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Zero Emission Vehicle Market Growth Revenue, Future Developments And Analysis Report 2024
Zero Emission Vehicle Market Growth
Zero Emission Vehicle Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.
The Market Size Is Expected To Reach $630.71 billion In 2028 At A CAGR Of 23.0%.
The zero emission vehicle market size has grown exponentially in recent years. It will grow from $219.6 billion in 2023 to $275.23 billion in 2024 at a compound annual growth rate (CAGR) of 25.3%. The growth in the historic period can be attributed to environmental concerns, government regulations, consumer interest and awareness, reduced operating costs, investment in charging infrastructure.
The zero emission vehicle market size is expected to see exponential growth in the next few years. It will grow to $630.71 billion in 2028 at a compound annual growth rate (CAGR) of 23.0%. The growth in the forecast period can be attributed to government commitments to decarbonization, expanding charging infrastructure, automaker commitments to electrification, economic incentives and tax breaks, rising fuel prices. Major trends in the forecast period include advancements in battery technology, technological innovation in vehicle design, diverse vehicle offerings, regenerative braking efficiency.
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Zero Emission Vehicle Market Major Segments
The zero emission vehicle market covered in this report is segmented -
1) By Vehicle Type: Battery Electric Vehicle (BEV), Plug-In Hybrid Electric Vehicle (PHEV), Fuel Cell Electric Vehicle (FCEV)
2) By Vehicle Drive Type: Front Wheel Drive, Rear Wheel Drive, All Wheel Drive
3) By Source Of Power: Gasoline, Diesel, Compressed Natural Gas (CNG), Other Sources Of Power
4) By Application: Commercial Vehicle, Passenger Vehicle, Two Wheelers
5) By End-Use Industry: Government, Public Transportation, Logistics
Key Driver - Escalating Fuel Prices Propel Growth In The Zero-Emission Vehicle Market
Rising fuel prices significantly contribute to the growth of the zero-emission vehicle market going forward. Fuel price refers to the average cost per gallon of fuel used for motor vehicles. Zero-emission vehicles effectively reduce fuel costs and increase fuel economy, which is crucial considering the rising fuel prices. For instance, according to August 2022 data released by the United States Department of Transportation, a US-based government agency responsible for collecting information related to US transportation, the global price of transportation fuel increased from approximately $2.19 per gallon in January 2021 to $3.21 per gallon in January 2023. Therefore, rising fuel prices will drive the zero-emission vehicle market.
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Prominent Trend - Innovative Developments In Zero-Emission Vehicle Market
Product innovation is the key trend gaining popularity in the zero-emission vehicle market. Major companies operating in the zero-emission vehicle market focus on developing zero-emission vehicles that serve more functions and have more significant applications. For instance, in May 2023, Daimler Truck AG, a Germany-based manufacturer of commercial vehicles, launched a new line of zero-emission electric trucks under the brand name RIZON. The new electric truck offers provide various configurations and options tailored to each customer's needs to maximize day-to-day operations and efficiency. These zero-emission vehicles will be marketed to businesses involved in urban retail logistics. They will be ideally suited to various applications such as dry vans, flatbeds, landscaping dumps, and reefers.
Zero Emission Vehicle Market Players
Major companies operating in the zero emission vehicle market report are Volkswagen AG, Toyota Motor Corporation, Mercedes-Benz Group AG, Ford Motor Company, General Motors, Bayerische Motoren Werke AG, Hyundai Motor Company, Tesla Inc., Nissan Motor Co. Ltd., Audi AG, Kia Corporation, BYD Company Limited, Nikola Corporation, Renault Group, AB Volvo, Porsche AG, Jaguar Land Rover Automotive PLC, Geely Automobile Holdings Limited, NIO Inc, Xpeng Inc., Rivian Automotive LLC, Lucid Group Inc, Faraday Future Intelligent Electric Inc., Proterra Inc., Energica Motor Company S.p.A., Electrameccanica Vehicles Corp., Bollinger Motors, Workhorse Group Inc., Fisker Inc., Lordstown Motors Corp.
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Largest And Fastest Growing Region In The Market
North America was the largest region in the zero emission vehicle market in 2023. Asia-Pacific is expected to be the fastest-growing region in the zero emission vehicle market report during the forecast period. The regions covered in the zero emission vehicle market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Zero Emission Vehicle Market Report Structure
3. Zero Emission Vehicle Market Trends And Strategies
4. Zero Emission Vehicle Market - Macro Economic Scenario
5. Zero Emission Vehicle Market Size And Growth
…..
27. Zero Emission Vehicle Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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