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Zero Emission Vehicle Market: Key Drivers, Trends, Growth, Outlook 2024-2033
Zero Emission Vehicle Market Demand
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According to The Business Research Company's, 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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Market Drivers and Trends:
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.
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.
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Major Key Players of the Market:
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.
Zero Emission Vehicle Market 2024 Key Insights:
• 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%.
• Escalating Fuel Prices Propel Growth In The Zero-Emission Vehicle Market
• Innovative Developments In Zero-Emission Vehicle Market
• North America was the largest region in the zero emission vehicle market in 2023
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