Low Emission Vehicle Market Competitive Dynamics & Outlook, 2016–2024
Global Low Emission Vehicle Market: Overview
Transport plays a key role in the world’s economy; the crucial need for the transport has created several problems such as emissions of noise and different gases and also rise in the levels of congestion and traffic. In order to keep this in control, some standards have been set on the vehicles. These emission standards control the pollutants such as sulfur oxides, CO2, and oxides of nitrogen. Air pollution causes several diseases which include cardiovascular diseases, asthma, and lung cancer. Low emission vehicles are a combination of electric vehicles and traditional engines.
Global Low Emission Vehicle Market: Growth Factors
The low emission vehicle market is witnessing significant growth owing to rise in the global prices of petroleum-based fuels, advancement in battery technology, and increasing availability of different models of hybrid electric vehicle. Various stringent environmental regulations are being implemented globally for reducing the pollutants from the vehicles and the industrial emissions; thus encouraging the growth of the market. Vehicle-to-grid technology is getting very popular among the consumers around the world, vehicles having low emissions are more environmentally friendly, and increasing demand for changing infrastructure may give rise to the market growth in the future. Factor that is restraining the low emission vehicle market growth includes lack of supporting infrastructure, higher cost of low emission vehicle, and lack of power and performance.
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Global Low Emission Vehicle Market: Segmentation
The low emission vehicle market is segmented globally based on batteries, the degree of hybridization, and geography. The batteries segment is fragmented into metal hydride battery, lead-acid battery, lithium ion battery, and nickel cadmium battery. Based on the degree of hybridization, the market is classified into the hybrid electric vehicle, mild hybrid electric vehicle, pure electric vehicle, and plug-in hybrid electric vehicle. Geographically, the low emission vehicle market is diversified into North America, Asia-Pacific, Europe, Latin America, and the Middle East & Africa.
Global Low Emission Vehicle Market: Regional Analysis
Governments in the North American region are looking for better alternative to minimize both pollution and the dependence on oil, thus anticipating to fuel the low emission vehicle market growth. Initiatives taken by governments in European countries in order to reduce the rising pollution is a key driver in the growth of the low emission vehicle. Low cost, lithium-ion batteries, and high energy density batteries are used to enhance the efficiency of low emission vehicles in the Asia-Pacific region, this is expected to boost the market. Increasing use of individual transport vehicles coupled with growing population in the developing economies such as India, Brazil, and China is contributing to the considerable increase in the air pollution. The governments are becoming more conscious towards health hazards and towards the amendment of emission standards thus motivating the market in a positive way.
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Global Low Emission Vehicle Market: Competitive Players
Major market players operating in the global low emission vehicle market are Nissan Motor Corp., GE Motors Co., Toyota Motor Corp., Volkswagen Group, Honda Motor Co., BMW AG, and Ford Motor Co.
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