Global Low Emission Vehicle Market Size study & Forecast, by Type (Hybrid, Mild Hybrid, and Pure Electric Vehicle), by Vehicle Type (Passenger Cars and Commercial Vehicles) and Regional Analysis, 2023-2030

Global Low Emission Vehicle Market Size study & Forecast, by Type (Hybrid, Mild Hybrid, and Pure Electric Vehicle), by Vehicle Type (Passenger Cars and Commercial Vehicles) and Regional Analysis, 2023-2030

Global Low Emission Vehicle Market is valued at approximately USD 109.565 billion in 2022 and is anticipated to grow with a healthy growth rate of more than 15% over the forecast period 2023-2030. Low emission vehicle refers to the type of vehicle that does not emit any hazardous gases into the atmosphere that affects the overall environment ecosystem. The Low Emission Vehicle Market is expanding because of factors such as increasing demand for fuel-efficient vehicles and a rise in demand of commercial vehicles. Moreover, the increased demand for commercial vehicles can drive innovation and investment in low emission technologies, leading to the development of more advanced and efficient low emission vehicles.

According to Statista in 2022, around 24.1 million vehicles were sold globally and in 2021, the globe manufactured about 23.24 million large buses, light commercial vehicles, and trucks. Around 80% of all commercial vehicles manufactured in that year were light commercial vehicles. The increasing demand for fuel-efficient vehicles has led to the growth of the low-emission vehicle market. According to the Statista around 16,000 fuel cell electric vehicles (FCEVs) were recorded globally at the start of 2020. The global FCEV fleet is predicted to reach 13 million units by 2030, with a compound annual growth rate of about 95,4% in between year 2020 and 2030. In addition, rising investments in low carbon technologies and technological advancements in low emission vehicle would create lucrative growth opportunities. However, the high cost of electric vehicles and lack of charging infrastructure stifles market growth throughout the forecast period of 2023-2030.

The key regions considered for the Global Low Emission Vehicle Market study includes Asia Pacific, North America, Europe, Latin America, and Middle East & Africa. North America region dominates the market during the forecast period owing to factors such as rising environmental awareness of the buyers, government incentives and the competition among the automakers to come up with a greener vehicle. Private players have enough advanced technology and they aim to lower the pollution levels of the country. Asia Pacific is the fastest growing region owing to factors such as the high demand for lower cost-efficient and low-emission vehicles and growing high-performance Passenger vehicles in the region.

Major market player included in this report are:
Tesla Inc
Volkswagen AG
Toyota Motor Corporation
Hyundai Motor Company
The Volvo Group
Ford Motor company
General Motors
The Daimler Motoren-Gesellschaft
Bayerische Motoren Werke AG
Honda Motor CO., Ltd.

Recent Developments in the Market:
In January 2022, A memorandum of understanding was signed by the Volkswagen Group and the Bosch Group to investigate the creation of a European battery equipment solution supplier. For battery cell and system makers, the two businesses intend to offer integrated battery production solutions as well as on-site ramp-up and maintenance assistance.

In December 2021, Hyundai India announced six new electric vehicles to be introduced by 2028, along with an investment of Rs 4,000 crore to develop these new models and the nation's charging infrastructure, signalling a shift in strategy by the company to increase the range of its electric vehicles in India. With a strong emphasis on local manufacturing synergies, Hyundai may also introduce to India its highly regarded E-GMP modular platform as well as adapted platforms to promote the use of Battery Electric Vehicles (BEVs).

Global Low Emission Vehicle Market Report Scope:
Historical Data – 2020 - 2021
Base Year for Estimation – 2022
Forecast period - 2023-2030
Report Coverage - Revenue forecast, Company Ranking, Competitive Landscape, Growth factors, and Trends
Segments Covered - Type, Vehicle Type, Region
Regional Scope - North America; Europe; Asia Pacific; Latin America; Middle East & Africa

The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within countries involved in the study.

The report also caters detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, it also incorporates potential opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players.

The detailed segments and sub-segment of the market are explained below:

By Type:
Hybrid
Mild Hybrid
Pure Electric Vehicle

By Vehicle Type:
Passenger Cars
Commercial Vehicles

By Region:

North America
U.S.
Canada

Europe
UK
Germany
France
Spain
Italy
ROE

Asia Pacific
China
India
Japan
Australia
South Korea
RoAPAC

Latin America
Brazil
Mexico

Middle East & Africa
Saudi Arabia
South Africa
Rest of Middle East & Africa

Companies
Tesla Inc
Volkswagen AG
Toyota Motor Corporation
Hyundai Motor Company
The Volvo Group
Ford Motor company
General Motors
The Daimler Motoren-Gesellschaft
Bayerische Motoren Werke AG
Honda Motor CO., Ltd.

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