Low Emission Vehicle Market to be Worth $103 Billion by 2017
DALLAS, TX – According to a new market research report “Low (Zero) Emission Vehicle Market (2012 – 2017) – By Degree of Hybridization & Type of Traction Battery Used – Global Forecast, Trends & Analysis” published by MarketsandMarkets, the global low emission vehicle market was valued $21.13 billion in 2011 and is expected to grow from $27.45 billion in 2012 to $103.13 billion by 2017 at an estimated CAGR of 30.3% from 2012 to 2017. 826.8 thousand low emission vehicle were shipped on a global level for 2011 and the number is expected to reach 3532.1 thousand units by 2017, at an estimated CAGR of 27.8% from 2012 to 2017.
Various low emission vehicle types are Mild Hybrid Electric Vehicle (MHEV), Full Hybrid Electric Vehicle (FHEV), Plug-in Hybrid Electric Vehicle (PHEV), and Pure Electric Vehicle (EV or BEV).
A hybrid electric vehicle (HEV) is a type of hybrid vehicle and electric vehicle that combines a conventional internal combustion engine (ICE) propulsion system with an electric propulsion system. The presence of the electric powertrain is intended to achieve either better fuel economy than a conventional vehicle, or better performance.
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