A recent report published by Infinium Global Research on zero emission vehicle market provides in-depth analysis of segments and sub-segments in the global as well as regional zero emission vehicle market. The study also highlights the impact of drivers, restraints, and macro indicators on the global and regional zero emission vehicle market over the short term as well as the long term. The report is a comprehensive presentation of trends, forecast and dollar values of the global zero emission vehicle market. According to the report, the global zero emission vehicle market is projected to grow at a CAGR of nearly 20% over the forecast period of 2022-2028.
The revenue generated by the zero emission vehicle market was about USD 215 billion in 2022 and is expected to reach over USD 625 billion in 2028 and is expected to grow with a CAGR of nearly 20% over the forecast period 2022-2028. The exhaust of zero emission vehicles (ZEV) does not release any pollutants. Particulates, carbon monoxide, hydrocarbons, and other pollutants are released through the tailpipes of vehicles that use a variety of power sources, such as gasoline, diesel, CNG, etc. Asthma, COPD, and other health problems, as well as environmental problems like global warming, are all brought on by the pollutants that gasoline-powered vehicles release into the environment. ZEVs operate on alternative energy sources such battery electricity, natural gas, and solar power and promise significant emission reductions over conventional automobiles. In the coming years, the zero emission vehicle (ZEV) market, which is now in its infancy, is anticipated to grow rapidly.
ZEVs offer a solution to these problems because they don't produce any pollutants in their exhaust. Additionally, they use solar energy to generate electricity, which lessens their reliance on fossil fuels. Environmental pollution reduction results in cleaner air and a decline in diseases like COPD. An estimated 18% of the GDPs of developed economies are spent on healthcare annually, which might be utilized to fight famine, fund education, etc. ZEVs would result in significant fuel and maintenance cost savings because they require just about half the amount of fuel that gasoline vehicles do. In turn, this would encourage natural growth and somewhat slow the rate of global warming. Also, the rising oil prices have greatly prompted the adoption of ZEVs as their operational cost as compared to conventional vehicles. The global market for zero emission vehicles (ZEV) is likely to be driven by this. The absence of infrastructure facilities is a significant barrier to the global market for zero emission vehicles. Consumers all over the world are adopting battery electric vehicles at a rapid rate, which is mostly due to government subsidies and raised awareness. Electric motors in battery-electric cars are powered by batteries, most often lithium-ion batteries. Since they use compressed air to move forward, air-powered vehicles are regarded as a popular kind of transportation. Although the technology is still in the development stage, it is anticipated that it will soon present opportunities for the zero emission vehicle (ZEV) market.
The extraordinary global public health disaster known as COVID-19 is expected to continue to have an impact on almost every business. ZEV adoption suffered greatly as a result of people being forced to stay indoors owing to lockdowns and other physical limitations. Manufacturing activities suffered as a result of supply chain interruptions that disrupted the flow of raw materials. Governmental programs and initiatives supporting the use of ZEVs had to be delayed. As the covid-19 pandemic is receding, the demand for ZEVs is recovering at a faster rate, and supply chains are normalizing.
The report provides a regional outlook covering geographies such as North America, Europe, Asia-Pacific, and the Rest of the World. The Asia-Pacific region is expected to dominate the market for zero emission vehicles during the forecast period. The Asian countries are currently on a fast-track mode to envisage development in all sectors. Well-developed charging infrastructures, government incentives, the presence of zero emission vehicle manufacturers, the decline in vehicle prices, an increase in fuel prices, and raised awareness have driven the demand for electric vehicles across China. Japan and China also account for a considerable number of battery electric vehicles. As a result, Asia Pacific held a significant portion of the global market for zero emission vehicles (ZEVs).
The report on the global zero emission vehicle market covers segments such as vehicle class, vehicle type, and vehicle drive type. On the basis of vehicle class, the sub-markets include passenger cars, commercial vehicles, and two wheelers. On the basis of vehicle type, the sub-markets include BEV, PHEV, FCEV, and solar vehicles. On the basis of vehicle drive type, the sub-markets include front wheel drive, rear wheel drive, and all wheel drive.
The report provides profiles of the companies in the market such as Ampere Vehicles, Tesla Inc., BMW AG, BYD Company Limited, Chevrolet Motor Company, Daimler AG Energica Motor Company S.p.A., Ford Motor Company, Hyundai Motor Company, Volkswagen AG, and Solar Electric Vehicle Company.
The report provides deep insights into demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis given in the report brings insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of zero emission vehicle market. Moreover, the study highlights current market trends and provides forecasts from 2022-2028. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings insight into the market share of the leading players.
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