Press release
Zero Emission Vehicle Market Forecast 2025-2034: Evaluating Growth Factors, Segments, and Emerging Trends
Zero Emission Vehicle Market
The upward trend in fuel costs plays a significant role in the advancement of the zero-emission vehicle market. The term 'fuel price' pertains to the average expenses for a gallon of motor vehicle fuel. Zero-emission vehicles are effective in curbing fuel expenditures and enhancing fuel efficiency, which are essential factors given the climbing fuel costs. For example, data unveiled by the United States Department of Transportation, a government body in the US tasked with gathering data relevant to US transportation, in August 2022 shows a rise in the worldwide cost of transportation fuel from roughly $2.19 per gallon in January 2021 to $3.21 per gallon in January 2023. Thus, the escalating fuel prices will undoubtedly support the growth of the zero-emission vehicle market.
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What is the projected compound annual growth rate (CAGR) of the zero emission vehicle market from 2025 to 2034, and what factors influence it?
In recent years, the size of the zero emission vehicle market has seen an exponential increase. It is projected to expand from $271.92 billion in 2024 to $338.95 billion in 2025, recording a compound annual growth rate (CAGR) of 24.7%. The past growth can be ascribed to factors such as environmental concerns, government regulations, public interest and awareness, decreased operational costs and investment in charging infrastructure.
In the subsequent years, a steep upward trend is anticipated in the zero emission vehicle market's size. Projected to escalate to $771.76 billion by 2029, this sector will compound at an annual growth rate of 22.8%. Factors contributing to this projected expansion during the forecast period include government pledges towards decarbonization, expanded charging infrastructure, car manufacturer's commitments towards electrification, fiscal incentives and tax reductions, as well as increasing fuel costs. Key developments expected throughout the forecasting horizon comprise advancements in battery technology, innovative breakthroughs in vehicle design, a wider vehicle range, and enhanced energy recovery during braking.
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How are the latest trends influencing the growth of the zero emission vehicle market?
Product innovation is increasingly becoming a trend in the zero-emission vehicle industry. The focus for the companies operating within this field is to create vehicles that not only have zero emissions but also have extended functionality and broader use. For example, in May 2023, Daimler Truck AG, a well-known commercial vehicle manufacturer from Germany, introduced a new range of zero-emission electric trucks named RIZON. These new trucks are customizable to the specific needs of each client, therefore enhancing their regular operations and overall efficiency. The target market for these zero-emission vehicles is businesses engaged in urban retail logistics activities and are perfectly designed for various functions such as dry vans, flatbeds, landscaping dumps and reefers.
What are the major segments of the zero emission vehicle market and their role in driving growth?
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
Subsegments:
1) By Battery Electric Vehicle (BEV): Small BEVs, Medium BEVs, Large BEVs
2) By Plug-In Hybrid Electric Vehicle (PHEV): Compact PHEV, Midsize PHEV, Luxury PHEV
3) By Fuel Cell Electric Vehicle (FCEV): Passenger FCEV, Commercial FCEV
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Which regions are key players in the growth of the zero emission vehicle market?
North America was the largest region in the zero-emission vehicle market in 2024. 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.
Who are the key firms paving the way for growth in the zero emission vehicle market?
Major companies operating in the zero emission vehicle market include 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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What Is Covered In The Zero Emission Vehicle Global Market Report?
• Market Size Forecast: Examine the zero emission vehicle market size across key regions, countries, product categories, and applications.
• Segmentation Insights: Identify and classify subsegments within the zero emission vehicle market for a structured understanding.
• Key Players Overview: Analyze major players in the zero emission vehicle market, including their market value, share, and competitive positioning.
• Growth Trends Exploration: Assess individual growth patterns and future opportunities in the zero emission vehicle market.
• Segment Contributions: Evaluate how different segments drive overall growth in the zero emission vehicle market.
• Growth Factors: Highlight key drivers and opportunities influencing the expansion of the zero emission vehicle market.
• Industry Challenges: Identify potential risks and obstacles affecting the zero emission vehicle market.
• Competitive Landscape: Review strategic developments in the zero emission vehicle market, including expansions, agreements, and new product launches.
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