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Report Overview
2023
Base Year
2018-2023
Historical Year
2024-2032
Forecast Year
Global Zero Emission Vehicle Market Outlook
The global zero emission vehicle market size attained a value of USD 344.70 billion in 2023. The market is further expected to grow at a CAGR of 23.9% between 2024 and 2032, reaching a value of USD 2,371.8 billion by 2032.
| Global Zero Emission Vehicle Market Report Summary | Description | Value |
| Base Year | USD Billion | 2023 |
| Historical Period | USD Billion | 2018-2023 |
| Forecast Period | USD Billion | 2024-2032 |
| Market Size 2023 | USD Billion | 344.70 |
| Market Size 2032 | USD Billion | 2,371.8 |
| CAGR 2018-2023 | Percentage | XX% |
| CAGR 2024-2032 | Percentage | 23.9% |
| CAGR 2024-2032 - Market by Region | Asia Pacific | 28.7% |
| CAGR 2024-2032 - Market by Country | India | 30.1% |
| CAGR 2024-2032 - Market by Country | Canada | 27.9% |
| CAGR 2024-2032 - Market by Vehicle Type | Battery Electric Vehicle (BEV) | 26.3% |
| CAGR 2024-2032 - Market by Vehicle Class | Passenger Cars | 26.8% |
Key Trends in the Market
A zero emission vehicle, or ZEV, refers to a type of vehicle which does not emit exhaust gas or other contaminating pollutants, from its source of power. Electric vehicles are a common example of ZEV, and use an efficient electric drive system. These vehicles are integrated with high voltage storage batteries and a high-speed charging system which facilitates electrified propulsion for the vehicle.
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- The zero emission vehicle market is being driven by the favourable initiatives of various governments to reduce pollution across economies with heavy industrial activities.
- Rapid urbanisation activities, renovation of roads and highways, and increasing standard of living, are some of the driving factors of the zero emission vehicle (ZEV) market growth.
- Growing investments towards research and innovation activities by major automotive manufacturers to produce high-performance electric or hybrid vehicles are the crucial zero emission vehicle market trends.
Global Zero Emission Vehicle Market Analysis
On the basis of vehicle type, the market is divided into battery electric vehicle (BEV), plug-in hybrid vehicle (PHEV), and fuel cell electric vehicle, among others. Based on vehicle class, the zero emission vehicle market segmentation is passenger cars, commercial vehicles, and two wheelers. On the basis of price, the market is bifurcated into mid-priced and luxury. By vehicle drive type, the market is categorised into front-wheel drive, rear-wheel drive, and all-wheel drive. Based on top speed, the market is classified into less than 100 MPH, 100 to 125 MPH, and more than 125 MPH. The regional markets for zero emission vehicles are divided into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
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The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the key players in the global zero emission vehicle market, covering their competitive landscape and latest developments like mergers, acquisitions, investments and expansion plans.
- BYD Co. Ltd.
- Tesla, Inc.
- Hyundai Motor Company
- Ford Motor Company
- Fiat Automobiles S.p.A
- BMW AG
- Toyota Motor Co., Ltd.
- Nissan Motor Co., Ltd.
- Volkswagen AG
- Tata Motors Limited
- Others
Global Zero Emission Vehicle (ZEV) Market Share by Vehicle Type
The battery electric vehicle (BEV) segment, based on vehicle type, accounts for a sizable share of the zero emission vehicle (ZEV) market. Growing eco-consciousness among consumers, coupled with the increasing fuel prices across developed and developing economies is leading to a transition from conventional to battery electric vehicles. In addition, lower maintenance cost and tax and financial benefits offered by battery electric vehicles are further heightening their adoption among urban populations.
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Global Zero Emission Vehicle (ZEV) Market Share by Region
Based on region, Asia Pacific is projected to witness significant growth in the market for zero emission vehicles. Emerging economies such as India and China are supporting the growth of the emerging vehicle electrification ecosystem in the Asia Pacific, leading to a greater sale of zero emission vehicles. In addition, rising greenhouse emissions from the transportation sector is leading to various governments encouraging electrification of transportation, which in turn is likely to aid the zero emission vehicle (ZEV) market in this region in the coming years.
| CAGR 2024-2032 - Market by | Country |
| India | 30.1% |
| Canada | 27.9% |
| China | 25.2% |
| USA | 24.1% |
| Australia | 19.5% |
| Japan | 17.1% |
| UK | XX% |
| Germany | XX% |
| France | XX% |
| Italy | XX% |
| Saudi Arabia | XX% |
| Brazil | XX% |
| Mexico | XX% |
Competitive Landscape
Hyundai Motor Company is a multinational automobile manufacturer which was founded in 1967 and is currently headquartered in Seoul, South Korea. The company is known to produce some of the most popular motor vehicles used across the globe.
Fiat Automobiles S.p.A is a leading automobile manufacturing company which pursues fast development of fully electric vehicles. Founded in 1899 and headquartered in Turin, Italy, this company markets and sells high-end automobiles.
BYD Co. Ltd. is a leading conglomerate company which designs, sells, and manufactures rechargeable batteries, photovoltaic products, and handset components, among others. It was founded in 1995 and is headquartered in Shenzhen, China.
Other market players include Tesla, Inc., Ford Motor Company, BMW AG, Toyota Motor Co., Ltd., Nissan Motor Co., Ltd., Volkswagen AG, and Tata Motors Limited, among others.
Key Highlights of the Report
| REPORT FEATURES | DETAILS |
| Base Year | 2023 |
| Historical Period | 2018-2023 |
| Forecast Period | 2024-2032 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
|
| Breakup by Vehicle Type |
|
| Breakup by Vehicle Class |
|
| Breakup by Price |
|
| Breakup by Drive Type |
|
| Breakup by Top Speed |
|
| Breakup by Region |
|
| Market Dynamics |
|
| Competitive Landscape |
|
| Companies Covered |
|
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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Key Questions Answered in the Report
The market reached a value of USD 344.70 billion in 2023.
The market is estimated to grow at a CAGR of 23.9% between 2024 and 2032.
The market is estimated to witness a healthy growth in the forecast period of 2024-2032 to reach a value of USD 2,371.8 billion by 2032.
The favourable initiatives of governments to reduce vehicular pollution, increasing sale of light and heavy-duty electric vehicles, and rising expenses of traditional fuel-based vehicles are the major drivers of the market.
The key trends in the market include the growing investments towards research and innovation by the major automotive manufacturers, reducing costs of electric vehicles, and growing eco-consciousness among users.
Passenger cars, commercial vehicles, and two wheelers are the different vehicle classes of zero emission vehicles in the market.
Front-wheel drive, rear-wheel drive, and all-wheel drive are the significant drive types of zero emission vehicles in the market.
BYD Co. Ltd., Tesla, Inc., Hyundai Motor Company, Ford Motor Company, Fiat Automobiles S.p.A, BMW AG, Toyota Motor Co., Ltd., Nissan Motor Co., Ltd., Volkswagen AG, and Tata Motors Limited, among others, are the key market players, according to the report.
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