Global Micro Hybrid Vehicles Market: Snapshot
Of the innumerous ways being currently adopted by vehicle manufacturers to sustain in the cutthroat competition and bring to consumers new technologies, the shift to electric propulsion systems is one of the most common and popular. Hybrid electric vehicles are becoming ubiquitous owing to the numerous benefits of electric propulsion in prolonging engine life, reducing fuel consumption, and adding to the environment-friendliness quotient of vehicles.
Of the three key varieties of hybrid vehicles, namely full hybrid, mild hybrid, and micro hybrid, the report presents an overview of the present state of development of the market for vehicles with micro hybrid technology. Requiring the lowest battery size of the three types, micro hybrid vehicles are gaining prominence across consumers and manufacturers as an economical way of enhancing the fuel efficiency of vehicles without having to significantly increase the overall cost of vehicles. Vast improvements in battery technologies and cost reductions are complementing developments in the field of micro hybrid vehicles.
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Rising sales of consumer vehicles across regional markets with developing economies such as India and China are presenting massive growth opportunities for the micro hybrid vehicles market. The rising population of people with high disposable incomes and the willingness to spend more on environment-friendly automobiles in these countries are compelling car manufacturers to introduce micro hybrid vehicles. In the next few years, a significant share of total car sales in these countries are expected to have hybrid technology.