Zero Emission Vehicle (ZEV) Market Size & Share to Surpass $862.1 Billion by 2028 | Vantage Market Research

WASHINGTON, Jan. 30, 2023 (GLOBE NEWSWIRE) -- The Global Zero Emission Vehicle (ZEV) Market is valued at USD 231.5 Billion in 2021 and is projected to reach a value of USD 862.1 Billion by 2028 at a CAGR (Compound Annual Growth Rate) of 24.5% over the forecast period 2022-2028.

Market Overview

According to Vantage Market Research, the key factors anticipated to accelerate the Zero Emission Vehicle (ZEV) market growth over the forecast period are stated as follows. The market for Zero Emission Vehicles is expanding due to rising environmental concerns, strict government rules on vehicle emission standards, and rising demand for high-performance and fuel-efficient cars.

We forecast that the automotive category in Zero Emission Vehicle (ZEV) market sales will account for more than 55.5% of total sales by 2028. Commercial vehicles are the most prevalent form of transportation, making them the largest sector. In addition, a rise in leisure and travel activities globally makes this sector one of the most sought-after.

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Market Dynamics

Increased Demand For Fuel-Efficient Vehicles Will Promote Market Expansion
Since gasoline is a fossil fuel, it cannot be replenished and will eventually run out of supply. It is crucial to discover to utilize alternative fuel sources to support sustainable growth. This calls for using Zero Emission Vehicles (ZEV), which don't need gas and are more affordable than regular cars. While an electric car transforms more than half of the electrical energy from the grid to power at the wheels, a gas-powered vehicle only translates around 17–21% of the energy contained in gasoline. The recent increase in the price of gasoline and diesel has resulted in a surge in demand for fuel-efficient vehicles. As a result of the rising demand for fuel-efficient automobiles, the market for Zero Emission Vehicles (ZEV) is anticipated to expand throughout the projected period.

Technological Advancements are fueling Market Expansion

Automobile producers are concentrating on creating enhanced Zero Emission Vehicle (ZEV) technologies that should emit fewer pollutants while being less expensive. To meet pollution limits, businesses have also started creating smaller engines for use in autos. These engines' low prices and compact size give them additional utility. As a result, the market players will have access to a wide range of options as sophisticated gasoline direct injection systems emerge.

Top Players in the Global Zero Emission Vehicle (ZEV) Market

  • Fiat (Italy)
  • Hyundai (South Korea)
  • BMW (Germany)
  • Kia (South Korea)
  • Chevrolet (US)
  • Toyota (Japan)
  • BYD (China)
  • Tesla (US)
  • Nissan (Japan)
  • Volkswagen (Germany)

For Additional Information on Zero Emission Vehicle (ZEV) Market Players and Detail List, Download a Report PDF Brochure

Top Trends in the Global Zero Emission Vehicle (ZEV) Market

  • One trend that Vantage Market Research (VMR) expects to see in the Zero Emission Vehicle (ZEV) industry is a rise in environmental pollution worries. Vehicle manufacturers have been driven to implement technology that has a lower environmental impact due to the growing trend toward automation in transportation. The environment is negatively impacted by emissions from internal combustion engines of automobiles to a much greater level since these engines release toxic chemicals like chlorofluorocarbons and other air pollutants through their tailpipes.
  • Another trend that VMR predicts will continue in the Zero Emission Vehicle (ZEV) industry is strict government regulation of car emission standards. As environmental concerns grow, governments and organizations worldwide pass strict emission standards and laws to minimize car emissions. Strict emission objectives for decreasing nitrogen oxides (NOx) and carbon dioxide (CO2) in the air are major regulatory actions.

Top Report Findings

  • Based on Vehicle Type, most of the Zero Emission Vehicle (ZEV) market's revenue is controlled by the battery electric vehicle (BEV) category. The demand for more environmentally friendly transportation options to lower pollution levels and the availability of tax breaks are driving the growth of the electric vehicle battery (EVB). Government initiatives and plans that promote the adoption of environmentally friendly transportation options to minimize automobile pollution will cause the battery electric vehicle (BEV) market to expand.
  • Based on the Applications, most of the Zero Emission Vehicle (ZEV) market's revenue is controlled by the commercial vehicle category. A business vehicle is a Zero Emission Vehicle (ZEV). Four-wheeled cargo vehicles are known as commercial vehicles. Tons are used to express the difference in mass between light vehicles and large trucks.
  • Based on Price, most of the Zero Emission Vehicle (ZEV) market's revenue is controlled by the mid-priced category. The versatility of the mid-priced vehicles causes end consumers to favor this market segment. In addition, because the demand for these vehicles is rising in emerging countries, these countries would prefer to experience these vehicles at first with a small expenditure.
  • Based on Vehicle Drive Type, most of the Zero Emission Vehicle (ZEV) market's revenue is controlled by the rear-wheel drive category. All regions have seen a surge in demand for RWD ZEVs, mainly Asia Pacific and Europe. This is because these vehicles are simpler to drive, and there is a rising demand for them.
  • Based on Top Speed, most of the Zero Emission Vehicle (ZEV) market's revenue is controlled by the less than 100 MPH category. The acceptance of zero-emission vehicles that travel less than 100 MPH is increasing exponentially. Thus, their future is highly promising.
  • Based on the Source of Power, the gasoline category controls most of the revenue of the Zero Emission Vehicle (ZEV) market. The increase in demand for fuel-efficient and high-performance automobiles, as well as increased government regulation of vehicle emission standards, all contribute to the growth of the gasoline category.

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Recent Developments in the Global Zero Emission Vehicle (ZEV) Market

  • BMW declared that its next-generation lithium-ion cell would have 30% greater range in December 2022.

Battery Electric Vehicle (BEV) Category in Zero Emission Vehicle (ZEV) Market to Generate Over 35.5% Revenue

Zero Emission Vehicle (ZEV) is an expensive investment. Vantage Market Research has analyzed the Zero Emission Vehicle (ZEV) market to understand its current state and potential future growth factors. For better understanding, based on the vehicle type, the Zero Emission Vehicle (ZEV) market is divided into battery electric vehicles (BEV), plug-in hybrid electric vehicles (PHEV), and fuel cell electric vehicles (FCEV).

During the forecast period, the Zero Emission Vehicle (ZEV) market is anticipated to experience the highest CAGR for the battery electric vehicle (BEV) category. Vehicles with no emissions that run on electricity stored in batteries are referred to as battery electric vehicles (BEVs), sometimes known as electric vehicles (EVs) or plug-in electric vehicles (PEVs). These vehicles are battery-powered only and do not have an engine to generate power. Because there is no need to convert the electricity from one form to another, BEVs are also more efficient than other vehicles.

On the other hand, the plug-in hybrid electric vehicle (PHEV) category is anticipated to grow significantly over the forecast period. In plug-in hybrid electric vehicles (PHEV), a combustion engine serves as an onboard generator while a battery powers the electric motor. They are comparable to hybrid cars because they mix batteries or other electrical storage devices with internal combustion engines to generate vehicle propulsion.

North America Region in Zero Emission Vehicle (ZEV) Market to Generate More 34.5% Revenue

North America dominates the market for Zero Emission Vehicle (ZEV), and this trend of dominance will continue throughout the projection period. To enhance public awareness of Zero Emission Vehicles (ZEV) and, consequently, global demand, the North American ZEV sector is collaborating on several fronts. The greatest market is in North America due to the region's high disposable income and the presence of numerous important firms.

Browse market data Tables and Figures spread through 180 Pages and in-depth TOC on Zero Emission Vehicle (ZEV) Market Forecast Report (2022-2028).

Global Zero Emission Vehicle (ZEV) Market Segmentation

By Vehicle Type

  • Battery Electric Vehicle (BEV)
  • Plug-in Hybrid Electric Vehicle (PHEV)
  • Fuel Cell Electric Vehicle (FCEV)

By Application

  • Commercial Vehicle
  • Passenger Vehicle
  • Two Wheelers

By Price

  • Mid-Priced
  • Luxury

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

  • Gasoline
  • Diesel
  • CNG
  • Others

By Region

  • North America
    • United States
    • Canada
    • Mexico
  • Europe
    • Germany
    • UK
    • France
    • Italy
    • Spain
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • South-East Asia
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Argentina
    • Rest of Latin America
  • Middle East & Africa
    • GCC Countries
    • South Africa
    • Rest of MEA

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Scope of the Report:

Report AttributesDetails
Market Size in 2021USD 231.5 Billion
Revenue Forecast by 2028USD 862.1 Billion
CAGR24.5% from 2022 to 2028
Base Year2021
Forecast Year2022 to 2028
Key PlayersFiat, Hyundai, BMW, Kia, Chevrolet, Toyota, BYD, Tesla, Nissan, Volkswagen
Customization OptionsCustomized purchase options are available to meet any research needs. Explore customized purchase options

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