Zero Emission Vehicle (Zev) Industry Insights, Top Key Manufacturers Analysis, Dynamics & Forecast 2024-2030

Zero Emission Vehicle Market – Overview

A zero emission vehicle (ZEV) does not emit any kind of pollutant from its power source, such as internal combustion (IC) engine. The emitted exhaust gas from conventional IC engine vehicle contains hydrocarbons, ozone, lead, particulates, and carbon monoxide, which are highly harmful for human health and the environment. ZEVs utilizes a power source other than the internal combustion engine.

Zero Emission Vehicle Market – Drivers and Restraints

The global zero emission vehicle market is primarily driven by government incentives and raised 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 the increase in pollution levels, and vehicles are a major source of pollution. Governing bodies are forming alliances at the global level and implementing stringent emission norms in order to limit the global temperature rise. 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 fueling the demand for ZEVs across the globe.

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.

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Zero Emission Vehicle Market – Segmentation

The global zero emission vehicle market can be segmented based on power source, vehicle type, and region. Based on power source, the global zero emission vehicle market can be classified into four segments. Battery electric vehicles are witnessing a significant 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 is expected to hit the zero emission vehicle market in the near future.

In terms of vehicle type, the global zero emission vehicle market can be divided into two segments. The passenger vehicle segment accounted for a major share of the total zero emission vehicle market, in terms of revenue, in 2017. Transporting passengers is a primary application of vehicles. ZEVs are capable of handling lower loads, owing to which, zero emission vehicles are primarily used for passenger transportation.

The electric vehicle segment is expanding significantly across the globe. China accounts for a prominent share of the total zero emission vehicle market, in terms of revenue, of the battery electric vehicles. Well-developed charging infrastructure, government incentives, presence of electric vehicle manufacturers, decline in vehicle prices, increase in fuel prices, and raised awareness have driven the demand for electric vehicles across China. Besides China, Japan also accounts for a large number of battery electric vehicles. Therefore, Asia Pacific accounted for a major share of the global zero emission vehicle market, in terms of revenue, in 2017. Several countries across Europe are witnessing a significantly higher adoption of electric vehicles. Norway, Sweden, and Luxembourg witnessed a significantly higher percentage of sales of electric vehicles of the total vehicle sales in 2017.

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Zero Emission Vehicle Market – Key Players

Key players operating in the global zero emission vehicle market include Tesla, BMW AG, Daimler AG, Motor Development International SA, Engineair Pty Ltd, Tata Motors, Toyota Motor Corporation, Volkswagen AG, Honda Motor Co., Ltd., and SEGWAY INC.

The report offers a comprehensive evaluation of the market. It does so via in-depth qualitative insights, historical data, and verifiable projections about market size. The projections featured in the report have been derived using proven research methodologies and assumptions. By doing so, the research report serves as a repository of analysis and information for every facet of the market, including but not limited to: Regional markets, technology, types, and applications.

The study is a source of reliable data on:

  • Market segments and sub-segments
  • Market trends and dynamics
  • Supply and demand
  • Market size
  • Current trends/opportunities/challenges
  • Competitive landscape
  • Technological breakthroughs
  • Value chain and stakeholder analysis

The regional analysis covers:

  • North America (U.S. and Canada)
  • Latin America (Mexico, Brazil, Peru, Chile, and others)
  • Western Europe (Germany, U.K., France, Spain, Italy, Nordic countries, Belgium, Netherlands, and Luxembourg)
  • Eastern Europe (Poland and Russia)
  • Asia Pacific (China, India, Japan, ASEAN, Australia, and New Zealand)
  • Middle East and Africa (GCC, Southern Africa, and North Africa)

The report has been compiled through extensive primary research (through interviews, surveys, and observations of seasoned analysts) and secondary research (which entails reputable paid sources, trade journals, and industry body databases). The report also features a complete qualitative and quantitative assessment by analyzing data gathered from industry analysts and market participants across key points in the industry’s value chain.

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