Low Emission Vehicle Market Share, Size, Demand, Key Players by Forecast 2032

The global low-emission vehicle market size was valued at around USD 126 billion in 2021 and expected to grow at a CAGR of 16.9% during the forecast period.

A zero emission vehicle (ZEV) is one that uses its onboard power source to generate no exhaust pollutants. These vehicles operate on alternative energy sources such battery electricity, natural gas, and solar power and have significant emission reductions over traditional vehicles. It is primarily intended to replace traditional modes of transportation because they cause pollution. It has become more well-known as a result of several technical developments. It performs better than a traditional car thanks to its higher fuel economy, less carbon emissions, ease of home charging, smoother ride, and diminished engine noise. Currently, the majority of zero emission cars use an extremely effective electric drive system that combines high voltage storage batteries, a high-speed charging mechanism, and one or more types of onboard electric power generation.

such as solar panels or brake regeneration. For instance, General Motors introduced the BrightDrop EV600 commercial delivery EV and the off-road EV super truck (GMC Hummer EV Edition) in December 2021. Both vehicles were constructed on the Ultium platform and offer decreased vehicle emissions and strong battery protection to speed up last-mile delivery. The zero-emission vehicle (ZEV) market, however, is still in its early stages and is anticipated to grow rapidly over the next few years.

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such as brake regeneration or solar panels. For instance, in December 2021, General Motors unveiled the off-road EV super truck (GMC Hummer EV Edition) and the BrightDrop EV600 commercial delivery EV. Both vehicles, which were built on the Ultium platform, have superior battery protection and lower vehicle emissions to hasten last-mile delivery. However, the market for zero-emission vehicles (ZEVs) is still in its infancy and is expected to expand quickly over the following few years.

Surge in concern about environmental pollution

Vehicle manufacturers have been driven to implement technology that have a lower environmental impact due to the rising trend towards automation in transportation. Because the tailpipes of the vehicles generate chlorofluorocarbons and other dangerous chemicals that cause environment pollution, emissions brought on by internal combustion engines of the vehicles worsen the environment to a much greater level. ZEVs, which don't generate any pollutants as exhaust gas, are a solution to these problems in the interim. They also use solar energy, which is expected to lessen their reliance on fossil fuels, along with other sustainable energy sources. The use of internal combustion engines in automobiles is therefore anticipated to decrease to a much greater extent with the advent of zero emission vehicles (ZEVs), leading to

there is less pollution. Governments in wealthy nations have also launched programmes to cut industrial and vehicular pollution in an effort to lower citizens' carbon footprints. Many nations anticipate having electric vehicles with the same power as gasoline-powered automobiles on their highways by the year 2030. For instance, in September 2021, the Government of Indonesia and the Hyundai Motor Group and LG Energy Solutions Ltd. announced a strategic agreement to develop an EV battery cell factory in Karawang with an annual capacity of 10 GWh, or enough battery cells for around 150,000 E-GMP battery electric vehicles. Thus, throughout the projected period, it is anticipated that growing environmental concern will support the market expansion for zero emission vehicles.

Stringent government regulation on vehicle emission norms

regulations and emission standards to lower car emissions. Strict emission objectives for the reduction of nitrogen oxides (NOx) and carbon dioxide (CO2) in the air are major regulatory actions. The United States' federal and state governments have increased their efforts to make transportation more environmentally friendly as a result of high levels of greenhouse gas emissions from vehicles.

The U.S. Environmental Protection Agency (EPA), for instance, declared that it was developing new regulations to cut down on nitrogen oxide (NOx) and other pollution emissions from heavy-duty trucks. The most recent and significant changes for the promotion and advancement of ZEVs in India also include the extension of the FAME-II (Faster Adoption & Manufacturing of Electric Vehicles) programme, which was previously valid until March 2022, until that month.

According to the Director of the Maharashtra Pollution Control Board (MPCB), the goal of the programme is to minimise vehicular emissions by having a 10% percentage of electric vehicles among all new vehicle registrations by 2025. Therefore, the burden on vehicle manufacturers, particularly those of commercial vehicles, has increased with the implementation of emission restrictions for fossil fuel-powered vehicles. In turn, it is anticipated that this will increase demand for zero-emission automobiles. Therefore, the strict pollution regulations placed on commercial vehicles powered by fossil fuels are a major factor in the market expansion for zero emission vehicles (ZEVs).

Market Segmentation:

Vehicle Type: The low emission vehicle market can be segmented into passenger cars, light commercial vehicles, and heavy commercial vehicles.

Fuel Type: The low emission vehicle market can be segmented into battery electric vehicles (BEVs), plug-in hybrid electric vehicles (PHEVs), hybrid electric vehicles (HEVs), and fuel cell electric vehicles (FCEVs).

Region: The low emission vehicle market can be segmented into North America, Europe, Asia-Pacific, and Rest of the World.

Competitive Landscape:

The global low emission vehicle market is highly competitive, with several major players competing for market share.

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Some of the key players in the market include:

Tesla

Toyota

General Motors

Volkswagen

Nissan

Other significant players in the market include Ford, Hyundai, BMW, and Daimler. These companies are investing heavily in electric and hybrid technology, and are introducing new models to meet growing demand for low emission vehicles. As the market continues to grow, competition among these players is expected to intensify, leading to further innovation and advancements in low emission vehicle technology.

Key Benefits:
• The analysis provides an overview of the factors driving and limiting the growth of the market including trends, structure and others.
• Market estimation for type and geographic segments is derived from the current market scenario and expected market trends.
• Porter's Five Force Model and SWOT analysis are used to study the global Low Emission Vehicle market and would help stakeholders make strategic decisions.
• The analysis assists in understanding the strategies adopted by the companies for the growth of this market.
• In-depth analysis of the types of Low Emission Vehicle would help in identifying future applications in this market.

Reasons to Purchase this Report:
• Qualitative and quantitative analysis of the market based on segmentation involving both economic as well as non-economic factors
• Provision of market value (USD Billion) data for each segment and sub-segment
• Indicates the region and segment that is expected to witness the fastest growth as well as to dominate the market
• Analysis by geography highlighting the consumption of the product/service in the region as well as indicating the factors that are affecting the market within each region
• Competitive landscape which incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions, and acquisitions in the past five years of companies profiled
• Extensive company profiles comprising of company overview, company insights, product benchmarking, and SWOT analysis for the major market players
• The current as well as the future market outlook of the industry with respect to recent developments which involve growth opportunities and drivers as well as challenges and restraints of both emerging as well as developed regions
• Includes in-depth analysis of the market of various perspectives through Porter's five forces analysis
• Provides insight into the market through Value Chain
• Market dynamics scenario, along with growth opportunities of the market in the years to come
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