Global low emission vehicle market is expected to reach $103.13bn by 2017, up from $21.13bn in 2011 and $27.45bn in 2012, rising at a compound annual growth rate (CAGR) of 30.3% during the period, according to a new report.
According to "Low (Zero) Emission Vehicle Market (2012 - 2017) - By Degree of Hybridization & Type of Traction Battery Used - Global Forecast, Trends & Analysis", the market will mark a CAGR of 30.3% from 2012 to 2017.
The report revealed that, nearly 826.8 thousand low emission vehicle were transported on a global level during 2011, while the number is expected to reach 3532.1 thousand vehicles by 2017, marking a CAGR of 27.8% until 2017.
A hybrid electric vehicle (HEV) combines an internal combustion engine (ICE) propulsion system with an electric propulsion system, which will assist in achieving enhanced fuel economy and performance than usual vehicle.
According to the report, ICE-powered vehicles are conquering the world by offering new advanced technologies and mass production, wide support from components manufacturer industries, which is delivering more amounts of CO2 and CO emissions.
Thus, these challenges are leading to the development of vehicles alternative to ICE-powered vehicle which will further lead in reducing the exhaust emission and cut the dependence on oil.
The report revealed that the full hybrid electric vehicles (FHEV) are expected to lead the market during the period due to the governments' initiatives to design charging infrastructure and progress in battery technology.
