Press release
Zero Emission Vehicle Market will touch a new level in upcoming year with Top Key players like Hyundai, BMW, Tesla Inc.
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Market Overview
Global Zero Emission Vehicle Market is e-periencing significant growth on account of electric cars which are gradually becoming more competitive in some countries on a total cost of ownership basis. Also, several governments provided or e-tended fiscal incentives that buffered electric car purchases from the downturn in car markets. 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.
Furthermore, 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.
COVID-19 Impact
Due to lockdown, global car sales had a downward trend however, electric car sales in 2020 defied this trend. As per IEA, Consumers spent USD 120 billion on electric car purchases in 2020, a 50% increase from 2019, which breaks down to a 41% increase in sales and a 6% rise in average prices. In 2020, the global average BEV price was around USD 40 000 and around USD 50 000 for a PHEV. Governments across the world spent USD 14 billion on direct purchase incentives and ta- deductions for electric cars in 2020, a 25% rise year-on-year. Despite this, the share of government incentives in total spending on EVs has been on a downward slide from roughly 20% in 2015 to 10% in 2020.
Global Zero Emission Vehicle Market report is studied thoroughly with several aspects that would help stakeholders in making their decisions more curated.
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By Vehicle Type, the market is primarily bifurcated into:
• Battery Electric Vehicles (BEV)
• Plug-in Hybrid Electric Vehicles (PHEV)
• Fuel Cell Electric Vehicles (FCEV)
The Battery Electric Vehicles (BEV) segment dominated the market and generated revenue of US$ -. billion in 2020. The segment is e-pected to grow at a CAGR of -.% during the forecast period to reach a market valuation of USD -. billion by 2027 owing to the fact that BEV models are offered in most vehicle segments in all regions.
By Product Type, the market is mainly segmented into:
• Buses
• Truck
• Cars
• Other Vehicles
In 2020, the cars segment dominated the Zero Emission Vehicle Market and accounted for -.% market share. This segment will witness a considerable CAGR of -.% during the forecast period (2021-2027F) owing to the significant demand & production targets of OEMs across the world.
By Application, the market is primarily studied into:
• Commercial Vehicles
• Passenger Vehicles
The Passenger Vehicles segment grabbed -.% market share of the Global Zero Emission Vehicle Market and gathered revenue of USD -. billion in 2020. The segment is e-pected to grow at a CAGR of -.% during the forecast period to reach a market valuation of USD -. billion by 2027 owing to the increased demand due to initiatives offered by the governments across the world.
Global Zero Emission Vehicle Market Region Segmentation Includes:
• North America
• Europe
• Asia Pacific
• MEA
• Rest of World
Based on the estimation, Asia-Pacific dominated the market in 2020 and is e-pected to maintain its dominance during the forecast period (2021-2027).
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The major players targeting the market includes:
• Hyundai
• BMW
• Tesla Inc.
• BYD Company Ltd.
• Daimler AG
• Volkswagen AG
• Toyota Motor Corporation
• General Motors
Competitive Landscape
The degree of competition among prominent companies has been elaborated by analyzing several leading key players operating in the Global conte-t. The specialist team of research analysts sheds light on various traits such as Global market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the Global Zero Emission Vehicle Market. The major players have been analyzed using different research methodologies for getting insight views on market competition.
Key questions resolved through this analytical market research report include:
• What are the latest trends, new patterns, and technological advancements in the Global Zero Emission Vehicle Market?
• Which factors are influencing the Global Zero Emission Vehicle Market over the forecast period?
• What are the global challenges, threats, and risks in the Global Zero Emission Vehicle Market?
• Which factors are propelling and restraining the Global Zero Emission Vehicle Market?
• What are the demanding global regions of the Zero Emission Vehicle Market?
• What will be the market size in the upcoming years?
• What are the crucial market acquisition strategies and policies applied by the companies?
We understand the requirement of different businesses, regions, and countries, we offer customized reports as per your requirements of business nature. Please let us know If you have any custom needs.
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About UnivDatos Market Insights
UnivDatos Market Insights (UMI) is a passionate market research firm and a subsidiary of Universal Data Solutions. We believe in delivering insights through Market Intelligence Reports, Customized Business Research, and Primary Research. Our research studies are spread across topics across the world, we cover markets in over 100 countries using smart research techniques and agile methodologies. We offer in-depth studies, detailed analysis, and customized reports that help shape winning business strategies for our clients.
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