Zero Emission Vehicle market is being heavily supported by the Government across the world as they are implementing policies to promote electric vehicles to reduce oil consumption, climate-related emissions, and local air pollution and to stake out an industrial leadership position in the new advanced technology. After a decade of rapid growth, the global electric car stock hit the million marks and the sale increased at a double digit year on year growth over the previous year that is 2019. Battery electric vehicles (BEVs) accounted for two-thirds of new electric car registrations and two-thirds of the stock in 2020. China has the largest fleet of electric cars, though in 2020 Europe had the largest annual increase.
According to the report analysis, ‘Zero Emission Vehicle Market: Current Analysis and Forecast (2021-2027)’ states that some of the major players operating in the market include Hyundai, Tesla, BMW, BYD, Daimler, Volkswagen, etc. Several M&A’s along with partnerships have been undertaken by these players to boost their presence in different regions.
Additionally, report also covers comprehensive information about the market which is further segmented on the basis of Vehicle Type, Application Type, and Product Type. The report on Zero Emission vehicle market is further segmented by vehicle type (Battery Electric Vehicles (BEV), Plug-in Hybrid Electric Vehicles (PHEV) and Fuel Cell Electric Vehicles (FCEV)), and Application Type (Commercial Vehicles & Passenger Vehicles), and by Product Type (Buses, Trucks, cars & other vehicles). Moreover, numerous factors which further contributed to increased electric car registrations in 2020. Notably, electric cars are gradually becoming more competitive in some countries on a total cost of ownership basis. Also, several governments provided or extended fiscal incentives that buffered electric car purchases from the downturn in car markets.
The market adoption of Zero Emission Vehicle is analysed based on its worldwide presence in the countries such as North America (United States, Canada), Europe (Germany, France, Italy, Spain, United Kingdom, Norway, Sweden, Denmark, Netherlands and Rest of Europe), Asia-Pacific (China, Japan, India, South Korea and Rest of APAC), MEA and Rest of World. Asia Pacific constitutes the largest market for the industry with million vehicle sales in 2020 owing to the fact that China already accounts for highest percentage of EVs on road of the world & In addition, the number of schemes and incentives are provided by government to promote the growth of ZEV vehicles. China has the widest offering, reflecting it’s less consolidated automotive sector and that it is the world’s largest EV market. But in 2020 the biggest increase in number of models was in Europe where it more than doubled.
The report also covers various qualitative sections in its coverage such as trends and development, market restraints include driving range of EV’s, lack of charging infrastructure & a few models’ availability are some factors impeding the growth of this market all over the world, market overview and genesis, market size and segmentation and also the company profiles.
In the near future, it is anticipated that the Zero Emission Vehicle Market will expand significantly at a double digit CAGR during the period 2021-2027F. This is majorly due to boost on account of the increasing demand for EV’s due to the friendly government policies with various schemes & incentives provided for same across the world.
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Global Zero Emission Vehicle Market
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