Global Low Emission Vehicle (LEV) Market Analysis, Drivers, Restraints, Opportunities, Threats, Trends, Applications, and Growth Forecast to 2028
“Global Low Emission Vehicle (ZEV)Market Analysis Trends, Applications, Analysis, Growth, and Forecast to 2028” is a recent report generated by MarketResearch.biz. The global low emission vehicle (LEV) market report has been segmented on the basis of vehicle type, battery type, and region.
Global Low Emission Vehicle (LEV) Market: Overview
Low emission vehicle also known as LEB, is a vehicle that reduce the emission levels of gases. These vehicles have major emission benefits over internal combustion (IC) engine, and run on alternate power sources such as battery electricity and solar power.
Global Low Emission Vehicle (LEV) Market: Dynamics
Stringent emission norms and increasing environment & safety concerns pushing individuals to opt LEVs for daily transportation purposes. Moreover, promising government initiatives, subsidies, tax benefits, and exemptions for low emission vehicles, increasing investments for low emission technologies, along with shifting preference regarding reducing usage of fossil fuels are some of the factors encouraging people to prefer low emission vehicles. In addition, increasing focus to eliminate pollution caused due to conventional vehicles, along with technological advancement in respect with additional features are some of the factors estimated to support growth of the target market. Also, increasing research and development activities related to developing fuel efficient cars and buses is projected to create new opportunities in terms of revenue for players operating in the global market.
Recent trend observed in the target market is government and key players operating in the target market are focusing to introduce alternative to ICE-powered vehicle which can reduce dependence on fossil fuel and reduce carbon emissions.
Global Low Emission Vehicle (LEV) Market: Segment Analysis:
Among the vehicle type segments, the hybrid electric vehicle segment is projected to hold major share in terms of revenue in the global market. The stringent emission norms and falling battery prices are expected to drive growth of the target segment.
Among the battery type segments, the lead-acid battery segment is projected to grow at faster pace over the forecast period, owing to growing demand for reliable and cost-effective power supply.
Global Low Emission Vehicle (LEV) Market: Regional Analysis:
The low emission vehicle market in North America is expected to register major revenue share in the global market over the forecast period. Encouraging government initiatives for investing in new low emission technologies, increasing demand for electric powered vehicles, and focus to control or reduce carbon emissions by encouraging green vehicle fleet are some of the factors expected to fuel growth of the target market in the region. Moreover, environment and safety mandates initiated by Corporate Average Fuel Economy (CAFE) standards in the US, European Emission Standards, and others are expected to plays an important role for growth of the market.
Market in Europe is expected to witness considerable growth rate over the forecast period. Consumer awareness about low emission vehicle and ongoing development of vehicle with the combination of conventional energy systems and renewable energy source are expected to drive growth of the low emission vehicle market over the forecast period.
Global Low Emission Vehicle (LEV) Market Segmentation
Segmentation by Vehicle Type:
- Pure Electric Vehicle
- Plug-in Hybrid Electric Vehicle
- Mild Hybrid Electric Vehicle
- Full Hybrid Electric Vehicle
Segmentation by Battery Type:
- Nickel Metal Hydride
- Metal Hydride Batteries
- Lithium Ion Batteries
- Nickel-Cadmium Batteries
- Lead Acid Batteries
Segmentation by Region:
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
Attribute Report Details Market Size Ask For Market Size Growth Rate Ask For Growth Rate Key Companies Ask For Companies Report Coverage Historical Data Period 2015-2020 Base Year 2022 Forecast Period 2022-2031 Region Scope North America, Europe, Asia-Pacific, South America, Middle East & Africa Country Scope Revenue in US$ Mn
- BMW AG
- Daimler AG
- Ford Motor Company
- Honda Motor Company, Ltd
- Hyundai Motor Company
- Kia Motors Corporation
- Mitsubishi Motors Corporation
- Tesla, Inc.
- Toyota Motor Corporation
- Volkswagen AG
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