The global zero-emission vehicle market size was US$ 182.8 billion in 2021. The global zero-emission vehicle market size is estimated to reach US$ 1023.9 billion by 2030, growing at a compound annual growth rate (CAGR) of 21.1% during the forecast period from 2022 to 2030.
A zero-emission vehicle is an automobile that does not radiate the tailpipe impurity from the onboard origin of energy. These automobiles have important emission advantages over conventional automobiles and run on alternate power sources like natural gas, battery electricity, and solar power. It is mainly prepared to substitute conventional ways of travel as they guide environmental decay.
Factors Influencing Market Growth
? The rising problem regarding environmental pollution, strict restrictions on automobile emission standards by governments, and an upsurge in the need for fuel-efficient and high-performance automobiles drive the overall market expansion.
? The high manufacturing price and coverage anxiety and serviceability are the elements anticipated to hinder the overall market expansion.
? Technological progress and proactive government ambitions are anticipated to drive the overall market expansion.
Effect of the COVID-19 Pandemic
The COVID-19 outbreak had an adverse influence on the overall market expansion. This is due to the significant reduction in automotive sales during the pandemic, lack of raw materials, and others. Many small and major companies in the automotive industry are noticing problems such as a stop of production activities, required factory closures by the government, and others. However, different industry leaders in the automotive industry are making significant efforts in restructuring their supply chains and production line for the delivery of essential medical supplies. For example, Omega Seiki Mobility introduced Rage+frost, a refrigerated load carrier three-wheeler, which is particularly prepared for pharmaceutical, vaccine, and food delivery in these tough times.
Asia-Pacific is predicted to notice a most rapid growth in the overall market within the analysis period owing to the rising disposable income and increasing understanding concerning environmental problems in this region.
The prominent players in the global zero-emission vehicle market are:
? Solar Electric Vehicle Company
? Hanergy Thin Film Power Group
? Sono Motors
? Toyota Motor Corporation
? Volkswagen AG
? Tata Motors
? Hyundai Motor Company
? Ampere Vehicles
The global zero-emission vehicle market segmentation focuses on Vehicle Class, Price, Vehicle Type, Vehicle Drive Type, Top Speed, and Region.
Segmentation on the basis of Vehicle Class
? Passenger Cars
? Commercial Vehicles
? Two Wheelers
Segmentation on the basis of Price
Segmentation on the basis of Vehicle Type
? Solar Vehicles
Segmentation on the basis of Vehicle Drive Type
? Front Wheel Drive
? Rear Wheel Drive
? All Wheel Drive
Segmentation on the basis of Top Speed
? Less Than 100 MPH
? 100 to 125 MPH
? More Than 125 MPH
Segmentation on the basis of Region
? North America
? The U.S.
? Western Europe
? The UK
? Rest of Western Europe
? Eastern Europe
? Rest of Eastern Europe
? Asia Pacific
? Australia & New Zealand
? Rest of Asia Pacific
? Middle East & Africa (MEA)
? Saudi Arabia
? South Africa
? Rest of MEA
? South America
? Rest of South America