Report Code : A11845
By vehicle type, the passenger cars segment dominated the global market in 2020 in terms of revenue. However, the trucks segment is expected to lead the market during the forecast period. Depending on propulsion, hybrid electric vehicle (HEV) segment incurs a higher share. Asia-Pacific was the highest revenue contributor in 2020. However, North America is anticipated to lead the market growth by 2030
Omkar Bachal
Lead Analyst, Automotive & Transportation at Allied Market Research
According to a recent report published by Allied Market Research, titled, “High-Voltage Hybrid Vehicle Market by Vehicle Type, Propulsion, and Voltage: Global Opportunity Analysis and Industry Forecast, 2021–2030,” the global high-voltage hybrid vehicle market was valued at $101.44 billion in 2020, and is projected to reach $484.81 billion by 2030, registering a CAGR of 20.7%.
Asia-Pacific dominates the market, in terms of revenue, followed by Europe, North America, and LAMEA. China dominated the global High voltage hybrid vehicle market share in 2020, owing to the increase in R&D activities, technological developments by big players, and the rapid adoption of electrified vehicles. North America is expected to grow at a significant rate during the forecast period, owing to rise in investments and government policies for promoting low-carbon footprints across various countries in the region.
Factor such as government policies to promote the electrified vehicles is estimate to create lucrative growth opportunities for high-voltage hybrid vehicle. The passenger car segment is estimated to witness as a leading market share, owing to increase in inclination toward green mobility of the end consumers. Moreover, buses followed by trucks leads the market growth as majority of the commercial fleet operators are converting their existing conventional fleet to the electrified fleet. Moreover, Asia-Pacific is the market mover in the global high-voltage hybrid vehicle market in which China and India are expected to be the emerging countries in the global market.
The global high-voltage hybrid vehicle market is witnessed as a consolidated market as limited number of players are holding majority of the market share in the global market. Majority of the market participants are strategically involved in the product development activities and main focus of the market participants are shifting toward the vehicle electrification mainly.
By vehicle type, the market is categorized into passenger cars, buses, and trucks. Rise in demand for cost-effective mobility solution at commercial front is expected to result in a higher demand for trucks in the future.
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Key Findings Of The Study
Key players operating in the global high-voltage hybrid vehicle market include BMW Group, BYD Company Limited, Daimler AG, Ford Motor Company, Groupe Renault, Honda Motor Co., Ltd, Kia Corporation, Toyota Motor Corporation, Volkswagen AG, and Volvo Car Corporation
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High-Voltage Hybrid Vehicle Market by Vehicle Type (Passenger Cars, Buses, and Trucks), Propulsion (Hybrid Electric Vehicle (HEV) and Plug-in Hybrid Electric Vehicle (PHEV)), and Voltage (Less than 340 Volts, 350 to 650 Volts, and 650 Volts and Above): Global Opportunity Analysis and Industry Forecast, 2021–2030
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