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Mild Hybrid Electric Vehicle (MHEV) Market Trends

Report ID: GMI8937
Published Date: Apr 2024
Report Format: PDF

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Mild Hybrid Electric Vehicle Market Trends

The mild hybrid electric vehicle (MHEV) industry is witnessing significant trends driven by the emergence of advanced parts from auto parts maker companies. As automotive manufacturers strive to enhance the performance, efficiency, and sustainability of MHEVs, they increasingly rely on specialized components from auto parts suppliers. These companies are at the forefront of innovation, introducing advanced technologies such as high-efficiency electric motors, lightweight battery systems, and sophisticated power electronics.

Moreover, advancements in regenerative braking systems, aerodynamics, and thermal management solutions are reshaping the landscape of MHEV design and engineering. As a result, the market is experiencing a shift towards more sophisticated and efficient MHEVs, offering consumers enhanced driving experiences and reduced environmental impact. Collaborations between automakers and auto parts makers drive these trends, paving the way for further advancements in MHEV technology.

Citing an instance, in February 2023, MTA engineered a 48 V unit specifically designed for Renault and Dacia mild hybrid vehicles. With this development, the component manufacturer anticipated a significant role in the hybridization of vehicles within the Renault Group.

Authors: Preeti Wadhwani

Frequently Asked Questions (FAQ) :

The market size of mild hybrid electric vehicle (MHEV) reached USD 103.5 billion in 2023 and is set to witness 17.5% CAGR between 2024 and 2032, fueled by the increasing number of product launches from leading companies.

The passenger cars segment accounted for revenue share of 85% in 2023, attributed to fuel efficiency, sustainability, and reduced emissions.

Asia Pacific market accounted for 48% share in 2023, owing to rapid urbanization, increasing disposable incomes, and growing environmental concerns.

Ford Motor Company, General Motors, Honda Motor Company Ltd, Hyundai Motor Company, Kia Motors Corporation, Mitsubishi Motors Corporation, Nissan Motor Co. Ltd., Suzuki Motor Corporation, Toyota Motor Corporation and Volkswagen AG.