Global Zero Emission Vehicle Market is expected to foresee significant growth. Asia Pacific to lead the growth
Global Zero Emission Vehicle Market is expected to reach the market valuation of US$ xx billion by 2027 expanding at a reasonable CAGR of xx% during the forecast period (2021-2027) from US$ xx billion in 2020. A ZEV is a vehicle that has the potential to produce no tailpipe emissions. These vehicles have significant emission benefits over conventional vehicles & run-on alternate power sources such as battery electricity, natural gas, and solar power.
The growth of Zero Emission Vehicle Market expanded significantly over the last decade, underpinned by supportive policies and technology advances across the world. For instance, as per IEA Only about 17 000 electric cars were on the world’s roads in 2010. By 2019, that number had swelled to 7.2 million, 47% of which were in The People’s Republic of China (“China”). Some of the top global companies in terms of spending include BMW, Daimler, Toyota, Volkswagen & many more.
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Governments around the world 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, in 2020 the global electric car stock hit the 10 million mark, a 43% increase over 2019, and representing a 1% stock share. Battery electric vehicles (BEVs) accounted for two-thirds of new electric car registrations and two-thirds of the stock in 2020. For instance, China, with 4.5 million electric cars, has the largest fleet, though in 2020 Europe had the largest annual increase to reach 3.2 million. Also, worldwide about 370 electric car models were available in 2020, a 40% increase from 2019.
Based on the vehicle type, the Global Zero Emission Vehicle market is bifurcated into Battery Electric Vehicles (BEV), Plug-in Hybrid Electric Vehicles (PHEV) and Fuel Cell Electric Vehicles (FCEV). The Battery Electric Vehicles (BEV) segment dominated the market and generated revenue of US$ xx billion in 2020. The segment is expected to grow at a CAGR of XX% during the forecast period to reach a market valuation of USD XX billion by 2027 owing to the fact that BEV models are offered in most vehicle segments in all regions. For instance, by 2030, BEVs will likely account for 81 per cent (25.3 million) of all new EVs sold.
For a detailed analysis of the Covid-19 Impact on the Market browse through - https://univdatos.com/report/zero-emission-vehicle-market
As per IEA, as the Covid-19 pandemic unfolded in early 2020 and lockdowns were implemented in countries around the world, global car sales experienced an unprecedented drop. The drop in global car sales in 2020 was significantly larger than the one observed during the global financial crisis of 2007-2009. However, electric car sales in 2020 defied this trend. Backed by existing policy support and additional stimulus measures, the IEA preliminary estimate is that electric car sales worldwide climbed to over 3 million and reached a market share of over 4%, making 2020 a record-breaking year for electric mobility.
Additionally, the report provides detailed initiatives that are being taken in the field of Zero Emission Vehicle. The market is classified into distinct regions including North America, Europe, Asia Pacific, MEA, and the Rest of World. Asia Pacific dominated the Global Zero Emission Vehicle Market, accounting for nearly xx% share in 2020 as China already accounts for 45% of EVs on road of the world which is 2.3 million & In addition, the number of schemes and incentives are provided by government to promote the growth of ZEV vehicles in different countries of the region.
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Global Zero Emission Vehicle Market Segmentation
Market Insight, by Vehicle Type
- Battery Electric Vehicles (BEV)
- Plug-in Hybrid Electric Vehicles (PHEV)
- Fuel Cell Electric Vehicles (FCEV)
Market Insight, by Product Type
- Other Vehicles
Market Insight, by Application
- Commercial Vehicles
- Passenger Vehicles
Market Insight, by Region
- North America
- Asia Pacific
- Rest of World
Top Company Profiles
- Tesla Inc.
- BYD Company Ltd.
- Daimler AG
- Volkswagen AG
- Toyota Motor Corporation
- General Motors