The global zero emission vehicle market demand is valued at US$ 248 billion as on 2023. The market is expected to grow at a CAGR of 25.4% during the forecast period, and is anticipated to reach a valuation of US$ 2,384.66 billion by 2033.
One of the key factors that has led to an increase in the demand for zero emission vehicle is the fact that these do not emit harmful gases. Thus, the governments worldwide have started incentivising consumers who make use of the zero emission vehicles.
Apart from that, the noise generated by the zero emission vehicles is much less as compared to traditional fuel-based cars, which might as well increase their sales during the forecast period.
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Moreover, a lot of zero emission vehicles run on electricity, which is a renewable source of energy, unlike the fuel-based vehicles, which are typically non-renewable source of energy. Therefore, the manufacturers are of the view that the production of electricity of much easier as compared to fuels, which takes millions of years in order to form.
Apart from that, the automobile manufacturers who were into manufacturing fuel-based vehicles are gradually transitioning towards zero emission vehicles. Furthermore, the manufacturers are also carrying out intense marketing campaigns to convey the benefits of these vehicle, which would have a positive impact on zero emission vehicle adoption trends.
Furthermore, on comparing with the fuel-based cars, the operational cost of zero emission vehicle is almost one-tenth the price of the fuel-based counterparts. This might as well increase the market share of zero emission vehicle.
Thus, from the insights provided by FMI researchers, it can be concluded that “the ability to contain air and noise pollution, coupled with increasing government initiatives to tackle pollution, and a number of other factors are expected to surge the zero emission vehicle market growth during the forecast period.”
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- The zero emission vehicle market is projected to grow at a CAGR of 25.4% during the period 2023-2033.
- The market is valued at US$ 248 billion as on 2023.
- The market is expected to reach a valuation of US$ 2,384.66 billion by 2033.
- North America region is currently the largest market, and has a market share of around 42%.
- USA is currently the largest market in North America market, with a share of nearly 58%.
- Asia Pacific currently has a market share of 30%, and is expected to be the fastest growing market during the forecast period.
- The South Korea zero emission vehicle market is currently driven by key players who are investing in the R&D aspect of the business.
- The Japan market is expected to show a considerable growth owing to the subsidies provided by the government.
- Europe currently has a market share of 21%, and is expected to be one of the most crucial markets.
- Based on the application, the commercial vehicle segment had the highest market share of nearly 50% in 2022.
- By price, the mid-price segment had the largest market share of around 73%.
The key players in the zero emission vehicle market are investing huge amounts in the process of mergers and acquisitions. This is done in an effort to lay more emphasis on knowledge sharing and technology sharing. Apart from that, the focus is also on expanding the footprints in order to garner a huge market share.
Some of the recent developments in the zero emission vehicle market are:
- In March 2022, Kia Carens received an overwhelming response, and crossed 50,000 mark.
- In December 2022, BMW commenced the production of small-series hydrogen powered model.
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Zero Emission Vehicle Market Segmentation
By Vehicle Type:
- Battery Electric Vehicle,
- Plug-in Hybrid Electric Vehicle,
- Fuel Cell Electric Vehicle
- Commercial Vehicle,
- Passenger Vehicle,
- Two Wheelers
By Vehicle Drive Type:
- Front Wheel Drive,
- Rear Wheel Drive,
- All Wheel Drive
By Top Speed:
- Less Than 100 MPH,
- 100 to 125 MPH,
- More Than 125 MPH
By Source of Power:
- North America
- Latin America
- Asia Pacific
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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