About low emission vehicles market in the US
The low emission vehicles market in the US is gaining importance with the implementation of stricter emission standards and OEMs’ growing product portfolio of such vehicles. The EPA in the US has developed a guide for consumers to create more awareness about green or low emission vehicles and their advantages. Several options of low emission cars such as flexi fuel vehicles, plug-in hybrids, CNG vehicles, and electric vehicles that run on alternate fuels are available for US consumers. More than 10,000 fuel stations that provide alternate fuels are spread across the country, and this number is increasing to cater to the growing demand from the US consumers.
Technavio's analysts forecast the low emission vehicles market in the US to grow at a CAGR of 5.13% during 2014-2019.
Covered in this report
Technavio's report, Low Emission Vehicles Market in the US 2015-2019, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects in the coming years. The report also includes a discussion of the key vendors operating in this market.
Technavio Announces the Publication of its Research Report – Low Emission Vehicle Market in the US 2015-2019
Technavio recognizes the following companies as the key players in the Low Emission Vehicle Market in the US: BMW, Ford Motors, General Motors, Honda Motors, Toyota Motors and Volkswagen
Other Prominent Vendors in the market are: BYD Auto, Nissan Motors and Tesla Motors
Commenting on the report, an analyst from Technavio’s team said: “The US is one of the largest oil importers in the world. About one-third of the oil consumed in the country is imported and costs $192 billion annually. The increased domestic oil production capacity from shale formations and improved and stringent corporate average fuel economy standards have assisted the country in reducing its dependency on oil imports. The growing demand for EVs offers the country an excellent opportunity to reduce its oil consumption; it also helps consumers reduce their fuel costs. Powering an EV is cheaper compared to fueling conventional vehicles. It costs about two to three cents to drive one mile in an EV compared to 15 cents in conventional vehicles. The use of EVs will also help the US save 9.08 million barrels of crude oil per day and 0.778 million barrels of refined petroleum products per day. Also, it will help save approximately $1 billion daily on refined petroleum imports.”
According to the report, the transportation sector utilizes two-thirds of the oil consumed in the US, of which 93% is petroleum based. Thus, to reduce the use of conventional fuels, many states in the US are encouraging the use of alternate fuels such as electricity, natural gas, biofuels, and hydrogen. They also provide incentives to users of vehicles that run on alternative fuels, especially EV users, to promote the adoption of such vehicles among consumers.
Further, the report states that customers prefer conventional vehicles because of the limitations associated with the use of EVs.
BMW, Ford Motors, General Motors, Honda Motors, Toyota Motors, Volkswagen, BYD Auto, Nissan Motors, Tesla Motors