Low emission vehicle market set to surge in next four years

The worldwide market for low emission vehicles is on course for massive growth over the next four years, according to a recent research report.

International market research firm MarketsandMarkets published its report titled Low Emission Vehicle Market (2012 - 2017) - By Degree of Hybridization & Type of Traction Battery Used - Global Forecast, Trends & Analysis last month, and it posted some encouraging figures for any fleet manager interested in reducing their carbon footprint.

The study revealed that the global market for low emission vehicles - which encompasses hybrid electric vehicles and battery-powered vehicles - was worth AUD$30.04 billion last year.

However, substantial growth will see its value rise to a whopping AUD$112.87 billion by 2017, according to a November 16 media release. This represents a CAGR of 30.3 per cent from 2012 to 2017 and underlines the increasing demand for green cars around the world.

MarketsandMarkets defined hybrid electric vehicles (HEV) as those which operate with both an internal combustion engine (ICE) with an electric propulsions system. While having an electrical engine component can certainly help reduce car fuel consumption, ICE-powered vehicles still produce substantial emissions into the environment - thus leading to the rising demand of lower emission vehicles.

Switching a fleet's vehicles to low emission options is the first step for any fleet manager wishing to limit their impact on the environment. The next step is to invest in fleet management software to determine whether your efforts are making a tangible difference.

The latest software products in the market provide a range of fleet measurement features, including environmental rating reports to track each individual vehicle's environmental performance against set KPIs.