High-Voltage Hybrid Vehicle Market to Hit $484.81 Billion by 2030, Driven by Advancements in Electrification & Sustainability

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%.

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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.

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.

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 report offers detailed segmentation of the global high-voltage hybrid vehicles market based on vehicle type, propulsion, voltage, and region.

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Based on vehicle type, the passenger cars segment held the highest share in 2020, accounting for more than four-fifths of the total market share, and is expected to continue its lead position during the forecast period. However, the trucks segment is projected to register the highest CAGR of 23.7% from 2021 to 2030.

Based on voltage, the less than 340 Volts segment accounted for the highest share in 2020, contributing to nearly three-fourths of the global high-voltage hybrid vehicle market, and is expected to maintain its dominance in terms of revenue during the forecast period. Moreover, this segment is estimated to manifest the largest CAGR of 22.1% from 2021 to 2030.

Based on region, Asia-Pacific contributed to the highest share in terms of revenue in 2020, accounting for more than half of the total share, and is estimated to maintain its leadership status by 2030. However, North America is expected to portray the fastest CAGR of 24.1% during the forecast period.

COVID-19 Impact Analysis

The COVID impact on the high-voltage hybrid vehicle market is unpredictable and is expected to remain in force till the first to second quarter of 2021.

The COVID-19 outbreak forced the governments across the globe to implement strict lockdowns and made the social distancing mandatory to contain the spread of the virus. Consequently, several organizations started the work from home programs. This led to sudden fall in demand for high-voltage hybrid vehicle use across the world.

Moreover, the nationwide lockdown forced the high-voltage hybrid vehicle manufacturers to partially or completely shut their operations.

The adverse impacts of the COVID-19 pandemic have resulted in the delays in the activities and initiatives regarding the development of innovative high voltage hybrid vehicle products globally.

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By Type

Passenger Cars
Buses
Trucks

By Propulsion

Hybrid Electric Vehicle (HEV)
Plug-in Hybrid Electric Vehicle (PHEV)

By Voltage

Less than 340 Volts
350 to 650 Volts
650 Volts and Above

Key Players

BMW Group
BYD Company Limited
Daimler AG
Ford Motor Company
Groupe Renault
Honda Motor Co., Ltd.
Kia Corporation
Toyota Motor Corporation
Volkswagen AG
Volvo Car Corporation

Similar Reports We Have on Automotive Industry:

https://www.alliedmarketresearch.com/alternative-fuel-and-hybrid-vehicle-market - Global Opportunity Analysis and Industry Forecast, 2020-2030

https://www.alliedmarketresearch.com/micro-hybrid-vehicle-market-A10276 - Global Opportunity Analysis and Industry Forecast, 2023-2032

https://www.alliedmarketresearch.com/plug-in-hybrid-vehicles-market-A11726 - Global Opportunity Analysis and Industry Forecast, 2023-2032

https://www.alliedmarketresearch.com/hybrid-electric-self-driving-car-market-A07760 - Global Opportunity Analysis and Industry Forecast, 2023-2032

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