The global low emission vehicle market is growing at a significant rate, due to increasing availability of different hybrid electric vehicle models, development in battery technology, and increasing global prices of petroleum based fuel. The strict environmental regulations regarding controlling the increased pollutants from industrial emissions and vehicles are also supporting the growth of the global market.
In metropolitan cities, the growing population and increase in usage of individual transport vehicles is contributing to considerable increase in air pollution. In the various developing countries, such as Brazil, China and India, the secondary cities are being developed as a part of economic development. But inefficient and conventional transport infrastructure in metropolitan cities has led to intensifying levels of vehicle emissions, noise and traffic congestion.
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Moreover, the enhancements in combining renewable and conventional energy systems are expected to drive the growth of the low emission vehicle market during the forecast period. Among all the low emission vehicles, mild hybrid vehicles and plug-in hybrid electric vehicle are growing with a substantial rate, due to decrement in greenhouse gas emissions with the use of such vehicles.
Some of the competitors in the global market are Mitsubishi Motors Corporation, Toyota Motor Corporation, Nissan Motor Co Ltd., Volkswagen AG, Honeywell International Inc., and Bayerische Motoren Werke AG.
