Newark, Oct. 09, 2023 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the USD 207 billion in 2022 zero emission vehicle (ZEV) market will reach USD 1927.83 billion by 2032. The technological advancements in batteries, hydrogen, and ethanol fuels have opened up new opportunities for the zero-emission vehicle market. The demand for electric vehicles has garnered pace in the aftermath of Russia Ukraine crisis that led to soaring energy prices and the reduction in the price of EV vehicles with new product innovations. The demand for electric vehicles has also risen, given the rising government expenditure on subsidies and incentives to EV producers and consumers. Furthermore, the government is also increasing infrastructure expenditure towards developing electric charging stations at an accessible point around cities. Several initiatives, projects, and advancements have led to demands exceeding supplies in recent years, representing the positive growth trajectory of the global zero-emission electric vehicle market. The aim to reduce fossil fuel dependency will propel the adoption and growth of the global zero-emission vehicle market.
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Key Insight of the Zero emission vehicle (ZEV) Market
The Asia Pacific region is expected to grow the fastest during the forecast period.
The region's dominance in the industry can be attributed to China, the world's largest producer, and buyer of electric vehicles. Due to the growing demand for passenger vehicles brought on by rising consumer disposable income, the Asia Pacific region now dominates the zero-emission vehicle (ZEV) industry. The Indian and Chinese car industries both benefit from government initiatives that offer subsidies and incentives to encourage the production and consumer demand for electric vehicles in their home markets. The regional zero-emission vehicle (ZEV) market will also be fuelled by the increased efforts to develop a green economy and renewable energy infrastructure.
In 2022, the battery electric vehicle segment dominated the market with the largest market share of 49% and market revenue of 101.43 billion.
The vehicle type segment is divided into battery electric vehicles, plug-in hybrid electric vehicles, hybrid electric vehicles, solar vehicles, and fuel cell electric vehicles. In 2022, the battery electric vehicle segment dominated the market with the largest market share of 49% and market revenue of 101.43 billion.
In 2022, the mid-price segment accounted for the largest share of the market, with 74% and a market revenue of 153.18 billion.
The mid-price segment dominated the market with a revenue share of around 74% in 2022. In 2022, the mid-price segment accounted for the largest share of the market, with 74% and a market revenue of 153.18 billion.
In 2022, the more than 125 MPH segment accounted for the largest share of the market, with 46% and a market revenue of 95.22 billion.
The top speed segment is divided into less than 100 MPH, 100 to 125 MPH, and more than 125 MPH. MPH stands for miles per hour. In 2022, the more than 125 MPH segment accounted for the largest share of the market, with 46% and a market revenue of 95.22 billion.
In 2022, the commercial vehicles segment accounted for the largest share of the market, with 44% and a market revenue of 91.08 billion.
The vehicle class segment is divided into commercial vehicles, passenger vehicles, and two-wheelers. In 2022, the commercial vehicles segment accounted for the largest share of the market, with 44% and a market revenue of 91.08 billion.
In 2022, the all-wheel drive segment accounted for the largest share of the market, with 54% and a market revenue of 111.78 billion.
The vehicle drive type segment is divided into front-wheel drive, rear-wheel drive, and all-wheel drive. In 2022, the all-wheel drive segment accounted for the largest share of the market, with 54% and a market revenue of 111.78 billion.
Advancement in market
February 2023 - As part of a new long-term agreement intended to mend tensions in the tumultuous 24-year alliance between the two major automakers, Nissan will take up to 15% stake in Renault's flagship electric vehicle division. The 15-year deal calls for collaboration on electronics and battery technology and cost-saving cooperative initiatives in Europe, India, and Latin America. To create an equal alliance, the two firms had already announced an agreement for Renault to reduce its interest in Nissan from 43% to 15%. Nissan would then have the same stake in its French partner.
Report Scope and Segmentation -
| Report Coverage | Details |
| Forecast Period | 2023-2032 |
| Forecast CAGR | 25% |
| 2032 Value Projection | USD 207 Billion |
| Market Size in 2023 | USD 1927.83 Billion |
| Historical Data | 2019-2021 |
| No. of Pages | 238 |
| Report Coverage | Revenue Forecast, Company Profiles, Competitive Landscape, Growth Factors and Latest Trends |
| Segments Covered | The research segment is based on vehicle type, price, top speed, vehicle class, and vehicle drive type. |
| Regions Covered | The regions analyzed for the market are Asia Pacific, Europe, South America, North America, and Middle East & Africa. |
| Diet Soft Drinks Market Growth Drivers | The increasing demand for electric-powered vehicles |
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Market Dynamics
Driver: the growing demand for zero-emission vehicles globally
Traditional fossil fuel vehicles are key in the environment's rising greenhouse gas emissions. In recent years, there has been a renewed drive for designing, creating, and manufacturing electric-powered vehicles that offer improved fuel economy, a smoother ride, a sustainable environment, and efficient engines. The manufacturers of these unconventional cars have been able to lower capital costs and increase efficiency with technological improvements in lithium-ion batteries, solar power cells, and other areas. The growing demand for electric vehicles is a positive factor for supply. Given the non-renewable nature of crude oil and energy and the instability brought on by the Russia-Ukraine war, the growing prices have blown a hole in the average consumer's budget. Compared to conventional automobiles, electric vehicles have lower long-term expenditures. Given the government subsidies for their purchase and the public's greater awareness of climate change, their popularity and acceptance have also increased. Therefore, the market expansion will be driven by the well-segmented supply and demand of electric and non-conventional vehicles, which are effectively zero-emission vehicles.
Restraint: high production costs and inadequate infrastructure
The machinery utilized in designing, developing, and manufacturing zero-emission automobiles is quite advanced. They are pricey. Additionally, the business is still in its infancy, which results in high capital expenses and lower market income than expected, increasing the producers' liabilities. As a result, the market's expansion will be constrained by the high capital costs of production. The market's constraints will be increased by a lack of infrastructure, including charging stations, servicing centers, and post-delivery consultations. The most widely used zero-emission vehicles on the market are electric. They generally use lithium-ion batteries for power. They contain cobalt, nickel, and manganese, all of which are bad for the environment. Carelessly discarded batteries run the risk of catching fire, which can occasionally cause property damage or fatalities. The vapors harm human health and can cause respiratory problems, limiting the market's expansion.
Opportunities: government subsidies, incentives, and funding
With the increase in flash floods, fires, droughts, and atypical rainfall, climate change's effects are being felt globally. In terms of people's lives, property, and financial resources, these catastrophes devastate the countries' economies. Multilateral forums encourage green investments in creating electric vehicles, renewable energy sources, and other sustainable activities. The justification is to invest money today to prevent capital losses brought on by the crisis of climate change in the future. Governments are promoting the developing and using electric vehicles, solar energy, and hydrogen fuel. The funds, subsidies, and incentives provided by federal agencies to the automotive sector have expanded, encouraging the use of non-conventional, emission-free vehicles. The market will benefit from the increased government investment in the study and development of zero-emission automobiles. Therefore, over the projected period, attractive possibilities will be provided by favorable government regulations for the worldwide zero-emission vehicles (ZEV) market.
Challenge: The safety concerns of ZEVs
In contrast to traditional vehicles, which use gas and crude oil as fuel, zero-emission vehicles do not release any greenhouse gases from their exhaust, making them dependent on solar, electric, or other energy sources. Lithium-ion batteries are intricately designed and assembled pieces of equipment. They are prone to catching fire if they are overused or overheated. They are also more susceptible to catching fire when their manufacturing process is not carried out with the utmost care, which could result in hazardous manufacturing anomalies. Since lithium-ion batteries cannot resist high temperatures, they must be kept dry and in the shade. Sometimes carelessness leads people to overlook these safety procedures, which causes fires. News agencies now frequently cover lithium-ion battery fires. Such unfavorable media coverage harms the product's brand and lowers the adoption rate. As a result, the market's growth will be limited by the increase in lithium-ion battery fires.
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Some of the major players operating in the Zero emission vehicle (ZEV) market are:
• BMW AG
• Chevrolet Motor Company
• Ford Motor Company
• General Motors
• Hero Electric
• Hyundai Motor Company
• Mahindra Electric Mobility Limited
• Tata Motors
• Tesla Inc.
• Toyota Motor Corporation
Key Segments cover in the market:
By Vehicle Type
• Battery Electric Vehicle
• Plug-In Hybrid Electric Vehicle
• Hybrid Electric Vehicle
• Solar Vehicle
• Fuel Cell Electric Vehicle
By Price
• Mid-Price
• luxury
By Top Speed
• less than 100 MPH
• 100-125 MPH
• More than 125 MPH
By Vehicle Class
• Commercial Vehicles
• Passenger Vehicles
• Two-Wheelers
By Vehicle Drive Type
• Front Wheel Drive
• Rear Wheel Drive
• All-Wheel Drive
By Region
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, the U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
About the report:
The market is analyzed based on value (USD Billion). All the segments have been analyzed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyzes driving factors, opportunities, restraints, and challenges for gaining critical Insight into the market. The study includes porter's five forces model, attractiveness analysis, Product analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
About The Brainy Insights:
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