Battery electric vehicles (BEVs) and internal combustion engine (ICE) vehicles are recognised to be on opposite ends of the spectrum from hybrid vehicles. Governments in many parts of the world have implemented a number of policies and incentives to encourage the use of hybrid vehicles as part of their vision for net-zero carbon emissions within a specified time frame. This is expected to fuel the growth of the global mild hybrid vehicle market. Additionally, India intends to implement stringent Euro 7 pollution requirements for the nation's automotive industry by April 2022. According to this agreement, car manufacturers must reduce emissions by around 13% every kilometre, or about 113 grammes. Such stringent regulations will inevitably cause manufacturers and consumers to turn to mild hybrid vehicles as a feasible alternative, which will bolster the growth of the worldwide mild hybrid vehicle market. Despite different incentives offered by governments around the world, electric vehicles still require substantial initial investments. Fleet owners can, however, make up for this by using mild hybrid systems, which have good fuel efficiency.
According to Coherent Market Insights, The market for Mild Hybrid Vehicles was estimated at US$ 71.19 billion in 2021 and is anticipated to grow to US$ 333.27 billion by 2030 at a CAGR of 18.5%.
Leading Companies in the Mild Hybrid Vehicle Industry:
1. Toyota Motor Corporation
The company was founded in 1937 and is based in Toyota City, Aichi, Japan. The Corporation produces, markets, leases, and repairs passenger vehicles, trucks, and buses, as well as the parts that go with them, globally. Toyota said in April 2021 that it will pay $550 million to acquire Lyft's self-driving technology section and combine it with its recently established Woven Planet Holdings automation group. A new joint venture between BYD and Toyota called BYD Toyota EV Technology Co., Ltd. was announced on April 2, 2020.
2. Nissan Motor Co. Ltd
The business was started in 1933 and has its main office in Nishi-ku, Yokohama, Japan. The business produces and sells vehicles and related parts. The company manufactures commercial vehicles, luxury cars, sports cars, and more. Nissan declared its intention to start making electric vehicles with solid-state batteries by 2028 in 2023. As part of an image makeover connected to the launch of the Ariya, Nissan unveiled new corporate and brand logos in July 2020.
3. Honda Motor Company Ltd
The company was established in 1948 and is located in Minato, Tokyo, Japan. The business creates, produces, and sells bikes, cars, and power goods like generators and farm equipment. Honda and American automaker General Motors announced a partnership in 2023 to build vehicles with a novel hydrogen fuel technology. Honda announced in March 2022 that it would partner with Sony to create a joint venture to design and produce electric vehicles.
4. Hyundai Motor Company
The firm was founded in 1967 and is based in Seoul, South Korea. The business produces, markets, and exports commercial vehicles, trucks, and passenger cars. Additionally, the company has auto repair shops all around South Korea and distributes a variety of auto parts. Hyundai Motor Group successfully acquired a majority stake in Boston Dynamics, a robotics company, in June 2021.
5. Kia Motors Corporation
The company was started in 1944 and is based in Seoul, South Korea. The KIA Corporation produces, markets, and exports trucks, commercial vehicles, minibuses, and passenger cars. The company also produces tools and vehicle parts using fuel cell and hybrid electric technology.
6. BMW AG
The company was started in 1916 and is based in Munich, Germany. The business produces and markets automobiles and motorcycles. The business sells large displacement touring motorcycles, sedans, and convertible sports vehicles. The new limited edition M760Li xDrive, which will be launched on January 18, 2022, will be informally dubbed "The Final V12" and will be the last BMW series production vehicle to be powered by a V-12 engine.
7. Jaguar Land Rover Ltd,
The business was started in 2008 and is located in Whitley, Coventry, United Kingdom. Automotive businesses are operated by Jaguar Land Rover Limited. High performance cars are produced, designed, developed, manufactured, and marketed by the company. As part of its push on autonomous driving technologies, JLR opened three new tech hubs in Europe in February 2023.
Definition: Mild hybrid vehicles, also known as micro hybrids, use an electric motor and battery to help power the vehicle. They also have the option to allow the engine to shut off when the vehicle comes to a halt, like at a stop sign or in stop-and-go traffic, which improves fuel efficiency.
