The global zero emission vehicle (ZEV) market size is projected to register a substantial CAGR during the forecast period, 2021 – 2028.The growth of the market is attributed to increasing awareness concerns related to environmental issues such as global warming caused due to emissions from vehicles.
Zero emission vehicles do not emit any type of pollutant. Pollutants such as particulates, carbon monoxide, and hydrocarbons released through gasoline powered vehicles leads to various health problems such as COPD, asthma, and environmental problem. Zero emission vehicles uses charging network that is completely powered by renewable energy sources, declining the dependence on fossil fuel. These vehicles, also known as electric vehicles, emit no waste products that can disrupt the climate. They also known as carbon negative vehicles.
Market Trends, Drivers, Restraints, and Opportunities
- Switching to zero emission vehicle provides better health and sustainable environment for future generations.
- Rising per capita income is expected to drive the growth of the zero emission vehicles market.
- Lack of electric vehicle charging infrastructure can restrain the market growth.
- The Covid-19 pandemic has negatively impacted the automotive market owing to lockdown and has reduced the purchasing power of individuals, impeding the growth of the market.
- Increasing number of government schemes to provide subsidies to industry players can create opportunities during the forecast period.
- The presence of electric vehicle manufacturers, declining prices of electric vehicles, and increasing fuel prices have driven the demand for zero emission vehicles, driving the market growth.
Scope of the Report
The report on the zero emission market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
Attributes
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Details
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Report Title
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Zero Emission Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2020
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Historic Data
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2018–2019
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Forecast Period
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2021–2028
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Segmentation
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Types (Battery Electric Vehicles (BEVs), Plug-in Hybrid Electric Vehicles (PHEVs), and Fuel Cell Electric Vehicles (FCEVs) and Applications (Commercial Vehicles and Passenger Vehicles)
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Regional Scope
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North America, Latin America, Europe, Asia Pacific and Middle East & Africa
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered in the Report
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Tesla, BMW AG, Daimler AG, Motor Development International SA, Tata Motors, Toyota Motor Corporation, Volkswagen AG, Honda Motor Co., Ltd., and SEGWAY INC., Mitsubishi, VOLVO, and GAC Motor
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Global Zero Emission Market Segment Insights
Battery electric vehicle segment to dominate the market share
Based on types, the global zero emission vehicle market is segmented into battery electric vehicles (BEVs), plug-in hybrid electric vehicles (PHEVs), and fuel cell electric vehicles (FCEVs). The battery electric vehicles (BEVs) segment is anticipated to hold dominant position in the global zero emission vehicle market during the forecast period. Increasing adoption of electric vehicles owing to rising environmental concerns are driving the segment growth. Lithium-ion battery is used as a power source to run electric motors in most of the battery electric vehicles.
Passenger vehicles segment to account a significant market share
In terms of applications, the global zero emission vehicle market is divided into commercial vehicles and passenger vehicles. The passenger vehicle segment is anticipated to provide lucrative opportunities the during forecast period. Zero emission vehicles are capable of handling lower loads, which makes them a preferable option for passenger transportation. Moreover, rising disposable income is anticipated to drive the market growth.
Asia Pacific to hold large market share
On the basis of regions, the global zero emission vehicle market is classified as North America, Latin America, Europe, Asia Pacific, and Middle East & Africa Asia Pacific to account for a large market share owing to rising demand for electric vehicles. In the region, China accounts for a prominent market share in terms of revenue. According to the International Energy Agency (ICA), China accounted for around 44% of zero emission vehicles in 2018.
Segments
Segments Covered in the Report
The global zero emission vehicle market has been segmented on the basis of
Types
- Battery Electric Vehicles (BEVs)
- Plug-in Hybrid Electric Vehicles (PHEVs)
- Fuel Cell Electric Vehicles (FCEVs)
Application
- Commercial Vehicles
- Passenger Vehicles
Regions
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key players
- Tesla
- BMW AG
- Daimler AG
- Motor Development International SA
- Tata Motors
- Toyota Motor Corporation
- Volkswagen AG
- Honda Motor Co., Ltd.
- Mitsubishi
- VOLVO
- GAC Motor
Competitive Landscape
Key players operating in the global zero emission vehicle market include Tesla, BMW AG, Daimler AG, Motor Development International SA, Tata Motors, Toyota Motor Corporation, Volkswagen AG, Honda Motor Co., Ltd., and SEGWAY INC., Mitsubishi, VOLVO, and GAC Motor.
Companies are heavily investing in R&D activities and are engaging in partnerships to fast-pace the development of ZEVs.