High Voltage Hybrid Cars, Buses and Trucks Market

High voltage hybrid vehicles are automobiles, buses, and trucks that combine a conventional internal combustion engine (usually gasoline or diesel) with an electric propulsion system powered by a high-voltage battery. This hybridization reduces fuel consumption and emissions. High voltage hybrid vehicles offer benefits such as improved fuel efficiency, reduced emissions, lower operating costs, and often quieter operation. They can also serve as a bridge technology toward full electrification in future.

High voltage hybrid technology is applied to various vehicle types, including hybrid cars, hybrid buses, and hybrid trucks. These vehicles are presently available and are specifically designed to meet different transportation needs, from personal commuting to public transit and freight transport.

The market for high voltage hybrid vehicles has been steadily growing in line with the increasing environmental concerns and government incentives for cleaner transportation. The projected market size of high voltage hybrid cars, buses and trucks by the end of 2030 is around US$450 billion. Up from 2023, the market is expected to witness a CAGR of 20%.

In 2022, passenger cars held the highest share of the global high voltage hybrid cars, buses and trucks market size. The full hybrid electric vehicle (HEV) category held the largest revenue share the same year. Based on voltage, the less than 340 volts category leads the market.

Volkswagen AG, BYD Company Limited, BMW Group, Honda Motor Co., Ltd., Ford Motor Company, Groupe Renault, Volvo Car Corporation, Toyota Motor Corporation, Daimler AG, and Kia Corporation are the leading names in this industry.