The Global Low Emission Vehicle Market is estimated to grow by CAGR 31% during the forecasted period 2016-2022. The market is estimated to reach $104 billion by 2022 from $ 28billion in 2016. The global low emission vehicle market is classified on the basis of battery technology and hybrid technology. Hybrid technology segment is further classified as pure electric vehicles, diesel hybrid electric vehicles, petrol hybrid electric vehicles and plug in hybrid electric vehicles. Demand for both pure electric vehicles and plug in hybrid vehicles has increased significantly over the years. ICCT estimates sales of HEV in 2015 have significantly increased by 44% compared to 11% in 2014. Norway in 2015 registered more than 40,000 plug in hybrid vehicles, the highest number in EU. Government incentives towards clean transport, instable fuel prices, efficient HEV, and growing demand for renewable energy transport are the factors driving low emission vehicle market growth for the forecasted period.
Geographically the report is segmented into North America, Asia pacific, Europe, and ROW. Europe has been dominating the low emission vehicle market followed by North America and Asia Pacific. Presence of automobile manufacturers, government incentives and tax credits towards renewable transport and growing consumer demand for HEV’s are the dynamics driving EU low emission vehicles market. Asia Pacific is the fastest growing market for the forecasted period. Japan, India and China are driving the market growth in the region. ICCT estimates that the number of electric vehicles in sale in China has increased by 294% in 2015, more than any country in the world. Raw materials costs, absence of infrastructure support, lack of incentives to buy low emission vehicles in emerging economies, and performance & power of HEV vehicles are the restraints and challenges discussed in the market research report.
Tesla Motor Company, Mitsubishi Motor Corporation, Daimler AG, Ford Motor Company, Honda Motors Lts, General Motors Ltd, Hyundai Motors Co, Isuzu Motors and many more are some of the pioneers in low emission vehicles. The research report offers SWOT analysis of top 15 companies with their fiscal revenues, new products and popular products that are being manufactured. MoU, JVs, partnerships, collaboration, and malleable & precise supply chain network with traders are some of the strategies adopted by pioneers in low emission vehicle market in order to increase market share and their global presence Nissan on October 20, 2016, announced buying controlling share (of over34%) in Mitsubishi Motor Company the deals total worth $2.28billion. The deal profits Nissan Motor Corp, by providing Mitsubishi’s technology and markets intruder for them to compete against giant players like Tesla Corp. On 8th November 2016, Tesla Motor Corp announced a deal with Grohmann Engineering for its advance automation factory in Germany. The deal brings Tesla Motors closer towards its ambition of manufacturing over 500,000 cars per year by 2018.