The global zero emission vehicle market revenue was around US$ 221.4 billion in 2022 and is estimated to reach US$ 1,240.1 billion by 2031, growing at a compound annual growth rate (CAGR) of 21.1% during the forecast period from 2023 to 2031.
Zero emission vehicle (ZEV) is a vehicle that does not emit the tailpipe pollutant from the onboard power source. These vehicles have substantial emission advantages over traditional vehicles and run on alternate power sources such as natural gas, battery electricity, and solar power. It is mainly designed to substitute conventional ways of travel as they lead to environmental pollution.
Market Driving Factors
An increase in concern about environmental pollution is estimated to drive the market growth. This is due to the surge in trend for automation in vehicles has forced vehicle manufacturers to adopt technologies, which cause minor harm to the environment. In addition, emissions caused by internal combustion engines of vehicles degrade the environment to a larger extent, as the tailpipes of the vehicle emit chlorofluorocarbons and other harmful gases, which increase environmental pollution. As a result, zero-emission vehicles (ZEVs) are a solution to these problems, as these vehicles emit no impurities as exhaust gas.
Strict government restriction on vehicle emission norms is estimated to drive the market. This is mainly due to the environmental agencies and governments across the world enacting strict emission norms and laws to decrease vehicle emissions to increase environmental concerns. Furthermore, significant regulatory measures are strict emission targets for the decrease of carbon dioxide (CO2) and nitrogen oxides (NOx) in the air. As a result, high amounts of greenhouse gases being emitted from automobiles have led national and state governments in the U.S. to raise their efforts to make transportation cleaner.
Technological advancements are estimated to create opportunities in the market. This is mainly due to the automobile companies concentrating on the production of cutting-edge zero-emission vehicle systems that are predicted to have lower particular emissions at relatively lower prices. In addition, companies have also begun making downsized engines to be executed in vehicles as smaller engines assist fulfill the emission norms. This is because they create lesser emissions as compared to larger and heavier engines.
High manufacturing price, range anxiety, and functionality are the elements that are predicted to impede market expansion.
Regional Analysis
North America dominated the market in terms of revenue growth and is expected to maintain its dominance. This can be majorly attributed to the surge in global demand and increase in partnering on a variety of fronts to surge zero-emission vehicle (ZEV) awareness in the region.
Asia-Pacific is estimated to dominate the market in terms of the fastest rate. This is mainly owing to the heavy population, with the majority of residents falling into the middle class. They are the biggest purchasers of zero-emission vehicles (ZEV). As a result, the volume of zero-emission vehicle (ZEV) sales in this region is likely to continue to rise. Furthermore, customers are being pushed to select zero-emission vehicles (ZEV) owing to increasing gasoline costs.
Segmentation Insights
Vehicle Class Insight
The passenger cars segment dominates the market in terms of revenue growth. This is mainly due to the zero-emission vehicle (ZEV) being utilized as a passenger vehicle. Passenger vehicles are the most frequent means of transportation in industrialized nations, and their numbers are increasing in underdeveloped nations as per capita income increases.
Vehicle Type Insight
The FCEV segment dominates the market in terms of the growth rate. This is mainly owing to the increasing number of consumers becoming more conscious of the advantages of good air quality and the negative impacts of automobile emissions. Furthermore, increasing government initiatives and investments to enhance the infrastructure for electric vehicle charging platforms are also boosting the segment growth.
The BEV segment is estimated to dominate the market in terms of the fastest rate. This is due to the increasing demand for environmentally friendly mobility solutions to lower pollution levels and the availability of tax refunds. Furthermore, government schemes and programs that facilitate the adoption of sustainable mobility solutions to decrease car pollution also propel the segment growth.
Prominent Companies
Segmentation Outline
The global zero emission vehicle market segmentation focuses on the Vehicle Class, Price, Vehicle Type, Vehicle Drive Type, Top Speed, and Region.
By Vehicle Class
By Price
By Vehicle Type
By Vehicle Drive Type
By Top Speed
By Region
[TABLE OF CONTENTS]
1 INTRODUCTION OF GLOBAL ZERO EMISSION VEHICLE MARKET
1.1 OVERVIEW OF THE MARKET
1.2 SCOPE OF REPORT
1.3 ASSUMPTIONS
2 EXECUTIVE SUMMARY: ZERO EMISSION VEHICLE MARKET
3 RESEARCH METHODOLOGY
3.1 DATA MINING
3.2 VALIDATION
3.3 PRIMARY INTERVIEWS
3.4 LIST OF DATA SOURCES
3.5 ANALYST TOOLS AND MODELS
4 GLOBAL ZERO EMISSION VEHICLE MARKET OUTLOOK
4.1 OVERVIEW
4.2 MARKET DYNAMICS AND TRENDS
4.2.1 DRIVERS
4.2.2 RESTRAINTS
4.2.3 OPPORTUNITIES
4.3 PORTERS FIVE FORCE ANALYSIS
4.4 VALUE CHAIN ANALYSIS
4.5 MARKET GROWTH AND OUTLOOK
4.5.1 PRICE TREND ANALYSIS
4.5.2 OPPORTUNITY SHARE
5 GLOBAL ZERO EMISSION VEHICLE MARKET, BY VEHICLE CLASS
5.1 OVERVIEW
5.2 PASSENGER CARS
5.3 COMMERCIAL VEHICLES
5.4 TWO WHEELERS
6 GLOBAL ZERO EMISSION VEHICLE MARKET, BY PRICE
6.1 OVERVIEW
6.2 MID-PRICED
6.3 LUXURY
7 GLOBAL ZERO EMISSION VEHICLE MARKET, BY VEHICLE TYPE
7.1 OVERVIEW
7.2 BEV
7.3 PHEV
7.4 FCEV
7.5 SOLAR VEHICLES
8 GLOBAL ZERO EMISSION VEHICLE MARKET, BY VEHICLE DRIVE TYPE
8.1 OVERVIEW
8.2 FRONT WHEEL DRIVE
8.3 REAR WHEEL DRIVE
8.4 ALL-WHEEL DRIVE
9 GLOBAL ZERO EMISSION VEHICLE MARKET, BY TOP SPEED
9.1 OVERVIEW
9.2 LESS THAN 100 MPH
9.3 100 TO 125 MPH
9.4 MORE THAN 125 MPH
10 GLOBAL ZERO EMISSION VEHICLE MARKET, BY GEOGRAPHY
10.1 OVERVIEW
10.2 NORTH AMERICA
10.2.1 NORTH AMERICA MARKET SNAPSHOT
10.2.2 U.S.
10.2.3 CANADA
10.2.4 MEXICO
10.3 EUROPE
10.3.1 EUROPE MARKET SNAPSHOT
10.3.2 WESTERN EUROPE
10.3.2.1 THE UK
10.3.2.2 GERMANY
10.3.2.3 FRANCE
10.3.2.4 ITALY
10.3.2.5 SPAIN
10.3.2.6 REST OF WESTERN EUROPE
10.3.3 EASTERN EUROPE
10.3.3.1 POLAND
10.3.3.2 RUSSIA
10.3.3.3 REST OF EASTERN EUROPE
10.4 ASIA PACIFIC
10.4.1 ASIA PACIFIC MARKET SNAPSHOT
10.4.2 CHINA
10.4.3 JAPAN
10.4.4 INDIA
10.4.5 AUSTRALIA & NEW ZEALAND
10.4.6 ASEAN
10.4.7 REST OF ASIA PACIFIC
10.5 MIDDLE EAST & AFRICA
10.5.1 MIDDLE EAST & AFRICA MARKET SNAPSHOT
10.5.2 UAE
10.5.3 SAUDI ARABIA
10.5.4 SOUTH AFRICA
10.5.5 REST OF MEA
10.6 SOUTH AMERICA
10.6.1 SOUTH AMERICA MARKET SNAPSHOT
10.6.2 BRAZIL
10.6.3 ARGENTINA
10.6.4 REST OF SOUTH AMERICA
11 GLOBAL ZERO EMISSION VEHICLE MARKET COMPETITIVE LANDSCAPE
11.1 OVERVIEW
11.2 COMPANY MARKET RANKING
11.3 KEY DEVELOPMENT STRATEGIES
11.4 COMPETITIVE DASHBOARD
11.5 PRODUCT MAPPING
11.6 TOP PLAYER POSITIONING, 2022
11.7 COMPETITIVE HEATMAP
11.8 TOP WINNING STRATEGIES
12 COMPANY PROFILES
12.1 NISSAN MOTORS CO., LTD
12.1.1 OVERVIEW
12.1.2 FINANCIAL PERFORMANCE
12.1.3 PRODUCT OUTLOOK
12.1.4 KEY DEVELOPMENTS
12.1.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
12.2 SOLAR ELECTRIC VEHICLE COMPANY
12.2.1 OVERVIEW
12.2.2 FINANCIAL PERFORMANCE
12.2.3 PRODUCT OUTLOOK
12.2.4 KEY DEVELOPMENTS
12.2.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
12.3 TATA MOTORS
12.3.1 OVERVIEW
12.3.2 FINANCIAL PERFORMANCE
12.3.3 PRODUCT OUTLOOK
12.3.4 KEY DEVELOPMENTS
12.3.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
12.4 OKINAWA AUTOTECH PVT LTD
12.4.1 OVERVIEW
12.4.2 FINANCIAL PERFORMANCE
12.4.3 PRODUCT OUTLOOK
12.4.4 KEY DEVELOPMENTS
12.4.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
12.5 BENLING INDIA ENERGY AND TECHNOLOGY PVT LTD
12.5.1 OVERVIEW
12.5.2 FINANCIAL PERFORMANCE
12.5.3 PRODUCT OUTLOOK
12.5.4 KEY DEVELOPMENTS
12.5.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
12.6 LIGHTYEAR
12.6.1 OVERVIEW
12.6.2 FINANCIAL PERFORMANCE
12.6.3 PRODUCT OUTLOOK
12.6.4 KEY DEVELOPMENTS
12.6.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
12.7 DAIMLER AG
12.7.1 OVERVIEW
12.7.2 FINANCIAL PERFORMANCE
12.7.3 PRODUCT OUTLOOK
12.7.4 KEY DEVELOPMENTS
12.7.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
12.8 XIAOPENG MOTORS
12.8.1 OVERVIEW
12.8.2 FINANCIAL PERFORMANCE
12.8.3 PRODUCT OUTLOOK
12.8.4 KEY DEVELOPMENTS
12.8.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
12.9 BYD COMPANY LIMITED
12.9.1 OVERVIEW
12.9.2 FINANCIAL PERFORMANCE
12.9.3 PRODUCT OUTLOOK
12.9.4 KEY DEVELOPMENTS
12.9.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
12.10 HANERGY THIN FILM POWER GROUP
12.10.1 OVERVIEW
12.10.2 FINANCIAL PERFORMANCE
12.10.3 PRODUCT OUTLOOK
12.10.4 KEY DEVELOPMENTS
12.10.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
12.11 CHEVROLET MOTOR COMPANY
12.11.1 OVERVIEW
12.11.2 FINANCIAL PERFORMANCE
12.11.3 PRODUCT OUTLOOK
12.11.4 KEY DEVELOPMENTS
12.11.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
12.12 LUCID GROUP INC
12.12.1 OVERVIEW
12.12.2 FINANCIAL PERFORMANCE
12.12.3 PRODUCT OUTLOOK
12.12.4 KEY DEVELOPMENTS
12.12.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
12.13 GENERAL MOTORS
12.13.1 OVERVIEW
12.13.2 FINANCIAL PERFORMANCE
12.13.3 PRODUCT OUTLOOK
12.13.4 KEY DEVELOPMENTS
12.13.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
12.14 ALKE
12.14.1 OVERVIEW
12.14.2 FINANCIAL PERFORMANCE
12.14.3 PRODUCT OUTLOOK
12.14.4 KEY DEVELOPMENTS
12.14.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
12.15 RIVAIN
12.15.1 OVERVIEW
12.15.2 FINANCIAL PERFORMANCE
12.15.3 PRODUCT OUTLOOK
12.15.4 KEY DEVELOPMENTS
12.15.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
12.16 KARMA AUTOMOTIVE
12.16.1 OVERVIEW
12.16.2 FINANCIAL PERFORMANCE
12.16.3 PRODUCT OUTLOOK
12.16.4 KEY DEVELOPMENTS
12.16.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
12.17 TOYOTA MOTOR CORPORATION
12.17.1 OVERVIEW
12.17.2 FINANCIAL PERFORMANCE
12.17.3 PRODUCT OUTLOOK
12.17.4 KEY DEVELOPMENTS
12.17.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
12.18 HYUNDAI MOTOR COMPANY
12.18.1 OVERVIEW
12.18.2 FINANCIAL PERFORMANCE
12.18.3 PRODUCT OUTLOOK
12.18.4 KEY DEVELOPMENTS
12.18.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
12.19 NIO
12.19.1 OVERVIEW
12.19.2 FINANCIAL PERFORMANCE
12.19.3 PRODUCT OUTLOOK
12.19.4 KEY DEVELOPMENTS
12.19.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
12.20 AMPERE VEHICLES
12.20.1 OVERVIEW
12.20.2 FINANCIAL PERFORMANCE
12.20.3 PRODUCT OUTLOOK
12.20.4 KEY DEVELOPMENTS
12.20.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
12.21 WM MOTOR
12.21.1 OVERVIEW
12.21.2 FINANCIAL PERFORMANCE
12.21.3 PRODUCT OUTLOOK
12.21.4 KEY DEVELOPMENTS
12.21.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
12.22 KIA CORPORATION
12.22.1 OVERVIEW
12.22.2 FINANCIAL PERFORMANCE
12.22.3 PRODUCT OUTLOOK
12.22.4 KEY DEVELOPMENTS
12.22.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
12.23 HERO ELECTRIC
12.23.1 OVERVIEW
12.23.2 FINANCIAL PERFORMANCE
12.23.3 PRODUCT OUTLOOK
12.23.4 KEY DEVELOPMENTS
12.23.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
12.24 SONO MOTORS
12.24.1 OVERVIEW
12.24.2 FINANCIAL PERFORMANCE
12.24.3 PRODUCT OUTLOOK
12.24.4 KEY DEVELOPMENTS
12.24.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
12.25 MAHINDRA ELECTRIC MOBILITY LIMITED
12.25.1 OVERVIEW
12.25.2 FINANCIAL PERFORMANCE
12.25.3 PRODUCT OUTLOOK
12.25.4 KEY DEVELOPMENTS
12.25.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
12.26 FORD MOTOR COMPANY
12.26.1 OVERVIEW
12.26.2 FINANCIAL PERFORMANCE
12.26.3 PRODUCT OUTLOOK
12.26.4 KEY DEVELOPMENTS
12.26.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
12.27 VOLKSWAGEN AG
12.27.1 OVERVIEW
12.27.2 FINANCIAL PERFORMANCE
12.27.3 PRODUCT OUTLOOK
12.27.4 KEY DEVELOPMENTS
12.27.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
12.28 ENERGICA MOTOR COMPANY S.P.A.
12.28.1 OVERVIEW
12.28.2 FINANCIAL PERFORMANCE
12.28.3 PRODUCT OUTLOOK
12.28.4 KEY DEVELOPMENTS
12.28.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
12.29 TESLA INC.
12.29.1 OVERVIEW
12.29.2 FINANCIAL PERFORMANCE
12.29.3 PRODUCT OUTLOOK
12.29.4 KEY DEVELOPMENTS
12.29.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
12.30 BMW AG
12.30.1 OVERVIEW
12.30.2 FINANCIAL PERFORMANCE
12.30.3 PRODUCT OUTLOOK
12.30.4 KEY DEVELOPMENTS
12.30.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
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