Micro-Hybrid Car Market Business Revenue, Future Scope, Market Trends, Key Players And Forecast To 2023

Micro-Hybrid Car Market Overview

Micro-Hybrid Car are known to have the smallest batteries and are capable of supporting the start and stop function in an automobile. The battery can be recharged at a fast pace by using regenerative braking systems. Growth in the global Micro-Hybrid Car market is driven primarily due to the development of high-performance lithium-ion batteries. These batteries don’t require any technical backing.

Micro-Hybrid Car are gaining importance among consumers and manufacturers as a means of economically enhancing the fuel efficiency of automobiles and cost-effectiveness. Hence, the Micro-Hybrid Car market is expected to be driven primarily by the technological advancements in batteries and cost reduction of vehicular maintenance.

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The global Micro-Hybrid Car market is expected to elevate at an approximate CAGR of 12% over the forecast period, as per the recently launched report by Market Research Future (MRFR). Increasing focus of manufacturers on cost reduction has led to the development of Micro-Hybrid Car with lead-acid batteries. these batteries are designed in a way that they augment the comprehensive lifecycle of the vehicle and enable them to perform the start and stop function cost-effectively. Various features of new generation Micro-Hybrid Car like energy harvesting and regeneration aid in better air conditioning even when the engine is not running. These features have led to higher consumer preference for Micro-Hybrid Car.

Key Players

Some of the high profile players present in the global Micro-Hybrid Car 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).

Market Segmentation

The global Micro-Hybrid Car market has been segmented on the basis of battery type, vehicle type, capacity, and region. Based on battery type, the market is segmented into lead-acid and lithium-ion. Among these, the lead-acid battery segment is expected to witness the highest growth during the forecast period. Lead-acid batteries require low maintenance and are rechargeable. These batteries have a widespread use owing to various features such as ease of use and high power density. Lead-acid batteries are available in several sizes, voltages, sizes, and amperages.

Based on capacity, the market is segmented into 48V micro-hybrid and 12V micro-hybrid. Based on vehicle type, the global Micro-Hybrid Car market is segmented into commercial vehicle and passenger vehicle.

Detailed Regional Analysis

The global Micro-Hybrid Car market is segmented into North America, Europe, Asia Pacific, and Rest of the World. Among these regions, Europe is expected to dictate the global Micro-Hybrid Car market. This can be accredited to the ample scope achieved by the regional market. A dominant presence of various high profile countries such as Germany, France, Norway, and the UK in Europe is one of the primary factors driving the market growth. Rising standard of living, along with the proliferation of disposable income among consumers has led to higher demand for advanced performance vehicles that are made from high-quality components. Moreover, prevalence of major market players in the region is also one of the major factors contributing to the ascension of the Micro-Hybrid Car market.

Asia Pacific is also anticipated to bag significant ascension in the forthcoming years. Such growth can be accredited to a prominent growth in the economies of various countries present in the region. Moreover, the fast-paced accelerated noted in the automotive industries is fostering growth of the regional market for Micro-Hybrid Car market.

Industry Update

May 2019: Mahindra and Mahindra (M&M) launched an updated version of its SUV TUV300. The updated version has features such as design enhancements, new headlamp design reverse parking camera, static bending headlamps, and micro-hybrid technology.

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