Market Size of Asia-Pacific Micro-Hybrid Vehicles Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 8.00 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Asia-Pacific Micro-Hybrid Vehicles Market Analysis
The Asia-Pacific Micro-Hybrid Vehicles Market is anticipated to register a CAGR of over 8% during the forecast period (2020 - 2025).
- The few major factors driving the demand for the market are growing environmental concerns (owing to rising exhaust emissions), endorsement of stringent emissions and fuel economy norms, and government initiatives, in terms of subsidies and benefits for increasing the adoption rate of micro and mild hybrid vehicles.
- The increasing industrialization and growing urban population in this region is attributing the demand to the micro hybrid vehicles market.
- Also, the development of high-performance lithium-ion batteries is expected to drive the demand for micro-hybrid vehicle market significantly during the forecast period.
- The Indian government has announced that all the vehicles registered after the April 1st of 2020 should be BS-VI compliant. However, due to the outbreak of CoVid-19 in the country, dealerships and production facilities were shutdown from mid-march, due to which large stock of BS-IV vehicles have been in the inventory. The government has given an extension. This will boost the market post the end of lockdown in the country.
- The cost of hybrid and electric vehicles and lack of charging infrastructure can hinder the growth rate of market in emerging economies such as India, China, and Japan as cost effective customers prefer conventional IC engine vehicles affordable.
- With the rapid advancements in automotive technology, automobile manufacturers are focusing on a large number of functional operations these days. The functions have increased exponentially during the past few years, resulting to the intense competition among the automobile manufacturers.
Asia-Pacific Micro-Hybrid Vehicles Industry Segmentation
Micro hybrid vehicles include an internal combustion engine (ICE) equipped with an electric motor, which allows the engine to be turned off whenever the vehicle is coasting, braking, or stopped, yet restart quickly. The Asia-Pacific micro hybrid vehicles market covers the latest trends and technological development in the hybrid vehicles. The market is segmented by Capacity, Vehicle Type, Battery Type, and Geography.
The scope of the report includes:
| Capacity | |
| 12v Micro-Hybrid | |
| 18v Micro-Hybrid |
| Vehicle Type | |
| Passenger Cars | |
| Commercial Vehicles |
| Battery Type | |
| Lead-acid | |
| Lithium-ion |
| Country | |
| India | |
| China | |
| Japan | |
| South Korea | |
| Rest of Asia-Pacific |
Asia-Pacific Micro-Hybrid Vehicles Market Size Summary
The Asia-Pacific micro-hybrid vehicles market is poised for significant growth, driven by increasing environmental concerns and the implementation of stringent emissions and fuel economy standards. Government initiatives, including subsidies and tax exemptions, are further propelling the adoption of micro and mild hybrid vehicles across the region. The rapid industrialization and urbanization in countries like China and India are contributing to the rising demand for these vehicles. Additionally, advancements in high-performance lithium-ion batteries are expected to bolster market growth. However, challenges such as the high cost of hybrid and electric vehicles and the lack of charging infrastructure in emerging economies may impede market expansion.
China holds a prominent position in the Asia-Pacific micro-hybrid vehicles market, supported by robust vehicle sales and stringent government emission norms. The market is characterized by intense competition among major players like Toyota, Honda, and Nissan, who are investing heavily in research and development to innovate advanced automotive technologies. The demand for lithium-ion batteries is on the rise, driven by the increasing sales of battery electric vehicles and government incentives. Despite the challenges posed by electric vehicles, the market for micro-hybrid vehicles is expected to grow, supported by strategic partnerships and investments in battery technology and infrastructure.
Asia-Pacific Micro-Hybrid Vehicles Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Drivers
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1.2 Market Restraints
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1.3 Industry Attractiveness - Porter's Five Forces Analysis
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1.3.1 Threat of New Entrants
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1.3.2 Bargaining Power of Buyers/Consumers
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1.3.3 Bargaining Power of Suppliers
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1.3.4 Threat of Substitute Products
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1.3.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION
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2.1 Capacity
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2.1.1 12v Micro-Hybrid
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2.1.2 18v Micro-Hybrid
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2.2 Vehicle Type
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2.2.1 Passenger Cars
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2.2.2 Commercial Vehicles
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2.3 Battery Type
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2.3.1 Lead-acid
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2.3.2 Lithium-ion
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2.4 Country
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2.4.1 India
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2.4.2 China
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2.4.3 Japan
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2.4.4 South Korea
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2.4.5 Rest of Asia-Pacific
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Asia-Pacific Micro-Hybrid Vehicles Market Size FAQs
What is the current Asia-Pacific Micro-Hybrid Vehicles Market size?
The Asia-Pacific Micro-Hybrid Vehicles Market is projected to register a CAGR of greater than 8% during the forecast period (2024-2029)
Who are the key players in Asia-Pacific Micro-Hybrid Vehicles Market?
Toshiba Corporation, Toyota Motor Corporation, Mahindra & Mahindra Limited, Nissan Motor Company Ltd and Honda Motor Company, Ltd. are the major companies operating in the Asia-Pacific Micro-Hybrid Vehicles Market.
