Global vehicles market is experiencing a paradigm shift because of emergence of advanced technological systems. Broadly, vehicles market can be segmented into two-wheelers, three-wheelers and four- wheelers. In addition, they can be further categorized into various types like, trucks, passenger vehicles, green vehicles and motorcycles.
The most common mode of conveyance used in the developed countries are passenger vehicles. Passenger vehicles market is classified into small, medium, large and premium. Demand for passenger vehicles is increasing in the emerging markets such as China, India and Brazil, owing to increase in disposable income. Passenger vehicles segment is also witnessing the growth of electric and hybrid vehicles due to their fuel efficiency and low emission advantages.
Growing environmental concerns, need for alternative & sustainable energy and strict government norms regarding vehicular emissions are major factors boosting the growth of electric vehicles (EVs). Electric vehicles also offer low operating and maintenance cost. On-road electric vehicles market is segmented into electric cars, motorcycles, buses and others. Electric cars are further categorised into hybrid electric, plug-in hybrid and battery electric cars. Additionally, some of the factors like government subsidies & infrastructure funding, increase in R&D activity to develop more efficient and cost effective batteries are going to drive the EV market growth.
The global truck market is experiencing growth due to growing population, industrialization and international trade. With the emergence of e-commerce industry, the demand for shipping and logistics have grown up, which is further propelling the growth of trucks market. Broadly, truck market is segmented into light, medium, heavy, heavy combination and multi combination.
Motorcycles are categorized into various segments, out of which, light motorcycles have shown the largest growth due to their lower cost and largest displacement models. Motorcycle market is expected to grow with the improvement in road infrastructure and development of separate motorcycle lanes in various countries. Motorcycles offer higher fuel and mileage benefits, reduced journey time and lower CO2 emissions.
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