Stringent Emission Norms Leading to Higher VVT Standards
Electric vehicles are mainly divided into three major types on the basis of propulsion technology: battery electric vehicle (BEV), plug-in hybrid electric vehicle (PHEV), and hybrid electric vehicle (HEV). BEVs are totally powered by batteries, whereas HEVs and PHEVs also have the internal combustion engine. As of 2017, PHEV and HEV segments hold the largest share and are projected to grow at higher CAGR compared to other battery electric vehicle segments. The growth in PHEV and HEV segment is mainly driven by government initiatives for promoting emission-free technology.
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