Zero Emission Vehicle Market is expected to grow at the 19.2% CAGR during 2021- 2027, says Brandessence Market Research

Zero Emission Vehicle Market is expected to grow at the 19.2% CAGR during 2021- 2027, says Brandessence Market Research

PR Newswire

PUNE, India, Feb. 1, 2021

PUNE, India, Feb. 1, 2021 /PRNewswire/ -- Zero Emission Vehicle Industry is expected to register over 19.2% CAGR between 2021 and 2027. Increasing awareness regarding environmental pollution & supportive government policies to promote electric vehicles globally are anticipated to drive the growth of Global Zero Emission Vehicle Market.

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Key Players for Global Zero Emission Vehicle Market Report: Some major key players for global Zero Emission Vehicle Industry are Hyundai, BMW, Chevrolet, Toyota, Nissan, Volkswagen, Mercedes-Benz, Tesla, BYD, Kia, Fiat, Tata Motors, Honda Motor and others.

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Zero emission vehicles (ZEV) are the vehicles which don't emit pollutants in its exhaust gas from source of power. The vehicles uses different type of source of power such as gasoline, diesel, CNG, etc. which emits different types of pollutant from its tailpipe i.e. particulates, carbon monoxide, hydrocarbons and etc. The pollutants released from gasoline powered vehicles leads to various health problems such as COPD, asthma & environmental problems like global warming.

The ZEV is a solution to these problems as it emits no pollutants as exhaust gas, & it uses the renewable energy sources for powering up like solar which would make less dependence on fossil fuel. The reduction in the pollutants in environment leads to cleaner air & less health problem like COPD. The developed economies spend approx 18% of GDP on healthcare every year which would save a lot of money & many lives which could be used to fight hunger, education etc. The ZEV would be an impressive saving on fuel & maintenance cost which would approximately half of gasoline vehicle, and it would help nature to grow with reduced global warming to some extent.

Global zero emission vehicle (ZEV) market report is segmented on the basis of vehicle type, application, and region & country level. Based upon vehicle type, global zero emission vehicles (ZEV) market is classified battery electric vehicles (BEV), plug-in hybrid electric vehicles (PHEV) and fuel cell electric vehicles (FCEV). Based upon application, global zero emission vehicles (ZEV) market is divided into commercial and passenger vehicle.

Global Zero Emission Vehicle (ZEV) Market Segmentation:

By Vehicle type: Battery Electric Vehicles (BEV), Plug-in Hybrid Electric Vehicles (PHEV), Fuel Cell Electric Vehicles (FCEV)

By Application: Commercial Vehicles, Passenger Vehicles

During Covid-19 pandemic, the automotive market got hit hard by lockdown & reduced purchasing power of individuals. At the height of the crisis, over 90 percent of the factories in China, Europe, and North America closed. With the stock market and vehicle sales plummeting, automakers and suppliers have laid off workers or relied on public intervention. These factors have resulted in a slow growth in the global zero emission vehicles (ZEV) market.

News: Mercedes Benz Announced its Electric Car with 426 km range named EQA 250.

January 21st, 2021; The Mercedes Benz announced its zero-emission version of GLA, an electric SUV. The EV uses the body of GLA as basis, with some changes which gives car a unique appearance like reshaped headlight with full LED lamps as standard. It offers AMG line trim which provide sportier front and back bumper & signature of double lourve grille. It is powered by single motor electric train which delivers power of 188 HP and 375 Nm torque with 66.6kWh Lithium- ion battery with range of 426 km and top speed of 160 km/h.

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Increasing Awareness Regarding Environmental Issues Caused by Vehicles is One of the Major Factors Driving the Growth of Global Zero Emission Vehicle (ZEV) Market.

Increasing number of government schemes/incentive along with charging facilities for individual in niche market segment may create more opportunities for the further growth of the market.

The major factor driving the growth of global zero emission vehicle (ZEV) market is the growing awareness about environmental issues caused by vehicles. The environmental problems like air pollution, global warming, increasing carbon footprint, etc. are caused by automotive exhaust gases which lead to environmental & health problems like respiratory issue and etc. And shifting to ZEV will provide better health & sustainable environment for future generations. In addition, the low fuel & maintenance cost will lead to more saving. The maintenance cost & fuel is almost half the for ZEV than compared to gasoline powered vehicle as it uses electricity as power source and required low maintenance and no oil use, only electric motor is employed. Furthermore, the schemes, policies & incentives provided by government to promote EVs will also enhance the growth of ZEV market.

Asia-Pacific is Anticipated to Witness a Fastest Growth in the Global Zero Emission Vehicle (ZEV) Market

The global zero emission (ZEV) market is segmented into North America, Europe, Asia-Pacific Latin America and Middle East & Africa. Asia-Pacific is expected to witness a fastest growth in the global zero emission vehicle (ZEV) market within the forecast period due to the increasing disposable income and growing awareness regarding environmental issues in this region.

According to International Energy Agency, China 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. Europe is anticipated to show a significant growth in the global zero emission vehicle market due to supportive government policies to address the environmental issues. According to International Energy Agency; the Europe accounts for 24% of EVs on road of the world.

The regions covered in Global Zero Emission Vehicle Market report are North America, Europe, Asia-Pacific, Latin America and Rest of the World. On the basis of country level, the market of global Zero Emission Vehicles sub divided into U.S., Mexico, Canada, U.K., France, Germany, Italy, China, India, Japan, South East Asia, Middle East Asia (UAE, Egypt, Saudi Arabia) GCC, Africa, etc.

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