Asia-Pacific Micro-Hybrid Vehicles Market - Segmented by Capacity, Vehicle, Battery Capacity, and Country - Growth, Trends, and Forecast (2018 - 2023)
The market for micro-hybrid vehicles in the Asia-Pacific was USD 125.45 billion in 2017. This market is anticipated to reach USD 338.59 billion by 2023, at a CAGR of 17.21%. Asia-Pacific is the largest market for automotive sales. The sales in the major countries of Asia-Pacific, such as China, Japan, India, South Korea, Australia, and Indonesia account for more than 43.82% of the total automotive sales in the world. With 29,122,531 vehicle sales, China stood as a market leader in the automotive industry, in the world, as well as Asia-Pacific; China is followed by Japan and India, which accounted for 5,238,888 and 4,017,539 sales, respectively.
The increasing industrialization and the booming urban population in the region are expected to boost car ownership. The governments of countries, like China and India, where the pollution is rampant, are taking actions to reduce the pollution issue thereby resulting in the rise in sales of the alternate fuel engines and green vehicles, such as the micro, mild, and full-hybrid vehicles.
The micro-hybrid technology has advanced during the last few years. The second generations of micro-hybrid vehicles are currently becoming quite common in Asia-Pacific. While the first generation micro-hybrid technology relied on a simple stop-start engine mechanism, second-generation micro-hybrid systems incorporate features, such as energy recuperation. The third generation of micro-hybrid systems are now under development, where more advanced concepts, such as shutting off the engine during coasting (not just when stopped), as well as the mild level of boost from the batteries during acceleration are being targeted.
Countries across the globe have formulated stringent emission norms to cater the cause of reducing global warming. Efforts are being made by governments worldwide to minimize the negative effects of global warming and reduce the carbon footprint. For instance, European Council has targeted to reduce the average fleet emission of 187g CO2/km in 2011 to an average fleet emission of 175g CO2/km by 2017 and 147g CO2/km by 2020 for passenger cars and LCVs.
Asia-Pacific fuel prices have been falling over the past few months. The fall in fuel prices had an adverse effect on the market for fuel-efficient vehicles. The decline is expected to continue during the forecast period. This could be due to a host of market-driven factors. With the fall in prices of fuel, it is expected that a driver in America would save about USD 430- 455 on an average per annum on gasoline. Increase in oil production in America contributed majorly to the fall fuel prices globally.
Key Developments in the Market
March 2018: Volkswagen claims its recently launched 1.5TSI ACT micro-hybrid 130PS petrol engine is as efficient as a diesel
Major Players – AUTONACIONAL S.A, BMW, DAIMLER, JAGUAR LAND ROVER, MAHINDRA & MAHINDRA, amongst others.
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