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.
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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.
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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.
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.
Key Findings Of The Study
By vehicle type, the trucks segment is expected to register significant growth during the forecast period.
By, propulsion, hybrid electric vehicle (HEV) segment is projected to lead the global market in terms of market share by the end of the forecast period.
By voltage, the Less than 340 Volts segment is projected to lead the global market, in terms of market share, by the end of the forecast period.
By region, Asia-pacific dominated the global high voltage hybrid vehicle market in 2020 in terms of market share. Moreover, North America is anticipated to lead the market growth.
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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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