audi AG (Germany)
- Kia Motors Corporation (South Korea)
- Porsche AG (Germany)
- Jaguar Land Rover Automotive PLC (U.K.)
- Mahindra and Mahindra Limited (India)
- Hyundai Motor Company (South Korea)
- BMW AG (Germany)
- Among others.
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With a substantial number of firms present across the major economies, the sector is fragmented and fiercely competitive. In order to improve their regional market share and profitability, businesses attempt to gain new potential markets. Firms with varied business portfolios benefit from this, increasing overall revenue.
Furthermore, the market's high degree of competitiveness is due to the attractive growth potential. To maintain market dominance, market players use strategic alliances, acquisitions, and inventions, as well as R&D.
COVID 19 Analysis
The micro-hybrid vehicles market, like many other markets, was severely impacted by the COVID-19 epidemic. The initial impact of the COVID-19 epidemic was a disruption in the manufacturing sector's supply chain. The manufacturing plants were closed, and the personnel returned home. This resulted in a decrease in the production of these vehicles. On the other side, governments' priorities have turned to eradicate the disease as soon as possible. As a result, the adoption of Hybrid Power Solutions, as well as the rules around them, suffered from neglect and delays. As a result, the market as a whole suffered greatly during the pandemic phase.
|Market Size by 2030||2030: USD 1700131.02 million|
|CAGR during 2022-2030||29% CAGR|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Key Market Opportunities|| Lead acid batteries are rechargeable|
Require low maintenance
|Key Market Drivers||The development of high-performance lithium-ion batteries|
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With that said, the COVID-19 pandemic also boosted the hybrid car (including micro-hybrid vehicles) industry by crystallizing attitudes toward the environment by revealing reduced pollution levels and cleaner air. COVID-19 fostered environmental consciousness, and their concerns are now being reflected in promises to buy more environmentally friendly electric and hybrid vehicles. Manufacturers intend to introduce new models in order to attract clients, thus the projected period is likely to be positive.
Market USP Covered:
Micro-Hybrid Vehicles Market Drivers:
Long term, the development of high-performance lithium-ion batteries is predicted to considerably drive the micro-hybrid vehicle market throughout the forecast period. These vehicles have modest batteries and motors that do not have any technical modifications or battery production requirements beyond what is required for hybrid and electric vehicles.
As global emission requirements become stricter, automakers are gradually transitioning production away from conventional engine vehicles and toward hybrid and electric vehicles. Environmental concerns and the reduction of greenhouse gas emissions, notably carbon dioxide, will drive market expansion significantly. The expensive cost of hybrid and electric vehicles, as well as the necessity for charging infrastructure, may, however, hinder market expansion, as cost-conscious customers choose conventional IC engine vehicles.
Furthermore, increased consumer car sales in developing nations such as India and China create significant potential opportunities for the micro-hybrid vehicle market. The expanding population of people in these countries with high disposable incomes and a willingness to spend more on environmentally friendly autos is forcing car manufacturers to introduce micro-hybrid vehicles. In the coming years, hybrid technology is likely to account for a major share of overall car sales in these countries.
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Micro-Hybrid Vehicles Market Restraints:
The hybrid car market's most difficult challenge is high cost. A hybrid vehicle, such as a plug-in hybrid vehicle, for example, has the battery as its major component. The battery raises the cost of the car, making it more expensive than diesel and gas-powered automobiles. The price difference is due to parts, such as the battery and regenerative brakes. However, the cost of batteries has dropped dramatically in recent years. In addition, battery producers are taking measures and conducting R&D activities to minimize the cost of batteries.
Micro-Hybrid Vehicles Market Segmentation
Various components are transmission, battery, and electric motor.
Propulsion-wise, the key market segments are HEVs, PHEV, and NGV.
By the Degree of Hybridization
Depending on the degree of hybridization, the segments can be Full hybrid, mild hybrid, and micro-hybrid.
By Vehicle Type
Different vehicle types in the market are commercial type and passenger cars.
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Micro-Hybrid Vehicles Market Regional Insights
APAC could be the fastest-thriving market for micro-hybrid vehicles, with Japan accounting for the biggest market share in 2018. The region's strong growth in the global market can be attributed to rising sales of hybrid vehicles in Japan, China, and South Korea. Furthermore, the Asia Pacific region is home to major players in the hybrid car market, including Honda, Toyota, Nissan, BYD, Kia, and Hyundai. Toyota has the best hybrid vehicle deals in the world. In addition, Asian legislatures are sponsoring the development. Japan and China's widespread acceptance of hybrid vehicle technology will further help the market.
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