Increasing inclination towards fuel efficiency is expected to gradually take over the market. Mild hybrid technology outlines the shift towards green environment that is expected to be a major driver for the mild hybrid vehicles market.
Growing Demand for Fuel Efficiency, Vehicle Electrification: Key Factors Impacting Accelerating Mild Hybrid Vehicles Market
Fuel Efficiency is becoming a major purchasing factor for consumers in order to cut down on fuel spending. Recognizing this scenario, the auto-makers such as Mahindra and Hyundai are shifting towards alternatives that yield similar productivity but with high fuel efficiency. These initiatives are expected to boost the market for mild hybrid vehicles as they are designed for promoting fuel efficiency.
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Vehicle electrification is the expected to remain a key driver, contributing to the growth of mild hybrid electric vehicles market. Moreover, significant major economies including China and Michigan are going the electrification way, thereby, boosting the market for mild hybrid vehicles market.
Geographical Evaluation of Mild Hybrid Vehicles Market Showcases the Key Regions that Offer Future Opportunities
With the increasing emphasis gained by electric vehicles in leading economies of regions such Europe, the mild hybrid vehicles market participants are expected to gain major opportunities of sales in the region. For instance, the best-ever year-to-date sales by September-end recorded by Kia Motors Europe facilitated by the increasing sales of their portfolio of electric and hybrid models, showcases the future of electric vehicles in the European market. The increasing sales of hybrid and electric models in this market is expected to present growth avenues for mild hybrid vehicles providers.
Government Incentives for Electric Vehicle Purchase to Foster Mild Hybrid Vehicles Market Growth
Leading governments are offering valued perks to the consumers who purchase electric vehicles in order to support and nurture their actions towards a going green. For instance, the U.S. federal government offers an incentive of upto $7500 for qualified electric vehicles. Similarly, the government of China is also taking necessary actions to trigger the purchase of electric vehicles, where the central government initiated a consumer subsidy program. Moreover, the funds offered by German Federation for electric mobility projects under the Clean Air 2017-2020 emergency program also provides major opportunities for mild hybrid vehicles that promote energy and fuel efficiency.
New Product Developments Strategy Recognized as a Major Determinant of Success Among Key Companies
Mild hybrid vehicles market players are recognizing the significance of fuel efficiency for which the companies are providing new product offerings to the market. Major players in the mild hybrid vehicles market include Honda Motor Company, Toyota Motor Corporation, Renault-Nissan, Daimler AG, Audi AG, BMW AG, Volvo Group, Volkswagen AG, Groupe PSA, Changan Automobile (Group) Co., Ltd., General Motors Company, and Suzuki Motor Corporation.
Amongst the major strategies that enable companies to establish a market footprint, new product development holds an essential place. Mild hybrid vehicles market players are incorporating the mild hybrid technology into their new automotive models. With the new mild hybrid vehicles introduced by automotive giants, the market for mild hybrid vehicles is expected to be flourishing in the coming years.
Volkswagen AG has been taking steps towards moving away from the diesel emission scandal that damaged its image in the market where the United States Environmental Protection Agency found the company programming the turbocharged direct injection diesel engines for activating their emission controls during the emission tests only. However moving forward from this the company aims to work towards facilitating electrification in its models by 2030. Volkswagen recently announced that they would introduce new mild hybrid vehicles.
Maruti Suzuki also introduced its record breaking new model to the mild hybrid vehicles market which facilitates greater fuel efficiency for the customers that revolutionizes the way vehicles would be driven around the world.
Audi AG, a luxury auto-maker has also been exploring the capabilities of mild hybrid vehicles for which the company launched their new Q8 mild hybrid vehicle enabled with mild hybrid technology.
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Mild Hybrid Vehicles Market Segmentation Helps in Understanding the Major Sub-divisions that are Included in Overall Market
The mild hybrid vehicles is classified on the basis of capacity, vehicle type, and battery. When segmented based on the capacity, the mild hybrid vehicles market is divided into 24 volt, 12 volt, 48 volt, and others. On the basis of type of vehicle the mild hybrid vehicles market is segmented into LCV, passenger car, and HCV, while the battery type classification includes segments lithium ion, lead based, and others.