This paper addresses the issue of capacitor midpoint voltage imbalance in traditional Space Vector Pulse Width Modulation (SVPWM). It begins by analyzing the causes of this imbalance in detail. The study then examines the pros and cons of both Non-Double Frequency Space Vector Pulse Width Modulation (NDF-SVPWM) and Double Frequency Space Vector Pulse Width Modulation (DF-SVPWM). Following this, a hybrid space vector modulation (H-SVPWM) that integrates the strengths of NDF-SVPWM and FD-SVPWM is proposed. A simulation model is subsequently constructed to compare the performance of these four modulation methods. The results of the simulation reveal that H-SVPWM possesses superior midpoint balancing capability, with its iTHD and uTHD being only 1.35% and 0.69% respectively, thus requiring lower system performance. This simulation validates the accuracy and effectiveness of the modulation strategy proposed in this paper.