Micro-Hybrid Vehicles Market Size| COVID-19 Impact Analysis
The major driver for global Micro-Hybrid Vehicles Market Size growth is the development of high-performance lithium-ion batteries.
The global Micro-Hybrid Vehicles Market Size segmentation covers battery type, capacity, vehicle type, and lastly, region. By battery type, this market has been segmented into lead-acid, lithium-ion and others. During the forecast period, the lead-acid battery segment is expected to witness the highest growth in the market because lead acid batteries are rechargeable, and they require low maintenance. These batteries have high power density, and they are available in all amperages, shapes, sizes, and voltages.
The capacity-based segmentation segments the market into 12V micro-hybrid, 48V micro-hybrid, others. Based on vehicle type, the market can be segmented into passenger vehicle and commercial vehicle. The passenger vehicle is used for traveling. The commercial vehicle is used for transferring goods from one place to another for business purposes.
The regional segmentation of the global COVID-19 Impact has segmented the market into regional markets known as Asia Pacific, North America, Europe, and the rest of the world (RoW). Europe is the largest regional market due to the presence of developed countries like France, Germany, Norway, and the United Kingdom (UK) because people have higher purchasing power. Germany has a strong automotive sector.
North America is also an important regional market due to the presence of many developed countries and key market players. Other factors aid the market growth in North America are increasing the adoption of electric vehicles for commercial as well as personal purposes and rapid technological advancement. In the Asia Pacific region, the market is growing due to the demand for the affordable vehicle, the growing purchasing power of people, increasing urbanization, and stable technological development. In this region, the important country-specific markets are China, India, and Japan, followed by the remaining countries of the Asia Pacific region.
Key Players
The key players in the global Micro-Hybrid Vehicles Market Size include Audi AG (Germany), BMW AG (Germany), Daimler AG (Germany), Hyundai Motor Company (South Korea), Jaguar Land
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