Global low emission vehicle (LEV) market size was estimated to be worth over USD 30 billion in 2014 and is anticipated to witness a significant growth from 2015 to 2022. Stringent environmental regulations for rising pollutants in transport and industrial emissions are expected to stimulate product demand over the forecast period.
Rising population coupled with increasing usage of individual transport vehicles contribute to significant increase in air pollution in metropolitan cities. Development of secondary cities has gained momentum as a part of economic development in various economies including India, China, Brazil, and Japan. However, old and inefficient transport infrastructure in metropolitan cities has lead to increasing levels of traffic congestion, noise, and vehicle emissions.
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Primary pollutants present in emissions include nitrogen oxides (NOx) and volatile organic compounds and other common pollutants such as particulate matter and ground level ozone. Worsening effects of air pollution range from cardiovascular disease to lung cancer and asthma. Increasing cases of illness have steered both government and non-government focus towards revision of emission standards and health risks associated with hazardous compounds.
Severity of air pollution has raised concern among government officials to monitor intense traffic areas such as construction sites, schools, hospitals, and rail stations where congestion is high during prime hours of the day. Other places where continuous exhaust is witnessed include ships, warehouse, airport, and bus terminals.
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Apart from increasing monitoring duties, various regulations have been implemented that affect the type of fuel usage in vehicles. Favorable government initiatives for investing in new low emission technologies are expected to minimize fossil fuel usage that has major contribution to air pollution. This has also encouraged industry participants to invest in developing low carbon technologies and offer opportunities for improvisation in the automotive supply chain.
Low emission vehicles are expected to positively influence the growth of environment friendly automotive companies. Improvements in fuel efficiency and improvisation of automotive components to cater to the renewable fuels are expected to drive innovations in manufacturing sector. Recent developments in biofuels market are expected to drive decarbonisation in aviation and freight sector
Electric vehicles (EV) require continuous electric supply and cannot be dependent solely on electric batteries. Focus on low emission automobiles provides opportunity for R&D initiatives in developing fuel efficient cars and buses. Developments in combining both conventional and renewable energy systems are anticipated to play major role in driving hybrid electric vehicle (HEV) demand over the forecast period.
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