Asia Pacific Zero Emission Vehicle Market Size, Share & Industry Trends Analysis Report By Price (Mid-Priced and Luxury), By Vehicle Class, By Vehicle Drive Type, By Top Speed, By Vehicle Type (BEV, PHEV, FCEV), By Country and Growth Forecast, 2022 - 2028
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Market Report Description
The Asia Pacific Zero Emission Vehicle Market would witness market growth of 19.8% CAGR during the forecast period (2022-2028).
FCVs use compressed hydrogen gas. Such cars are powered by the electricity generated by the hydrogen. Additionally, renewable resources like wind or hydroelectric power can be used to generate the hydrogen that powers FCVs. As only water is released by hydrogen fuel cells, there are no emissions. The Hyundai Nexo and Xcient as well as the Toyota Mirai II are currently available hydrogen-powered vehicles.
Electric motors and battery packs are used to provide power in Battery Electric Vehicles (BEV). The Ford Mustang Mach-E, Chevy Bolt, and Nissan Leaf are three popular all-electric vehicles. BEVs can be recharged at public charging stations or overnight at home. In addition to them, solar-powered vehicles, which have been operational, are zero-emission vehicles. New manufacturers are striving to build solar vehicles in large quantities.
China is home to 2.3 million electric vehicles, or 45% of all those on the road worldwide, according to the International Energy Agency. The government also offers a variety of programmes and incentives to encourage the development of ZEV automobiles. China is determined to lower the polluting emissions from its road transport vehicles in light of the country's fast urbanisation. Additionally, it aims to lessen the nation's reliance on hydrocarbon imports and promote the growth of the industrial sector. The world's leading producer and buyer of electric vehicles is China. National sales targets, enabling legislation, beneficial subsidies, and local air quality targets all help to support domestic demand.
The China market dominated the Asia Pacific Zero Emission Vehicle Market by Country in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $61,759.1 million by 2028. The Japan market is estimated to grow at a CAGR of 19% during (2022 - 2028). Additionally, The India market would experience a CAGR of 20.5% during (2022 - 2028).
Based on Price, the market is segmented into Mid-Priced and Luxury. Based on Vehicle Class, the market is segmented into Passenger Cars, Commercial Vehicles, and Two Wheelers. Based on Vehicle Drive Type, the market is segmented into All Wheel Drive, Front Wheel Drive, and Rear Wheel Drive. Based on Top Speed, the market is segmented into More Than 125 MPH, 100 to 125 MPH, and Less Than 100 MPH. Based on Vehicle Type, the market is segmented into BEV, PHEV, FCEV, and Others. Based on countries, the market is segmented into China, Japan, India, South Korea, Singapore, Malaysia, and Rest of Asia Pacific.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include General Motor Co., BMW Group, Toyota Motor Corporation, Mercedes-Benz Group AG (Daimler AG), Ford Motor Company, Hyundai Motor Company, Tesla, Inc., Nissan Motor Corporation, BYD Company Ltd., and Tata Motors Limited.
Scope of the Study
Market Segments Covered in the Report:
By Vehicle Class
- Passenger Cars
- Commercial Vehicles
- Two Wheelers
By Vehicle Drive Type
- All Wheel Drive
- Front Wheel Drive
- Rear Wheel Drive
By Top Speed
- More Than 125 MPH
- 100 to 125 MPH
- Less Than 100 MPH
By Vehicle Type
- South Korea
- Rest of Asia Pacific
Key Market Players
List of Companies Profiled in the Report:
- General Motor Co.
- BMW Group
- Toyota Motor Corporation
- Mercedes-Benz Group AG (Daimler AG)
- Ford Motor Company
- Hyundai Motor Company
- Tesla, Inc.
- Nissan Motor Corporation
- BYD Company Ltd.
- Tata Motors Limited
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