Zero Emission Vehicle Market: Current Analysis and Forecast (2021-2027)

Zero Emission Vehicle Market sales stood at 1.8 million vehicles in 2019 and is anticipated to reach XX million vehicles sale by 2027 displaying a CAGR of 29.7% over the forecast period (2021-2027). 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”).
Other factors driving the growth of the Zero Emission Vehicle market globally are: improvements in battery technology and cost, more charging infrastructure being built, and new compelling models from automakers. Also, Electrification is another force which is also spreading to new segments of road transport, setting the stage for huge changes ahead. For instance, as per BCG, the global market share of electrified cars, SUVs, and other light vehicles grew from 8% in 2019 to 12% in 2020 and has shown continued strength in early 2021. This shift will accelerate dramatically in the years to come & the updated forecast predicts that by 2026 electrified vehicles will account for more than half of light vehicles sold globally.
Hyundai, Tesla, BMW, BYD Company Ltd., Daimler, Volkswagen AG, Toyota Motor Corporation, and General Motors are some of the prominent players operating in the Zero Emission Vehicle market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with more models & innovative vehicles.
Insights Presented in the Report
“Amongst Vehicle Type, Battery Electric Vehicles (BEV) segment holds the major share.”
Based on the vehicle type, the 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 with nearly XX million vehicles sold in 2020. The segment is expected to grow at a CAGR of XX% during the forecast period to reach a XX million vehicles sale 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% (25.3 million) of all new EVs sold.
“Amongst Application Type, Passenger Vehicles dominated the market in 2020.”
Based on application type the market is segmented into Commercial Vehicles and Passenger Vehicles. The Passenger Vehicles segment grabbed XX% market share of the Zero Emission Vehicle Market with the XX million vehicles sale in 2020. The segment is expected to grow at a CAGR of XX% during the forecast period to reach a XX million vehicles sale by 2027 owing to the increased demand due to initiatives offered by the governments across the world. For instance, as per Bloomberg, Passenger EV sales are set to increase sharply in the next few years, rising from 3.1 million in 2020 to 14 million in 2025.
“Amongst Product Type, Cars are expected to dominate the market during the analyzed period.”
Based on product type the Zero Emission Vehicle market is bifurcated into Buses, Trucks, Cars and Other Vehicles. In 2020, the cars segment dominated the Zero Emission Vehicle Market and accounted for XX% market share. This segment will witness a considerable CAGR of XX% during the forecast period (2021-2027F) owing to the significant demand & production targets of OEMs across the world. For instance, as of 2020, Passenger cars have 4% share of EV sales with 10 M Size of fleet across the world however the same is set to expand as electric cars are gradually becoming more competitive in some countries on a total cost of ownership basis & several governments are providing or extending fiscal incentives that will buffer electric car purchases from the downturn in car markets.
“Asia Pacific represents as the largest market in the Zero Emission Vehicle market.”
For better understanding of the market penetration of Zero Emission Vehicle, the report provides a detailed analysis of major regions including North America, Europe, Asia Pacific, MEA and the rest of the world. Asia Pacific constitutes the largest market for the industry and with the sales of XX million vehicles in 2020 owing to the fact that 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. However, North America is also identified as emerging markets offering significant growth opportunities for key players owing to the rapidly developing EV infrastructure.
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• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry
• The study comprehensively covers the market across different segments
• Deep dive country-level analysis of the industry
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