By Greentech Lead America: The global low emission
vehicle market will grow from$27.45 billion in 2012 to $103.13
billion by 2017 at an estimated CAGR of 30.3 percent. The market was
valued $21.13 billion in 2011.
According to a new research report by MarketsandMarkets,
826.8 thousand low emission vehicle were shipped globally in 2011 and the
number is expected to reach 3532.1 thousand units by 2017, at an estimated CAGR
of 27.8 percent.
A hybrid
electric vehicle (HEV) is a type of hybrid vehicle and electric
vehicle that combines a conventional internal combustion engine (ICE)
propulsion system with an electric propulsion system. The presence of the
electric powertrain is intended to achieve either better fuel economy than a
conventional vehicle, or better performance.
The world is dominated by ICE-powered vehicle and
enjoying the benefits of advances in technology and mass production. The
outcome of this dominance includes faster consumption of global fossil fuel
resources and an increasing amount of exhaust emissions such as CO2 and CO in
the environment.
Given these challenges, governments and automakers are
looking for better alternative to ICE-powered vehicle that can reduce the
exhaust emission and reduce the dependence on oil. This approach will act as a
medium to make automotive industry more environment-friendly, ultimately
benefiting the world.
Full Hybrid Electric Vehicles are expected to remain as
leaders in the low emission vehicle market during the forecasted
period. Market for FHEVs and EVs will develop at a faster rate due
to governments’ initiatives to develop charging infrastructure and development
in battery technology. Lithium ion batteries seem to the best option in the
years to come; due to its high energy density.