Automotive Low Emission Vehicle Market Robust Expansion by Top Key Manufactures, Demand and Supply to 2023
Low Emission Vehicle Market Share, Size, Trends, And Business Opportunity Analysis Report 2019 include historic data, with forecast data to 2023. Low Emission Vehicle Industry report is helpful for future strategy development, and to know about Market Drivers, Restraints, Opportunities, And Global market size, share, Growth, Trends, key players forecast to 2023.
Automotive industries are getting pulverized from every quarters as they are one of the prime polluters of environment. Hence, the automotive manufacturers are keeping an eye on reducing carbon emission. This is spurring the growth of automotive low emission vehicle market and an astonishing 30% CAGR during the forecast period (2017-2023) seems to be quite achievable. Market Research Future (MRFR) in their latest report predicted that exceeding the estimated valuation seems feasible for the automotive low emission market by the end of 2023.
Factors such as growing ecological concerns, government initiatives such as tax redemption, subsidies, and rising fuel cost, across the globe, are some of the important factors that are influencing the global automotive low emission market. Consumers are also growing aware regarding the issue and many have shifted towards electric cars which is also a factor that has creased the eyebrows of automotive-makers. Factors such as these can ensure a smooth progress for the automotive low emission vehicle industry during the forecast period.
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Degree of hybridization, battery type, and vehicle type are segments based on which MRFR had concluded its study on the automotive low emission vehicle market. The regional market has specific focus on the volume-wise and value-wise data to make the grasp over the market much more holistic and the predictive analysis better-equipped.
Based on the hybridization, the automotive low emission vehicle market can be segmented into pure electric vehicle (EV), hybrid electric vehicle (HEV), mild hybrid electric vehicle (MHEV), and plug-in hybrid electric vehicle (PHEV). The MHEV segment has the maximum market percolation as they run primarily on internal combustion engine with either petrol or diesel to provide thrust. These cars have an electric motor attached to the engine. Its popularity gets backed by feature like cost-effectivity.
Based on the battery type, the automotive low emission vehicle market can be segmented into metal hybrid battery, lithium ion battery, nickel cadmium battery, and lead acid battery. Lithium ion battery is the most widely used battery type and is known for its long battery life. It is also known for its features like durability, and consistent voltage output.
Based on the vehicle type, the automotive low emission vehicle market can be segmented into passenger vehicle, light commercial vehicle (LCV), and heavy commercial vehicle (HCV). The passenger vehicle segment has better market traction and cost feasibility to help the market attain significant growth during the forecast period.
North America, Europe, Asia Pacific (APAC), and Rest-of-the-World (RoW) are four major regions based on which the global automotive low emission vehicle market has been studied by MRFR.
North America’s connection with cars is way more than the other regions. Car to man ratio is quite high in the region as high disposable income and lifestyle have made cars synonymous top their lifestyle. Hence, the carbon footprint is also a big concern that is looming large on the region. Government initiatives to curb carbon emission have increased which is propelling the intake of low emission vehicles.
In Europe, the trend is quite popular as regional concern for eco-friendly measures are quite impactful. The region is also developing high-end cars with facilities that would reduce carbon output. Takers of battery-driven cars are plenty owing to which the market is expected to rise substantially. The APAC market is getting primarily driven by the market in China.
Several automotive manufacturers are getting involved in the automotive low emission vehicle to maximize the scope for their market percolation. These companies are Volkswagen AG (Germany), Nissan Motor Company Ltd (Japan), Daimler AG (Germany), Honda Motor Company, Ltd. (Japan), The Ford Motor Company (U.S.), Toyota Motor Corporation (Japan), The Hyundai Motor Company (South Korea), BMW AG (Germany), General Motors Company (U.S.), Isuzu Motors Ltd. (Japan), Tesla, Inc. (U.S.), and Mitsubishi Motors Corporation (Japan). Players have also realized that this would be a nice opportunity for them to diversify the industry for better profit-making opportunities.
In May 2019, Innovate UK and Advanced Propulsion Centre has launched an initiative where around USD 32 million is available for projects that would have focus on innovation with low emission or zero-emission. The project should also bear an impact on the supply chain of the U.K. This is expected to inspire the automotive sector of the region.
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