ID: MRFR/AM/4317-HCR | 100 Pages | Published By Sejal Akre on March 2023
The Automotive Low Emission Vehicle Market was valued at a sum of USD 103132.02 Million. For the ongoing forecast period of 2022-2030, the market is likely to grow at an estimated CAGR of 30% During 2022 - 2030
The automotive low emission vehicle market trends show the advantageous rise of the market since the past decade. The global market was valued at a figure of USD 21.13 billion at the beginning of the decade. During the historic forecast period that ended in 2019, the market was valued at a sum of USD 103132.02 Million. For the ongoing forecast period of 2022-2030, the market is likely to grow at an estimated CAGR of 30%, and hence, reach a considerable market revenue figure by the end of the forecast period.
The unexpected arrival of the global coronavirus was an unforeseen circumstance that the global market players and target audience was not prepared to deal with. The rate of infection spread was huge and it was a difficult task to cope up with the rising rate of positive cases and adversity with each passing day. The pandemic has been a testing time for individuals and the market. There have been a lot of functional issues and because of this, the market players have been facing unavailability of skilled labor, raw material, and resources to produce as per the rising needs of the target audience. Also, the demand was declining due to the changing lifestyle and preferences of people.
The global governments of the regions that are witnessing the development of the market functioning are taking major steps to help the market cover the losses and opt for expansion post the pandemic. One of the key aspects of the rising government support is the increased funding and investment in the research and development departments that will help in making new products based on the environmental goals and concerns and launching them at an international scale for the market to choose from.
The rising degree of competition and growth graph is prevalent and hence, the report aims to highlight the same. To understand the rising competition, it is important to have an idea about the market players. Also, discussion about the market players is important to discuss the recent developments undertaken during the forecast period. They are as follows:
The sales quantum of electric vehicles is one of the major components of environmental goals and policies. There are 10 leading countries namely China, the UK, Canada, the Netherlands, the US, Japan, Norway, Germany, Sweden, and France that are adapting to the use of electric vehicles and have a high range of policies employed that will help in a wide promotion of the sales of these vehicles in the global automotive low emission vehicle market. There are a variety of regulatory policies that are functional at different administrative levels like the fuel-economy standards and restrictions on vehicle circulation on emissions performance amongst others are the key factors that will drive the market towards growth by the end of the forecast period in 2030.
One of the biggest challenges that hybrid electric vehicle manufacturers are facing is the inability to find suitable storage options and solutions for the produced and manufactured vehicles. The batteries that are a part of these vehicles need to be affordable, emit a small light, and be safe to use. They are expected to have high power and higher energy density. Also, they should be able to last for a good number of years without degrading in use or performance. Hence, the market needs excellent employment of technology to overcome the storage and employment challenges and help the market dwell in the forecast period.
The changing market infrastructure and the emergence of V2G technology are some of the excellent future opportunities that will help the market grow during the forecast period. Also, there has been a huge rise in the number of initiatives taken by the global governments that are set to make a difference to the market during the forecast period. For the market, the global price of petroleum-based fuel is resulting in an increased rise in the number of initiatives undertaken by various global governments followed by the increased availability of various HEV models. Continuous development in the availability of battery technology has positive attributes for the market during the forecast period.
The automotive low emission vehicle market value is increasing because of the explicit performance of the market segments during the forecast period. Market segmentation is responsible for the establishment of a market equilibrium between the market forces of demand and supply.
Based on the hybridization degree:
The automotive low emission vehicle market is being divided based on hybridization that includes full hybrid electric vehicle, pure electric vehicle, mild hybrid electric vehicle, and others like a plug-in hybrid electric vehicle. The fuel cell vehicle is on its way to commercialization during the current forecast period that will end in 2028.
Based on the battery type:
The automotive low emission vehicle market uses a series of traction batteries like lead-acid batteries, metal hydride batteries, nickel-metal hydride, lithium-ion batteries, and nickel-cadmium batteries are the prominent ones included in the market.
Based on the geographical regions:
The automotive low emission vehicle market is functional in 4 major regions namely the North American market, the APAC region, Europe, and the rest of the world (RoW).
The rising degree of urbanization is expected to enhance the growth prospects in the APAC region and the Chinese region, especially. China is determined to bring a considerable reduction in polluting emissions from the vehicles indulged in road transportation. China is the largest manufacturer and consumer of electric vehicles across the world. The domestic market is soaring high due to the presence of national sale targets, laws and subsidies, and air-quality targets.
The global report discusses the market functioning post the pandemic and the growth drivers and restraints that the players will function upon. The report also discusses the performance of the segments in domestic and international regions. The report discusses the rising competitive degree based on the recent developments undertaken by the market players during the forecast period that ends in 2028.
|Market Size||2030: USD 103132.02 Million|
|CAGR||30% CAGR (2022-2030)|
|Forecast Period||2022 to 2030|
|Historical Data||2019 & 2020|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||By Technology, By Application, By Vehicle type, By Battery Type|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||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|
|Key Market Opportunities||Large customer base|
|Key Market Drivers||Excess consumption of fossil fuels Subsidies and tax exemptions|
Rising implementation of stricter environmental laws is expected to boost the growth pace of the automotive low emission vehicle market.
Rising investments in APAC to curb air pollution and increase green footprint is expected to lead the augmentation of the automotive low emission vehicle market.
The automotive low emission vehicle market is presumed to strike 30% CAGR.
The segments, based on degree of hybridization, are EV, HEV, PHEV, and MHEV.
The players projected to expedite market growth are Volkswagen AG (Germany), Daimler AG (Germany), Nissan Motor Company Ltd (Japan), Honda Motor Company, Ltd. (Japan), The Hyundai Motor Company (South Korea), Toyota Motor Corporation (Japan), The Ford Motor Company (U.S.), General Motors Company (U.S.), Isuzu Motors Ltd. (Japan), BMW AG (Germany), Tesla, Inc. (U.S.), and Mitsubishi Motors Corporation (Japan).