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Global Zero Emission Vehicle Market Share, Size, Growth, Analysis: By Vehicle Type: Battery Electric Vehicle (BEV), Plug-In Hybrid Vehicle (PHEV), Fuel Cell Electric Vehicle, Others; By Vehicle Class: Passenger Cars, Commercial Vehicles, Two Wheelers; By Price; By Drive Type; By Top Speed; Regional Analysis; Competitive Landscape; 2024-2032
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 2359.79 billion by 2032.
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.
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:
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| Breakup by Vehicle Type |
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| Breakup by Vehicle Class |
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| Breakup by Price |
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| Breakup by Drive Type |
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| Breakup by Top Speed |
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| Breakup by Region |
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| Market Dynamics |
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| Competitive Landscape |
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| Companies Covered |
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*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.
1 Preface
2 Report Coverage – Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Market Snapshot
6.1 Global
6.2 Regional
7 Opportunities and Challenges in the Market
8 Global Zero Emission Vehicle Market Analysis
8.1 Key Industry Highlights
8.2 Global Zero Emission Vehicle Historical Market (2018-2023)
8.3 Global Zero Emission Vehicle Market Forecast (2024-2032)
8.4 Global Zero Emission Vehicle Market by Vehicle Type
8.4.1 Battery Electric Vehicle (BEV)
8.4.1.1 Historical Trend (2018-2023)
8.4.1.2 Forecast Trend (2024-2032)
8.4.2 Plug-In Hybrid Vehicle (PHEV)
8.4.2.1 Historical Trend (2018-2023)
8.4.2.2 Forecast Trend (2024-2032)
8.4.3 Fuel Cell Electric Vehicle
8.4.3.1 Historical Trend (2018-2023)
8.4.3.2 Forecast Trend (2024-2032)
8.4.4 Others
8.5 Global Zero Emission Vehicle Market by Vehicle Class
8.5.1 Passenger Cars
8.5.1.1 Historical Trend (2018-2023)
8.5.1.2 Forecast Trend (2024-2032)
8.5.2 Commercial Vehicles
8.5.2.1 Historical Trend (2018-2023)
8.5.2.2 Forecast Trend (2024-2032)
8.5.3 Two Wheelers
8.5.3.1 Historical Trend (2018-2023)
8.5.3.2 Forecast Trend (2024-2032)
8.6 Global Zero Emission Vehicle Market by Price
8.6.1 Mid-Priced
8.6.1.1 Historical Trend (2018-2023)
8.6.1.2 Forecast Trend (2024-2032)
8.6.2 Luxury
8.6.2.1 Historical Trend (2018-2023)
8.6.2.2 Forecast Trend (2024-2032)
8.7 Global Zero Emission Vehicle Market by Drive Type
8.7.1 Front-Wheel Drive
8.7.1.1 Historical Trend (2018-2023)
8.7.1.2 Forecast Trend (2024-2032)
8.7.2 Rear-Wheel Drive
8.7.2.1 Historical Trend (2018-2023)
8.7.2.2 Forecast Trend (2024-2032)
8.7.3 All-Wheel Drive
8.7.3.1 Historical Trend (2018-2023)
8.7.3.2 Forecast Trend (2024-2032)
8.8 Global Zero Emission Vehicle Market by Top Speed
8.8.1 Less Than 100 MPH
8.8.1.1 Historical Trend (2018-2023)
8.8.1.2 Forecast Trend (2024-2032)
8.8.2 100 to 125 MPH
8.8.2.1 Historical Trend (2018-2023)
8.8.2.2 Forecast Trend (2024-2032)
8.8.3 More Than 125 MPH
8.8.3.1 Historical Trend (2018-2023)
8.8.3.2 Forecast Trend (2024-2032)
8.9 Global Zero Emission Vehicle Market by Region
8.9.1 North America
8.9.1.1 Historical Trend (2018-2023)
8.9.1.2 Forecast Trend (2024-2032)
8.9.2 Europe
8.9.2.1 Historical Trend (2018-2023)
8.9.2.2 Forecast Trend (2024-2032)
8.9.3 Asia Pacific
8.9.3.1 Historical Trend (2018-2023)
8.9.3.2 Forecast Trend (2024-2032)
8.9.4 Latin America
8.9.4.1 Historical Trend (2018-2023)
8.9.4.2 Forecast Trend (2024-2032)
8.9.5 Middle East and Africa
8.9.5.1 Historical Trend (2018-2023)
8.9.5.2 Forecast Trend (2024-2032)
9 North America Zero Emission Vehicle Market Analysis
9.1 United States of America
9.1.1 Historical Trend (2018-2023)
9.1.2 Forecast Trend (2024-2032)
9.2 Canada
9.2.1 Historical Trend (2018-2023)
9.2.2 Forecast Trend (2024-2032)
10 Europe Zero Emission Vehicle Market Analysis
10.1 United Kingdom
10.1.1 Historical Trend (2018-2023)
10.1.2 Forecast Trend (2024-2032)
10.2 Germany
10.2.1 Historical Trend (2018-2023)
10.2.2 Forecast Trend (2024-2032)
10.3 France
10.3.1 Historical Trend (2018-2023)
10.3.2 Forecast Trend (2024-2032)
10.4 Italy
10.4.1 Historical Trend (2018-2023)
10.4.2 Forecast Trend (2024-2032)
10.5 Others
11 Asia Pacific Zero Emission Vehicle Market Analysis
11.1 China
11.1.1 Historical Trend (2018-2023)
11.1.2 Forecast Trend (2024-2032)
11.2 Japan
11.2.1 Historical Trend (2018-2023)
11.2.2 Forecast Trend (2024-2032)
11.3 India
11.3.1 Historical Trend (2018-2023)
11.3.2 Forecast Trend (2024-2032)
11.4 ASEAN
11.4.1 Historical Trend (2018-2023)
11.4.2 Forecast Trend (2024-2032)
11.5 Australia
11.5.1 Historical Trend (2018-2023)
11.5.2 Forecast Trend (2024-2032)
11.6 Others
12 Latin America Zero Emission Vehicle Market Analysis
12.1 Brazil
12.1.1 Historical Trend (2018-2023)
12.1.2 Forecast Trend (2024-2032)
12.2 Argentina
12.2.1 Historical Trend (2018-2023)
12.2.2 Forecast Trend (2024-2032)
12.3 Mexico
12.3.1 Historical Trend (2018-2023)
12.3.2 Forecast Trend (2024-2032)
12.4 Others
13 Middle East and Africa Zero Emission Vehicle Market Analysis
13.1 Saudi Arabia
13.1.1 Historical Trend (2018-2023)
13.1.2 Forecast Trend (2024-2032)
13.2 United Arab Emirates
13.2.1 Historical Trend (2018-2023)
13.2.2 Forecast Trend (2024-2032)
13.3 Nigeria
13.3.1 Historical Trend (2018-2023)
13.3.2 Forecast Trend (2024-2032)
13.4 South Africa
13.4.1 Historical Trend (2018-2023)
13.4.2 Forecast Trend (2024-2032)
13.5 Others
14 Market Dynamics
14.1 SWOT Analysis
14.1.1 Strengths
14.1.2 Weaknesses
14.1.3 Opportunities
14.1.4 Threats
14.2 Porter’s Five Forces Analysis
14.2.1 Supplier’s Power
14.2.2 Buyer’s Power
14.2.3 Threat of New Entrants
14.2.4 Degree of Rivalry
14.2.5 Threat of Substitutes
14.3 Key Indicators for Demand
14.4 Key Indicators for Price
15 Competitive Landscape
15.1 Market Structure
15.2 Company Profiles
15.2.1 BYD Co. Ltd.
15.2.1.1 Company Overview
15.2.1.2 Product Portfolio
15.2.1.3 Demographic Reach and Achievements
15.2.1.4 Certifications
15.2.2 Tesla, Inc.
15.2.2.1 Company Overview
15.2.2.2 Product Portfolio
15.2.2.3 Demographic Reach and Achievements
15.2.2.4 Certifications
15.2.3 Hyundai Motor Company
15.2.3.1 Company Overview
15.2.3.2 Product Portfolio
15.2.3.3 Demographic Reach and Achievements
15.2.3.4 Certifications
15.2.4 Ford Motor Company
15.2.4.1 Company Overview
15.2.4.2 Product Portfolio
15.2.4.3 Demographic Reach and Achievements
15.2.4.4 Certifications
15.2.5 Fiat Automobiles S.p.A
15.2.5.1 Company Overview
15.2.5.2 Product Portfolio
15.2.5.3 Demographic Reach and Achievements
15.2.5.4 Certifications
15.2.6 BMW AG
15.2.6.1 Company Overview
15.2.6.2 Product Portfolio
15.2.6.3 Demographic Reach and Achievements
15.2.6.4 Certifications
15.2.7 Toyota Motor Co., Ltd.
15.2.7.1 Company Overview
15.2.7.2 Product Portfolio
15.2.7.3 Demographic Reach and Achievements
15.2.7.4 Certifications
15.2.8 Nissan Motor Co., Ltd.
15.2.8.1 Company Overview
15.2.8.2 Product Portfolio
15.2.8.3 Demographic Reach and Achievements
15.2.8.4 Certifications
15.2.9 Volkswagen AG
15.2.9.1 Company Overview
15.2.9.2 Product Portfolio
15.2.9.3 Demographic Reach and Achievements
15.2.9.4 Certifications
15.2.10 Tata Motors Limited
15.2.10.1 Company Overview
15.2.10.2 Product Portfolio
15.2.10.3 Demographic Reach and Achievements
15.2.10.4 Certifications
15.2.11 Other
16 Key Trends and Developments in the Market
List of Key Figures and Tables
1. Global Zero Emission Vehicle Market: Key Industry Highlights, 2018 and 2032
2. Global Zero Emission Vehicle Historical Market: Breakup by Vehicle Type (USD Million), 2018-2023
3. Global Zero Emission Vehicle Market Forecast: Breakup by Vehicle Type (USD Million), 2024-2032
4. Global Zero Emission Vehicle Historical Market: Breakup by Vehicle Class (USD Million), 2018-2023
5. Global Zero Emission Vehicle Market Forecast: Breakup by Vehicle Class (USD Million), 2024-2032
6. Global Zero Emission Vehicle Historical Market: Breakup by Price (USD Million), 2018-2023
7. Global Zero Emission Vehicle Market Forecast: Breakup by Price (USD Million), 2024-2032
8. Global Zero Emission Vehicle Historical Market: Breakup by Drive Type (USD Million), 2018-2023
9. Global Zero Emission Vehicle Market Forecast: Breakup by Drive Type (USD Million), 2024-2032
10. Global Zero Emission Vehicle Historical Market: Breakup by Top Speed (USD Million), 2018-2023
11. Global Zero Emission Vehicle Market Forecast: Breakup by Top Speed (USD Million), 2024-2032
12. Global Zero Emission Vehicle Historical Market: Breakup by Region (USD Million), 2018-2023
13. Global Zero Emission Vehicle Market Forecast: Breakup by Region (USD Million), 2024-2032
14. North America Zero Emission Vehicle Historical Market: Breakup by Country (USD Million), 2018-2023
15. North America Zero Emission Vehicle Market Forecast: Breakup by Country (USD Million), 2024-2032
16. Europe Zero Emission Vehicle Historical Market: Breakup by Country (USD Million), 2018-2023
17. Europe Zero Emission Vehicle Market Forecast: Breakup by Country (USD Million), 2024-2032
18. Asia Pacific Zero Emission Vehicle Historical Market: Breakup by Country (USD Million), 2018-2023
19. Asia Pacific Zero Emission Vehicle Market Forecast: Breakup by Country (USD Million), 2024-2032
20. Latin America Zero Emission Vehicle Historical Market: Breakup by Country (USD Million), 2018-2023
21. Latin America Zero Emission Vehicle Market Forecast: Breakup by Country (USD Million), 2024-2032
22. Middle East and Africa Zero Emission Vehicle Historical Market: Breakup by Country (USD Million), 2018-2023
23. Middle East and Africa Zero Emission Vehicle Market Forecast: Breakup by Country (USD Million), 2024-2032
24. Global Zero Emission Vehicle Market Structure
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 2359.79 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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