Automotive Low Emission Vehicle Market Global Segmentation and Major Key Players Analysis 2023
Market Highlights:
The automobile sector is undergoing unprecedented growth in terms of technological advancements and add-on features. What started as a mere means of transport to help people commute from one place to another, has now become one of the biggest industries in the world. Similar to any other field, the automotive field is continually undergoing rapid and path-breaking technologies and inventions, with time. The only thing that has remained constant in the thousands of different automobiles designed over the world is the manner in which they run. For the longest time, automobiles the world over would run using an internal combustion engine. This engine takes in fuel (either diesel or petrol), ignites the fuel causing it to combust, and produces a large amount of heat. A major part of this heat is given out in the form of waste heat, along with considerable amount of waste gases, generated as by-products. These waste gases are very harmful, containing traces of carbon dioxide, carbon monoxide, and nitrous oxide, among others. These gases cause high levels of contamination and pollution causing severe harm to the atmosphere.
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Low Emission Vehicle Market, By Segmentation:
On the basis of degree of hybridization, the most widely utilized and popular variety is the MHEV owing to the fact that they run primarily on internal combustion engine using either petrol or diesel, and are assisted by an electric motor attached to the engine. These vehicles are cost-effective and employ electric motor for short spurt of power when critically needed. On the basis of battery type, the most widely used battery type is the lithium-ion battery, owing to its long battery life, durability, and consistent voltage output. On the basis of vehicle type, the passenger vehicle segment is the easiest to be fitted with electric battery and drive system due to size and cost feasibility.
The Key Players in Low Emission Vehicle Market Are:
Volkswagen AG (Germany), Nissan Motor Company Ltd (Japan), Daimler AG (Germany), Honda Motor Company, Ltd. (Japan), The Ford Motor Company (U.S.), Toyota Motor Corporation (Japan), General Motors Company (U.S.), BMW AG (Germany), Isuzu Motors Ltd. (Japan), Tesla, Inc. (U.S.), The Hyundai Motor Company (South Korea), and Mitsubishi Motors Corporation (Japan).
Regional Analysis:
North America, Europe, Asia Pacific (APAC), and Rest-of-the-World (RoW) are four major regions based on which the global automotive low emission vehicle market has been studied by MRFR.
North America’s connection with cars is way more than the other regions. Car to man ratio is quite high in the region as high disposable income and lifestyle have made cars synonymous top their lifestyle. Hence, the carbon footprint is also a big concern that is looming large on the region. Government initiatives to curb carbon emission have increased which is propelling the intake of low emission vehicles.
In Europe, the trend is quite popular as regional concern for eco-friendly measures are quite impactful. The region is also developing high-end cars with facilities that would reduce carbon output. Takers of battery-driven cars are plenty owing to which the market is expected to rise substantially. The APAC market is getting primarily driven by the market in China.
Drivers and Constraints Impacting the Market
With the growing awareness among the consumers regarding climate change and environmental degradation owing to the excess consumption of fossil fuels, the global automotive low emission vehicle market is presumed to flourish. Government across the world are providing tax exemptions and subsidies for the development of electric vehicle technology which is further influencing the market positively. Moreover, the manufacturers are concerned of losing a large customer base if they do not shift electric vehicle technology. Such factors are presumed to foster the market growth during the review period. Low emission vehicles are anticipated to influence the growth of environment-friendly automotive companies positively. Improvisation of automotive components and improvement in fuel efficiency to cater to renewable fuels are considered to stimulate the innovation in the manufacturing sector.
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Table of Content
1 Executive Summary
2 Scope Of The Report
3 Market Landscape
4 Market Dynamics
5 Global Low Emission Vehicle Market, By Degree Of Hybridization
6 Global Low Emission Vehicle Market, By Battery Type
7 Global Low Emission Vehicle Market, By Vehicle Type
8 Global Low Emission Vehicle Market, By Region
9 Competitive Landscape
10 Company Profile
…….Continued
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