Market Size of North America Micro Hybrid Vehicles Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 4.00 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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North America Micro-hybrid Vehicles Market Analysis
The North American micro-hybrid vehicles market is expected to register a CAGR of around 4%, during the forecast period, 2020-2025.
- The development of high-performance lithium-ion batteries is expected to help drive the micro-hybrid vehicle market significantly during the forecast period. These vehicles have small batteries and motors that do not require any technical modification or requirements for battery manufacturing other than what is required for hybrid and electric vehicles.
- With growing stringent emission standards across the world, automakers are gradually shifting their production from conventional engine vehicles to hybrid and electric. In addition to this, governments have initiated incentives, such as cut down in vehicle tax, bonus payments, and premium, for buyers of electric and hybrid vehicles, in respective countries, to support the micro-hybrids sales growth.
- The concerns to protect the environment and reducing greenhouse gas emissions, especially carbon dioxide, will play a major role in driving the growth of the market. The fall in the prices of fuel has had an adverse impact on the choice of fuel-efficient vehicles, thereby posing some challenges to the micro-hybrid vehicle market.
North America Micro-hybrid Vehicles Industry Segmentation
The North American micro-hybrid vehicles market covers the latest trends and technological development and provides analysis on the market demand by capacity type, vehicle type, battery, country, and market share of major micro-hybrid vehicle manufacturing companies in North America.
| By Capacity Type | |
| 12V Micro Hybrid | |
| 48V Micro Hybrid | |
| Others |
| By Vehicle Type | |
| Passenger Cars | |
| Commercial Vehicles |
| By Battery Type | |
| Lead-Acid | |
| Lithium-ion | |
| Others |
| By Country | |
| United States | |
| Canada | |
| Rest of the North America |
North America Micro Hybrid Vehicles Market Size Summary
The North American micro-hybrid vehicles market is poised for growth, driven by advancements in high-performance lithium-ion batteries and increasing environmental concerns. As automakers transition from conventional engines to hybrid and electric vehicles, stringent emission standards and government incentives are propelling the adoption of micro-hybrids. Despite challenges posed by fluctuating fuel prices, the market benefits from a push towards reducing greenhouse gas emissions. The United States is expected to lead the market, supported by technological advancements and government subsidies aimed at enhancing fuel economy and reducing emissions.
The market landscape is characterized by the strategic initiatives of major players like General Motors, Toyota Motor Corporation, BMW AG, and Daimler AG, who are expanding production capabilities and developing advanced micro-hybrid engines. Collaborative efforts, such as the partnership between General Motors and Honda for electric vehicle development, highlight the industry's focus on electrification. Additionally, companies like Hyundai Motor Group are planning significant investments in electrified vehicles, further bolstering market growth. However, the COVID-19 pandemic posed challenges, leading to factory closures and a temporary setback in the automotive industry, despite government relief efforts.
North America 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 By Capacity Type
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2.1.1 12V Micro Hybrid
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2.1.2 48V Micro Hybrid
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2.1.3 Others
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2.2 By 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 By Battery Type
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2.3.1 Lead-Acid
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2.3.2 Lithium-ion
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2.3.3 Others
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2.4 By Country
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2.4.1 United States
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2.4.2 Canada
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2.4.3 Rest of the North America
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North America Micro Hybrid Vehicles Market Size FAQs
What is the current North America Micro Hybrid Vehicles Market size?
The North America Micro Hybrid Vehicles Market is projected to register a CAGR of greater than 4% during the forecast period (2024-2029)
Who are the key players in North America Micro Hybrid Vehicles Market?
General Motors, BMW Group, Toyota Motor Corporation, Daimler AG and Hyundai Motor Company are the major companies operating in the North America Micro Hybrid Vehicles Market.
