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High Voltage Hybrid Vehicle Market
Surge in implementation of fuel-efficient mobility solutions and lowered prices of batteries per KWH fuel the growth of the high-voltage hybrid vehicle market
WILMINGTON, NEW CASTLE, DE, UNITED STATES, November 20, 2024 /EINPresswire / -- 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 was the highest revenue contributor, accounting for $53.01 billion in 2020, and is estimated to reach $216.08 billion by 2030, with a CAGR of 19.1%. The High Voltage Hybrid Vehicle Market 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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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 key players profiled in this report include
Honda Motor Co., Ltd., Volvo Car Corporation, Daimler AG, Toyota Motor Corporation, BYD Company Limited, Ford Motor Company, Volkswagen AG, Groupe Renault, BMW Group, Kia Corporation
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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.
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 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 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.
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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 .
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David Correa
Allied Market Research
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MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.