Low Emission Vehicle Market 2019 is latest research report by MarketResearchFuture, the global Low Emission Vehicle market is expected to Register High Growth Rate during 2019 To 2023. Report analyzes Low Emission Vehicle Market Key Companies with Size, Share, Trends analysis, and Key Country Forecast to 2023. Low Emission Vehicle Market Information is segmented by Degree of Hybridization (EV, HEV, MHEV, PHEV), Battery Type (Metal Hydride, Lithium Ion, Nickel Cadmium, Lead Acid), Vehicle Type (Passenger, LCV, HCV), and Region – Global Forecast to 2023.
The major players operating the global market are The Ford Motor Company (U.S.), Daimler AG (Germany), The Hyundai Motor Company (South Korea), Mitsubishi Motors Corporation (Japan), Volkswagen AG (Germany), Honda Motor Company Ltd. (Japan), Tesla Inc. (U.S.), Nissan Motor Company Ltd (Japan), Isuzu Motors Ltd. (Japan), General Motors Company (U.S.), Toyota Motor Corporation (Japan), and BMW AG (Germany).
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The global Low Emission Vehicle market is presumed to register 30 % CAGR during the forecast period (2017-2023) owing to the growing awareness regarding environmental degradation, asserts Market Research Future. Transportation plays a crucial role in today’s world. Pollutants that are released from the vehicles can be controlled by setting up emission standards. Emission standards dictate the pollutant limits such as Sulphur oxides, carbon dioxide, and oxides of nitrogen. Low emission vehicles are referred to as hybrid vehicles which comprise a combination of electric vehicles and traditional engines such as internal combustion engines (ICE). Mass production, an abundance of surplus resources, demand from manufacturers, and technological advancements have paved the way for ICE to become a prominent technology.
Global Low Emission Vehicle Market: Segmental Analysis
The global Low Emission Vehicle market has been segmented on the basis of degree of hybridization, battery type, vehicle type, and region.
By mode of degree of hybridization, the global Low Emission Vehicle market has been segmented into pure electric vehicle (PEV), hybrid electric vehicle (HEV), mild hybrid electric vehicle (MHEV), and plug-in hybrid electric vehicle (PHEV). Among these, mild hybrid electric vehicle (MHEV) is the most widely used variety as they primarily run on internal combustion engine using diesel or petrol and is assisted by an electric motor which is attached to the engine.
By mode of battery type, the global Low Emission Vehicle market has been segmented into metal hydride battery, lithium ion battery, nickel cadmium battery, and lead-acid battery. Among these, lithium-ion is the most widely used battery due to its durability, long battery life, and consistent voltage output.
By mode of vehicle, the global Low Emission Vehicle market has been segmented into passenger vehicle, light commercial vehicle (LCV), and heavy commercial vehicle (HCV). The passenger vehicle segment is the popular one among these as it can be easily fitted with electric battery and drive system due to cost feasibility and size.
Drivers and Constraints Impacting the Market
With the growing awareness among the consumers regarding climate change and environmental degradation owing to the excess consumption of fossil fuels, the global Low Emission Vehicle market is presumed to flourish. Government across the world are providing tax exemptions and subsidies for the development of electric vehicle technology which is further influencing the market positively. Moreover, the manufacturers are concerned of losing a large customer base if they do not shift electric vehicle technology. Such factors are presumed to foster the market growth during the review period. Low emission vehicles are anticipated to influence the growth of environment-friendly automotive companies positively. Improvisation of automotive components and improvement in fuel efficiency to cater to renewable fuels are considered to stimulate the innovation in the manufacturing sector.
On the flip side, the high cost of low emission vehicles is one of the major factors presumed to impede the market growth in the coming years.
Geographically, the Low Emission Vehicle market span across regions namely, Asia Pacific, North America, Europe, and Rest-of-the-World.
Among these, the North American region is known to have people with high affinity for performance vehicles such as mini trucks and SUVs. People prefer to travel in personal vehicles to work and leisure. With the increasing trend of owning personal vehicles, there is rising concern for carbon footprint and global warming. Due to such factors, the market for low emission vehicles is estimated to flourish in this region.
The European region is considered to register a significant CAGR and is expected to maintain its dominance during the assessment period. In this region, high-end automobiles offer high-end performance at the cost of low vehicle mileage, thereby compelling authorities to use low emission vehicles in order to control pollution.
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