Asia Pacific Blood Glucose Test Strip Packaging Market Research Repor Global Automotive Low Emission Vehicle Market_Writ | Page 2

Among these, lithium-ion is the most widely used battery due to its durability, long battery life,
and consistent voltage output.
By mode of vehicle, the global automotive low emission vehicle market has been segmented into
passenger vehicle, light commercial vehicle (LCV), and heavy commercial vehicle (HCV). The
passenger vehicle segment is the popular one among these as it can be easily fitted with electric
battery and drive system due to cost feasibility and size.
Drivers and Constraints Impacting the Market
With the growing awareness among the consumers regarding climate change and environmental
degradation owing to the excess consumption of fossil fuels, the global automotive low emission
vehicle market is presumed to flourish. Government across the world are providing tax
exemptions and subsidies for the development of electric vehicle technology which is further
influencing the market positively. Moreover, the manufacturers are concerned of losing a large
customer base if they do not shift electric vehicle technology. Such factors are presumed to foster
the market growth during the review period. Low emission vehicles are anticipated to influence
the growth of environment-friendly automotive companies positively. Improvisation of
automotive components and improvement in fuel efficiency to cater to renewable fuels are
considered to stimulate the innovation in the manufacturing sector.
On the flip side, the high cost of low emission vehicles is one of the major factors presumed to
impede the market growth in the coming years.
Regional Insights
Geographically, the automotive low emission vehicle market span across regions namely, Asia
Pacific, North America, Europe, and Rest-of-the-World.
Among these, the North American region is known to have people with high affinity for
performance vehicles such as mini trucks and SUVs. People prefer to travel in personal vehicles
to work and leisure. With the increasing trend of owning personal vehicles, there is rising concern
for carbon footprint and global warming. Due to such factors, the market for low emission
vehicles is estimated to flourish in this region.
The European region is considered to register a significant CAGR and is expected to maintain its
dominance during the assessment period. In this region, high-end automobiles offer high-end
performance at the cost of low vehicle mileage, thereby compelling authorities to use low
emission vehicles in order to control pollution.
Browse Full Report on Automotive Low Emission Vehicle Market Research Report - Forecast
to 2023 @ https://www.marketresearchfuture.com/reports/automotive-low-emission-vehicle-
market-5772
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