Global $100+ Bn Low Emission Vehicle Market to 2022 By Battery Type & Vehicle Type

DUBLIN, September 14, 2017 /PRNewswire/ --

The "Global Low Emission Vehicle Market - By Battery Type, Vehicle Type, Regions - Market Size, Demand Forecasts, Industry Trends and Updates (2016-2022)" report has been added to Research and Markets' offering.

The Low Emission Vehicle Market was 28billion USD in 2016 and is estimated to reach $104 billion by 2022 growing at a CAGR of 31% during the forecasted period

Transport plays a key role in today's world. The unending use of transport creates the need to mitigate various problems associated with it, such as the increase in the levels of congestion and traffic, noise and emissions of different gases into the environment .Pollutants released from vehicles into the environment can be controlled by setting up emission standards. Low emission vehicles are hybrid vehicles which involve a combination of traditional engines (Internal Combustion Engines) and electric vehicles.

Abundance of surplus resources, mass production, technological advances and demand from manufacturers in different industries has made it easier for the Internal Combustion Engines (ICE) to become a dominant and one of the most in- demand technology. Low-emission vehicle is a collective term for the vehicles which emit significantly lower amounts of exhaust gases.

The US is the dominating the market followed by Canada. European parliament's emission targets by 2030 are amongst the many factors driving the low vehicle emission market in the region. Besides, tax credits offered by EU nation states (5-30%) for companies manufacturing renewable and sustainable energy products in the country, would further supplement the growth of the market.

Increasing petroleum fuel prices, government support toward fuel efficient vehicles, advances in battery technology, tax credits for companies manufacturing low emission vehicles, and HEV models available in the market. Absence of infrastructure support and incentives to buy low emission vehicles in emerging economies, raw material costs, performance & power of HEV vehicles are the challenges and restraint deliberated in this market scenario.

Some of the pioneers in low emission vehicle manufacturers include, Tesla Motor Company, Mitsubishi Motor Corporation, Daimler AG, Ford Motor Company, General Motors Ltd, Honda Motors Ltd, Hyundai Motors Co, Isuzu Motors and many more. On October 20, 2016, Nissan announced buying controlling shares (34%) of Mitsubishi Motor Company with a deal of over 2.28 billion.