Published Date: 31-Jul-2022
Industry Insights | Market Trends | Highest number of Tables | 24/7 Analyst Support
According to a new report, published by KBV research, The Global Zero Emission Vehicle Market size is expected to reach $578.9 billion by 2028, rising at a market growth of 19.4% CAGR during the forecast period.
The Mid-Priced segment acquired maximum revenue share in the Global Zero Emission Vehicle Market by Price in 2021 thereby, achieving a market value of $322.1 billion by 2028. As the cost of batteries goes down, it brings the cost of electric vehicles down as well. Mid-class cars have minimal amenities and place less focus on the infotainment system and instrument panel. Several businesses, like Smart, Great Wall Motors, and BYD, are concentrating on producing affordable automobiles.
The Commercial Vehicles segment is showcasing CAGR of 19.7% during (2022 - 2028). Post COVID-19, the demand for material transportation increased as a result of the growth in construction and e-commerce operations. This has contributed to the growth of this segment. An increase in the use of electric transportation systems in developing nations is also responsible for the segment's growth.
The All-Wheel Drive segment acquired maximum revenue share in the Global Zero Emission Vehicle Market by Vehicle Drive Type in 2021 achieving a market value of $242.3 billion by 2028. An all-wheel drive vehicle is one with a powertrain capable of providing power to all its wheels, whether full-time or on-demand. This has facilitated the way Zero Emission Vehicles could utilise various factors like battery size, low centre of gravity in an innovative way. Thus, this sector proves to be a significant sector as witnessed in the forecast period.
The 100 to 125 MPH segment has shown the growth rate of 19.6% during (2022 - 2028). There are many companies that are making affordable zero emission vehicle for people with middle-income group. Along with that, the production of ZEVs with this speed is constantly increasing and hence, bolstering the growth of the segment over the forecast period.
The BEV segment is leading the Global Zero Emission Vehicle Market by Vehicle Type in 2021 thereby, achieving a market value of $309.3 billion by 2028. A battery electric vehicle, also known as a pure electric vehicle, only-electric vehicle, fully electric vehicle, or all-electric vehicle, is a class of electric vehicle that solely relies on stored chemical energy in rechargeable battery packs and does not utilise any additional sources of propulsion.
The Asia Pacific market dominated the Global Zero Emission Vehicle Market by Region in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $216.6 billion by 2028. The Europe market is exhibiting a CAGR of 18.9% during (2022 - 2028). Additionally, The North America market would showcase a CAGR of 18.6% during (2022 - 2028).
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of 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.
By Vehicle Class
By Vehicle Drive Type
By Top Speed
By Vehicle Type
Unique Offerings from KBV Research