High Voltage Hybrid Vehicle Market: Trucks Vehicle Type to Grow at 23.7% CAGR During 2021–2030
August 5, 2022
High-voltage hybrid vehicle market to reach $484.81 bn by 2030, at 20.7% CAGR | Trucks vehicle type to grow at 23.7% CAGR, Says Allied Market Research.
PORTLAND, ORAGON, UNITED STATES, August 5, 2022 /EINPresswire.com/ -- According to the report published by Allied Market Research, the global high-voltage hybrid vehicles market garnered $101.44 billion in 2020, and is expected to reach $484.81 billion by 2030, witnessing a CAGR of 20.7% from 2021 to 2030. The report provides a detailed analysis of changing market dynamics, top segments, value chain, key investment pockets, regional scenario, and competitive landscape.
Increase in adoption of fuel-efficient mobility solutions and reduction in prices of batteries per KWH drive the growth of the global high-voltage hybrid vehicle market. However, lowered production and sales of automotive and lack of skilled workforce to perform maintenance and repair activities restrain the market growth. Contrarily, untapped potential in developing nations and government policies, regulations, and subsidies are expected to present growth opportunities for market players.
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Manufacturing activities of high-voltage hybrid vehicles halted due to lockdown measures taken place across various countries in the world. Several issues such as shortage of raw materials and skilled workforce in factories also occurred.
Supply chain disruptions have been occurred due to commute restrictions, slowdown financial performances, ban on import-export activities, and working capital management issues, due to which, manufacturing activities have been hampered. As the lockdown restrictions are lifted off, the supply chain will be restored.
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.
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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.
Leading players of the global high-voltage hybrid vehicles market analyzed in the research include BMW Group, Daimler AG, BYD Company Limited, Groupe Renault, Ford Motor Company, Kia Corporation, Honda Motor Co., Ltd., Volkswagen AG, Toyota Motor Corporation, and Volvo Car Corporation.
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