Low emission vehicle (LEV) market size was valued over USD 30 billion in 2014.This market is expected to undergo a considerable growth from 2015 to 2022.Stringent environmental regulations for increased pollutants in industrial emissions are expected to stimulate product demand in upcoming years.
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Rising usage of individual transport vehicle coupled with growing population lead to significant increase in air pollution in metropolitan cities. Also, inefficient and old transport infrastructure has increased the vehicle emissions and traffic congestion.
Concerns’ regarding monitoring of intense traffic areas has been raised among government officials. This is mainly due to severity of air pollution in areas like schools, rail stations, hospitals and construction sites. These areas have high congestion during prime hours of the day.
Also, places such as warehouse, bus, ships and airport terminals witness incessant exhaustion. Apart from increasing monitoring duties, several regulations have been implemented that influence the type of fuel usage in vehicles. This has encouraged the market players to invest in developing low carbon technologies. It will also provide opportunities for improvisation in the automotive supply chain.
Low emission vehicle are likely to impact the growth of environment friendly automotive firms. Improvisation of automotive components to cater renewable fuels is estimated to drive innovations in manufacturing sector. Also, improvements in fuel efficiency will impact the manufacturing sector positively. In addition, recent development in biofuels market is projected to boost the decarbonisation in freight and aviation sector.
Electric vehicles (EV) cannot be dependent only on electric batteries. They require regular electric supply. Increased focus on low emission automobile offers opportunity for R&D initiatives in fuel efficient cars and buses. High manufacturing costs of LEV are anticipated to hamper the market growth.
Their manufacturing cost is reliable on degree of hybridization implemented in electric vehicles. Based on degree of hybridization, low emission vehicle market can be classified into battery powered EVs and full HEVs (Hybrid electric vehicles). Battery powered vehicles are reliable mainly on lithium ion batteries and nickel metal hybrid (NiMH).As compared to conventional ones, these vehicles offer longer usage time.
Pure electric vehicles have increased consumer acceptance in individual transport segment such as bicycles, scooters and cards. Electric powered vehicles with mild hybrid and plug-in-hybrid vehicles are estimated to gain considerable focus due to decrease in greenhouse gas emissions.
Information Source: Radiants Insights