Low Emission Vehicles Market
Low emission vehicles are the automobile/motor vehicles that do not emit any pollutants or relatively low volume of vehicle emissions upon their operations. These vehicles differ in terms of their emission status based on the geographical region they are operating in but majorly the reference point for emission calculation for these vehicles is that they are responsible for lower emissions as compared to conventional ICE vehicles. To simplify, these vehicles are majorly constitute of electric vehicles that emit no gasses or pollutants.
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The main factors boosting the Low Emission Vehicles Market are:
- Government concern and initiatives regarding cleaner environment: One of the foremost factors responsible for a healthy growth in demands for low emission vehicles is prevalence of various government initiatives focusing on implementing different products usage in different industries to attain more environmental-friendly conditions in the surroundings. These initiatives subsequently improve the levels of awareness and demands for low emission vehicles as they are environmental-friendly alternative for the conventional environmentally-harmful ICE vehicles
- Alarming rise of pollution levels recently: With the significant surge of pollutants present throughout the various geographical regions worldwide, the manufacturers and consumers are becoming more aware regarding the negative impacts that vehicles have on the rising volume of pollutants in the environment. This rise and subsequent awareness amongst the population is deemed to foster a positive impact on the growth for the vehicles industry, specifically vehicles that are low emitting
The market is segmented on the basis of degree of hybridization as MHEV, FHEV, PHEV, EV; batteries as lead acid battery, nickel cadmium battery, metal hydride battery, lithium ion battery.
Some of the Low Emission Vehicles Market developments are as follows:
- In October 2019, Dynamo Taxi, the replacement for world famous iconic black cab of London was made available by Nissan. Nissan’s “NV200 Evalia” has been developed to replace the iconic black cabs, providing a highly efficient and environmental-friendly solution. The car has a range of around one hundred and eighty seven miles after a single charge with a capacity of five passengers, having wheelchair access as well. This launch has been developed to meet the initiative set forth by the state government of the region to establish ultra-low emissions zone throughout the state and replacing the older polluting vehicle in a more efficient manner
- In January 2019, ABB announced the launch of an electronic drivetrain helping integrate completely electric functioning in heavy equipments and vehicles such as underground mining, infrastructural equipment and various others. This will enable the manufacturers of these heavy duty vehicles to accelerate the level of deployment for zero emission electric vehicles while enhancing the pace of replacing polluting diesel vehicle functioning. ABB has announced the initiative to work in partnership with various OEMs of these equipments helping them in provision of highly customized performance focused drivetrain solutions as per their needs. One of the foremost users of this initiative is Epiroc utilizing ABB’s drivetrain in a majority of their second generation battery-powered vehicles
“According to Data Bridge Market Research, Global Low Emission Vehicles Market is expected to be growing at a substantial CAGR during the forecast period of 2019 to 2025”
Some of the major players operating in the market are Toyota Motor Corporation, Honda Motor Co. Ltd., Volkswagen AG, General Motors, Nissan Motor Co. LTD., MITSUBISHI MOTORS CORPORATION, Tesla, Volvo Car Corporation, Groupe Renault, BMW AG, Ford Motor Company, Honeywell International Inc., Delphi Technologies, Mahindra & Mahindra Ltd., Hyundai Motor Company, suzuki motor corporation, ISUZU MOTORS LIMITED and Daimler AG.
Growing demands for vehicles and individual transporting vehicles are expected to induce a positive impact on the growths of the market for low-emission vehicles as these individuals are becoming more aware regarding the environment and therefore are subsequently improving the levels of demand for vehicles through low-emitting. This trend will create a significant market expansion opportunity for the various market players.
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