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Low Emission Vehicle (LEV) Market to grow US$ 103 bn in 2022

Published On March 1, 2017 By Sharad

Bringing into the use Low Emission vehicles (LEV’s) is not only environmental, but also economical for all of us. Demand for both pure electric vehicles and plug in hybrid vehicles (types of hybrid technology) has increased significantly over the years.

Market for global low emission vehicle (LEV) was estimated to be worth over US$ 29 bn in 2016 and is anticipated to grow US$ 103 bn in 2022. Government incentives towards clean transport, efficient hybrid electric vehicle (HEV), unstable fuel prices and growing demand for renewable energy transport are the factors driving the growth for low emission vehicle market for the forecasted period.

Major economies such as the UK, Japan, China, Netherlands, and the U.S. have implemented various initiatives in promoting green fuel technologies. These regions have also revised their emission standards in major trade cities to enhance their position as environment friendly hubs for consumers.

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.

In LEV Hydrogen vehicles, Hydrogen fuel cells convert chemical energy contained in hydrogen gas into electricity used to power a vehicle. The only direct emissions involved are water vapour and heat.

The US is dominating the market followed by Canada, and Asia Pacific. Asia Pacific is the fastest growing market for the forecasted period, Japan, India and China are driving the market growth in the region. Germany, Austria, UK, France, Italy, Spain and Switzerland are upcoming markets for low emission markets in EU. Presence of auto mobile 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. In Europe, the United States and China, plug-in hybrids are expected to increase as many current non-plug-in models make the transition to a plug post-2020.

Toyota, released its first mass-produced fuel cell vehicle the Mirai in 2016, and several car manufacturers have subsequently announced production plans in their vehicle line-ups. The vehicle is a mid-size four-passenger zero-emission sedan that uses a hydrogen fuel cell system with the ability to travel up to 300 miles on a full tank.

At this year’s IAA International Motor Show in Frankfurt, Mercedes, has presented preproduction models of the new GLC F-CELL as the next milestone on the road to emission-free driving. According to Lindsay in Europe, 48-volt mild hybrid vehicles are expected to have a dominant position in the power train landscape.

Auto makers continue to offer plug-in vehicles for model-year 2017, By combining the range and power of an internal combustion engine and the torque of an electric motor, a plug-in hybrid electric vehicle(PHEV) can deliver comparable performance with lower fuel consumption and lesser emissions than a gasoline engine.