PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1211739
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1211739
Zero Emission Vehicle Market size was valued at USD 180,700.6 Million in 2022, expanding at a CAGR of 20.9% from 2023 to 2030.
A vehicle that produces no exhaust gas or other pollutants from its onboard source of power is referred to as a zero-emission vehicle (ZEV).
Market Dynamics
Since gasoline is a fossil fuel, its supply will ultimately run out and it cannot be renewed. To promote sustainable growth, it is imperative to learn how to use alternate fuel sources. This argues for the use of Zero Emission Vehicles (ZEV), which are cheaper than standard automobiles and don't require petrol. A gas-powered automobile only converts around 17-21% of the energy in the fuel, but an electric car converts more than half of the electrical energy from the grid to power at the wheels. Fuel-efficient automobiles are in high demand as a result of the recent rise in petrol and diesel prices. The market for Zero Emission Vehicles (ZEV) is predicted to grow in the coming years as a consequence of the rising demand for fuel-efficient vehicles.
The focus of automakers is on improving Zero Emission Vehicle (ZEV) technology, which should release fewer pollutants while being more affordable. Businesses have also begun developing smaller engines for use in automobiles to comply with pollution limitations. These engines are more useful due to their affordable pricing and small size. As advanced gasoline direct injection systems become available, market participants will have access to a wide range of alternatives, which in turn, drive the growth of the market over the forecast period.
Segmental Analysis:
Based on vehicle type, in 2022, the market was led by the fuel cell electric vehicle (FCEV) sector, which held a market share of almost 50%. The need for environmentally friendly and effective transportation solutions has increased as public awareness of climate change and its effects on human well-being have grown. Consumers choose FCEVs over other types of cars due to their growing concern for the environment and air quality. For FCEVs to be commercialized, fuel cell technology advancement is crucial. Fuel cells are now undergoing advanced technical work to boost their power and efficiency, which is projected to increase the use of these vehicles. When considering operational expenses including fuel, pollution, maintenance, and insurance, fuel cells offer a lower cost profile than gasoline and diesel cars.
Based on the source of power, the major portion of this market for zero-emission vehicles (ZEV) continues to be dominated by gasoline. This is due to the rising popularity of electric cars (EVs) and their expensive cost, which makes it difficult for certain consumers to explore ZEV solutions. The hybrid car market has so far shown little growth. Because these power sources do not make up a major portion of general transportation, alternative fuel vehicles like compressed natural gas (CNG) and liquefied petroleum gas (LPG) have not been able to penetrate the ZEV market.
Regional Analysis:
The market for zero-emission vehicles (ZEV) is dominated by North America, and this pattern of dominance will stay over the forecast period. The North American ZEV industry is working together on several fronts to increase public knowledge of Zero Emission Vehicles (ZEV) and, subsequently, worldwide demand. North America has the largest market since there are many significant companies there and there is a large amount of money to spend there. On the other hand, Europe is expected to hold a significant market share over the forecast period. The growth in the region is attributed to the greater environmental consciousness and rising demand for environmentally friendly car technology. Moreover, increasing government initiatives are expected to drive the growth of the market during the forecast period. For instance, the deal that the European Parliament and Council have proposed ensures that all new vehicles and vans registered in Europe will be zero-emission by 2035 and is welcomed by the European Commission. The new CO2 regulations will also require new vans and vehicles to reduce their average emissions by 50% and 55%, respectively, by 2030 as a transitional step toward zero emissions. Towards the advance of COP27, this agreement indicates the EU's domestic fulfilment of its international climate obligations and is the first stage in the acceptance of the legislative changes known as "Fit for 55" submitted by the Commission in July 2021.
Recent Development:
In October 2022, a collaboration for zero-emission vehicle research and innovation has been established between India and California. This partnership will assist India in growing its EV sector and reducing climate risk. The world's most cutting-edge zero-emission vehicle (ZEV) regulations are found in California. By 2035, California wants to use only ZEVs. Additionally, the Davis Institute of Transportation Studies at the University of California established a new India ZEV Research Center as a result of the partnership.
Key features of the study:
This proposed research study on the Zero Emission Vehicle market provides market size (US$ Million), compound annual growth rate (CAGR %) and forecast estimation (2023-2030), considering 2022 as the base year
The research report elucidates potential growth opportunities across different segments/countries and explains an attractive investment proposition matrix for the Zero Emission Vehicle market
The overall report identifies new investment opportunities, challenges faced by established players, and growth factors to sustain in the Zero Emission Vehicle market
The impact of COVID-19 on the Zero Emission Vehicle market size, forecast, CAGR, and market dynamics are discussed in detail under the research scope. Detailed insight into the Zero Emission Vehicle market post-COVID will also be covered.
To give the users of this report a comprehensive view of the Zero Emission Vehicle market, we have also included a competitive landscape and key innovator analysis for the Zero Emission Vehicle market.
The study encompasses a growth prospect mapping analysis, wherein all the industry segments are benchmarked based on their market size, growth rate and attractiveness.
The report offers detailed company profiling featuring major market participants which will help users to understand the financial information and strategic initiatives of players operating in the Zero Emission Vehicle market.
In addition, the report also unveils the important acquisitions & mergers, collaborations & joint ventures, new launches, research & development, and regional expansion of major participants involved in the market on global as well as regional levels.
The global Zero Emission Vehicle market report primarily caters to various stakeholders in this industry including suppliers, investors, new entrants, distributors, and financial analysts
The scope of this report covers the market by its major segments, which include as follows:
GLOBAL ZERO EMISSION VEHICLE MARKET KEY PLAYERS
Hyundai
Fiat
BMW
Kia
Chevrolet
Toyota
BYD
Tesla
Nissan
Volkswagen
Rivian
Ford Motor
GLOBAL ZERO EMISSION VEHICLE MARKET, BY VEHICLE TYPE
Battery Electric Vehicle (BEV)
Plug-in Hybrid Electric Vehicle (PHEV)
Fuel Cell Electric Vehicle (FCEV)
GLOBAL ZERO EMISSION VEHICLE MARKET, BY APPLICATION
Commercial Vehicle
Passenger Vehicle
Two Wheelers
GLOBAL ZERO EMISSION VEHICLE MARKET, BY PRICE
Mid-Priced
Luxury
GLOBAL ZERO EMISSION VEHICLE MARKET, BY VEHICLE DRIVE
Front Wheel Drive
Rear Wheel Drive
All Wheel Drive
GLOBAL ZERO EMISSION VEHICLE MARKET, BY SOURCE of POWER
Gasoline
Diesel
CNG
Others
GLOBAL ZERO EMISSION VEHICLE MARKET, BY REGION
North America
The U.S.
Canada
Europe
Germany
France
Italy
Spain
United Kingdom
Russia
Netherlands
Sweden
Poland
Rest of Europe
Asia Pacific
India
China
South Korea
Japan
Australia
Thailand
Indonesia
Philippines
Rest of APAC
Latin America
Brazil
Mexico
Argentina
Colombia
Rest of LATAM
The Middle East and Africa
Saudi Arabia
United Arab Emirates
Israel
Turkey
Algeria
Egypt
Rest of MEA