The Global Low Emission Vehicle market is to grow at a CAGR of 30.65 percent over the period 2012-2016. One of the key factors contributing to this market growth is the increase in initiatives from governments across the world promoting low emission vehicles. The Global Low Emission Vehicle market has also been witnessing a reduction in the price of vehicle batteries in the coming years. However, the high cost of low emission vehicles could pose a challenge to the growth of this market.
The steady economic growth in the APAC region is expected to be one of the major trends leading to the growth of the Global Low Emission Vehicle market. The economic growth has improved the financial status of large sections of the population, which in turn is leading to an increase in the per capita income of the population and increased demand for automobiles in this region. Moreover, Japan and China, which are in the APAC region, are major markets for low emission vehicles in the Global Low Emission Vehicle market. Moreover, the Passenger Vehicle market in India is expected to become the fourth-largest market in the world by 2016, and by 2020, it will be the third-largest market in the world. Therefore, the demand for low emission vehicles in the APAC region has increased, leading to the growth of the Global Low Emission Vehicle market.
One of the main drivers is the increase in promotional activities for low emission vehicles by governments across the globe. This factor directly influences the increased demand for low emission vehicles worldwide.
The key vendors dominating this market space are Toyota Motor Corp., Honda Motor Co. Ltd., Ford Motor Co., and Nissan Motor Co. Ltd. The other vendors mentioned in the report are General Motors Co., BMW AG, and Volkswagen Group.
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