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 2024 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.
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- 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.
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.
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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
- Ricardo
- Robert Bosch GmbH
- SAIC Motor Corporation Limited
- Suzuki Motor Corporation
- Volvo Car Corporation
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