Global Low-Emission Vehicles Market By Degree of Hybridization (Mild Hybrid Electric Vehicle (MHEV), Hybrid Electric Vehicle, Pure Electric Vehicle, Plug-in Hybrid Electric Vehicle (PHEV)), By Batteries(Lead Acid Battery, Nickel Cadmium Battery, Metal Hydride Battery, Lithium-Ion Battery), By Region and Key Companies - Industry Segment Outlook, Market Assessment, Competition Scenario, Trends and Forecast 2020-2029

Transportation is one of the most important factors leading to global climate change, accounting for 27% of global carbon dioxide emissions. By 2050, more than 2 billion cars will be added globally, and transportation-related emissions are expected to increase by 120% to 230%. In order to keep this in control, some emission standards have been set on the vehicles. Such standards control the pollutants such as sulfur oxides (SOx), Carbon dioxide (CO₂), and oxides of nitrogen.

Low-emission vehicles (LEVs) is a vehicle that does not emit the tailpipe pollutant from the onboard source of power. These vehicles have significant emission benefits over conventional vehicles and run on alternate power sources such as a battery, natural gas, or solar power. Global LEV market is still in its nascent stage and is expected to grow exponentially in the forecast period.

Low-emission vehicles (LEVs) are important to tackle climate change and increasing fleet efficiency, as they emit lower levels of greenhouse gases than traditional fossil fuel vehicles. Despite significant advancements in technology, cities have encountered some obstacles in increasing the use of LEVs, including the lack of cost-effective options for consumers, municipalities, and public transport operators.

The rising population, coupled with the increasing use of personal transport, are some major factors increasing air pollution in large cities. In addition, old and inefficient transport infrastructure in major cities has led to traffic congestion, increasing levels of noise, and vehicle emissions. Moreover, major pollutants that are present in emissions include volatile organic compounds and nitrogen oxides (NOx), as well as other common contaminants such as particulate matter and ground-level ozone. The worsening effects of air pollution range from asthma and lung cancer to several cardiovascular diseases. Increasing numbers of disease cases have shifted the focus of government and non-governmental agencies to revising emissions standards and health risks associated with harmful compounds. For instance, the Delhi government is set to announce rules to scrap 15-year-old private vehicles in the national capital as directed by the National Green Tribunal as these were increasing the pollution level of the city, and the government is keen to introduce more CNG-fitted vehicles on the roads. Also, the Indian government is keen on providing subsidies to automobile makers so that they get motivated to manufacture electronic vehicles.

The severity of air pollution has drawn the attention of government officials who need to monitor areas of heavy traffic, such as construction sites, schools, hospitals, and train stations, which are highly congested during the prime hours of the day. Other places where constant exhaust can be seen include ships, warehouses, airports, and bus terminals. Also, to increasing monitoring responsibilities, various regulations affecting the type of fuel used by vehicles have been implemented. Favorable government investment in new low-emission technologies is expected to minimize the use of fossil fuels, which make a significant contribution to air pollution. This also encourages industry players to invest in developing low-carbon technologies and provides opportunities for improvisation in the automotive supply chain. For instance, In October 2019, the British Government and the British Department of Transport have taken an initiative to replace the existing fossil fuel-based Black Cabs in London with electric models.

Based on the region, North America is expected to dominate the market in the forecasted period. Favorable government initiatives to invest in new low emission technologies, along with increasing demand for electric powered vehicles are some of the factors expected to fuel growth of the target market in the region.

The Global Low-Emission Vehicles (LEVs) Market can be segmented on the basis, of the degree of hybridization, batteries, and Region:

Based on Degree of Hybridization:

• Mild Hybrid Electric Vehicle (MHEV)
• Hybrid Electric Vehicle
• Pure Electric Vehicle
• Plug-in Hybrid Electric Vehicle (PHEV)

Based on Batteries:

• Lead Acid Battery
• Nickel Cadmium Battery
• Metal Hydride Battery
• Lithium-Ion Battery

Based on Region:

• North America
• Europe
• Asia Pacific
• South America
• Middle East and Africa

Major Key Players in the Low-Emission Vehicles (LEVs) market are:

• Mercedes
• Honda
• Porsche
• Ford
• Toyota
• Tesla
• BYD
• Reva Mahindra
• Other Key Players