The Zero Emission Vehicle (ZEV) market was valued at US$ 73.59 billion in 2020 and is projected to hit around US$ 305.92 billion by 2030, at a CAGR of 23% during the 2021-2030. In this study, 2020 has been considered as the base year and 2021 to 2030 as the forecast period to estimate the market size for Zero Emission Vehicle (ZEV).
A zero-emissions vehicle is a vehicle that never emits exhaust gas from the onboard source of power; generally refers to electric vehicles. Zero Emission Vehicles (ZEVs) are vital for addressing climate change and improving the efficiency of vehicle fleets as they produce lower GHG emissions than conventional fossil fuel vehicles. Each electric vehicle that displaces a conventional car saves approximately 1.5 tons of CO2 per year. This represents a 62% reduction compared to a petrol-powered car and a 53% reduction compared to a diesel-powered car.
With the increasing key eyesight on the global climate changes, more and more people are dedicated to environment protection. Transportation is one of the most significant contributors to climate change, accounting for 27% of global CO2 emissions, and is the fastest growing source of greenhouse gas emissions. Choosing Zero Emission Vehicle (ZEV) can be helpful to prevent the worse global climate.
Zero emission vehicles (ZEV) do not emit pollutants through their exhausts. Vehicles that uses different type of source of power such as gasoline, diesel, CNG, etc., emit various pollutants from their tailpipes, i.e. particulates, carbon monoxide, hydrocarbons, etc. The pollutants released from gasoline powered vehicles leads to various health issues such as COPD, asthma, and environmental issues such as global warming.
ZEVs offer significant emission benefits over conventional vehicles, and run on alternate power sources such as battery electricity, natural gas, and solar power. The zero emission vehicle (ZEV) market is still in its nascent stage, and it is expected to expand exponentially in the next few years.
Geographically, the global Zero Emission Vehicle (ZEV) production market has been segmented into United States, Europe, China, Japan, others. The China held the largest share in the global market, its revenue of global market exceeds 47% % in 2019. The next is Europe.
There are mainly two-type product of Zero Emission Vehicle (ZEV) market: BEV and PHEV. In 2020, BEV accounted for a major share of 61% the global Zero Emission Vehicle (ZEV) market. In addition, the applications of Zero Emission Vehicle (ZEV) are classified as home use and commercial use.
In terms of production side, this report researches the Zero Emission Vehicle (ZEV) capacity, production, growth rate, market share by manufacturers and regions (or countries), from 2017 to 2020, and forecast to 2030.
In terms of sales side, this report focuses on the sales of Zero Emission Vehicle (ZEV) by regions (countries), company, by Type and by Application. from 2017 to 2020 and forecast to 2030.
ZEVs are a solution to these issues, as these vehicles emit no pollutants as exhaust gas. Furthermore, they employ renewable energy sources for power, such as solar, which would reduce the dependence on fossil fuel. Reduction in pollutants in the environment leads to cleaner air and fewer health issues such as COPD. Developed economies spend approx. 18% of their GDPs on healthcare every year, which would save a lot of money & many lives that could be used to fight hunger, education, etc.
ZEVs would be an impressive saving on fuel and maintenance cost, which would be approximately half of that required for gasoline vehicles. This, in turn, would help nature grow and reduce global warming to some extent. This is likely to drive the zero emission vehicle (ZEV) market across the globe.
The global zero emission vehicle (ZEV) market is primarily driven by government incentives and increased awareness among consumers. Global temperature rise is, presently, a matter of concern, as it is be harmful for humans and the environment. Temperature rise is majorly attributed to an increase in pollution levels, and vehicles are a major source of pollution. Governing bodies are forming alliances at the global level and enacting stringent emission norms in order to limit the rise in global temperature. ZEVs are expected to eliminate pollution caused due to fuel powered vehicles, as they do not utilize fossil fuel and do not emit any kind of pollution. Therefore, governing bodies are promoting these vehicles by offering heavy subsidies and exemptions for ZEVs.
Raised awareness about ZEVs and global warming is prompting consumers to prefer ZEVs. Furthermore, consistent rise in fuel prices, decline in prices of ZEVs, increase in capacity of ZEVs, and rise in per capita income are further fueling the demand for ZEVs across the globe.
The global Zero Emission Vehicle (ZEV) market is thoroughly, accurately, and comprehensively assessed in the report with a large focus on market dynamics, market competition, regional growth, segmental analysis, and key growth strategies. Buyers of the report will have access to verified market figures, including global market size in terms of revenue and volume. As part of production analysis, the authors of the report have provided reliable estimations and calculations for global revenue and volume by Type segment of the global Zero Emission Vehicle (ZEV) market. These figures have been provided in terms of both revenue and volume for the period 2017-2030. Additionally, the report provides accurate figures for production by region in terms of revenue as well as volume for the same period. The report also includes production capacity statistics for the same period.
Battery Electric Vehicles to Offer Attractive Opportunities:
Battery electric vehicles are witnessing a significant rise in adoption from consumers across the globe, which is primarily attributed to government subsidies and increased awareness. Battery electric vehicles utilize a battery, mostly lithium-ion battery, as a power source to run electric motors. Air powered vehicles are considered as a prominent mode of transportation, as they utilize compressed air for propelling the vehicle. The technology is still in the development phase, and it is expected to offers opportunities to the zero emission vehicle (ZEV) market in the near future.
Lack of Infrastructural Facilities to Hamper Market:
A major restraint to the global zero emission vehicle market is lack of infrastructural facilities. Electric vehicles are prominent ZEVs, which are witnessing an increase in demand across the globe. Lack of electric vehicle charging infrastructure is primarily restraining the electric vehicle market, which in turn is hampering the zero emission vehicle market.
Asia Pacific to Hold Significant Share
Asia-Pacific is expected to witness a fastest growth in the global zero emission vehicle (ZEV) market within the forecast period due to the increasing disposable income and growing awareness regarding environmental issues in this region.
According to International Energy Agency, China accounts for 45% of EVs on road of the world which is 2.3 million. In addition, the number of schemes and incentives are provided by government to promote the growth of ZEV vehicles. Europe is anticipated to show a significant growth in the global zero emission vehicle market due to supportive government policies to address the environmental issues. According to International Energy Agency; the Europe accounts for 24% of EVs on road of the world.
The regions covered in Global Zero Emission Vehicle Market report are North America, Europe, Asia-Pacific, Latin America and Rest of the World. On the basis of country level, the market of global Zero Emission Vehicles sub divided into U.S., Mexico, Canada, U.K., France, Germany, Italy, China, India, Japan, South East Asia, Middle East Asia (UAE, Egypt, Saudi Arabia) GCC, Africa, etc.
Drivers and Restrains
The research report has incorporated the analysis of different factors that augment the market’s growth. It constitutes trends, restraints, and drivers that transform the market in either a positive or negative manner. This section also provides the scope of different segments and applications that can potentially influence the market in the future. The detailed information is based on current trends and historic milestones. This section also provides an analysis of the volume of production about the global market and about each type from 2017 to 2030. This section mentions the volume of production by region from 2017 to 2030. Pricing analysis is included in the report according to each type from the year 2017 to 2030, manufacturer from 2017 to 2021, region from 2017 to 2021, and global price from 2017 to 2030.
A thorough evaluation of the restrains included in the report portrays the contrast to drivers and gives room for strategic planning. Factors that overshadow the market growth are pivotal as they can be understood to devise different bends for getting hold of the lucrative opportunities that are present in the ever-growing market. Additionally, insights into market expert’s opinions have been taken to understand the market better.
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