iCrowd Newswire – Jul 29, 2020
Global Micro-Hybrid Vehicles Market Research Report by Battery Type (Lead-acid, Lithium-ion, Others), by capacity (12V Micro-Hybrid, 48V Micro-Hybrid, Others), by Vehicle type (Passenger vehicles, Commercial Vehicles) and by Region – Forecast Till 2023
Hybrid vehicles have become popular among the customers, as they are highly cost-effective in fuel consumption and maintenance. These vehicles have a smart start and stop system, which stops the engine when it comes to complete stop and starts automatically when the accelerator is pressed. Micro-hybrid vehicles belong to the same family but have smaller batteries, which need smaller charging durations and are charged through regenerative braking systems. As the environmental concerns and awareness among the masses increased, the demands for such vehicles has also increased.
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Besides, the expanding automotive industry and demands for better alternates have boosted this market is growing towards stable futures. On observing the rising demands and adopting, the companies are investing in research & development programs, which has resulted in the development of enhanced batteries, further boosting the market. Micro-hybrid vehicles do not need any major design or technical changes. Still, to decrease the overall costs, the companies have come up with cheaper and better batteries to gross better performance and results.
Apart from the usage and features, the global micro-hybrid market is facing severe challenges from the dropping fuel prices, which has decreased the growth of this market. This report will shed light on the competition, opportunities, drivers & restraints, and other factors affecting the local and global micro-hybrid vehicles market. The global market is expected to register nearly a 13 % annual growth rate during the survey.
Some of the high profile players present in the global micro-hybrid vehicles market include Audi AG (Germany), BMW AG (Germany), Daimler AG (Germany), Subaru (Japan), Hyundai Motor Company (South Korea), and Kia Motors Corporation (South Korea). Mahindra and Mahindra Limited (India), Jaguar Land Rover Automotive PLC (U.K.), Mazda Motor Corporation (Japan), and Porsche AG (Germany).
The global micro-hybrid market is gaining speeds as awareness, and rigid regulation for the sake of the environment is increasing. The lead-acid battery will register the highest growth rate as they have more charging cycles and needs less maintenance. The global market is led by the European region and will stay at the top.
The global micro-hybrid vehicles market is segmented into classes as follows:
The global micro-hybrid vehicles market is segmented into lead-acid battery, lithium-ion battery, and others based on types of batteries.
The global micro-hybrid vehicles market is characterized by 12 volts, 48 volts, and others based on battery capacity.
The global micro-hybrid vehicles market is divided into the parallel hybrid power system, series hybrid power system, and mixed type hybrid power system based on products available.
Based on vehicle types, the global micro-hybrid vehicles market is segmented into passenger and commercial vehicles.
Micro-hybrid vehicles have gained global adoption worldwide due to rising environmental concerns from vehicular emissions and rising disposable incomes, leading to increased vehicle counts. The Asia Pacific, North America, Europe, and the rest of the world are the major market studies for the global micro-hybrid vehicles market. The European region is leading the market due to the vast population covers, demands for better alternatives, high disposable incomes, increasing investments in research & development programs, well-established automotive industry, government initiatives to develop greener vehicles, and other factors. The Asia Pacific region will also show fast growth rates due to vast population, rising disposable incomes, rapid urbanization, expanding automotive industry, and other factors with rapidly developing economies like China, India, and Japan among the major contributors.
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Keywords: Micro-Hybrid Vehicles Market, Micro-Hybrid Vehicles Market Size, Micro-Hybrid Vehicles Market Share, Micro-Hybrid Vehicles Market Trends, COVID-19 Impact Analysis