The global zero emission vehicle (ZEV) market size was exhibited at USD 232.92 billion in 2022 and is projected to hit around USD 2,124.54 billion by 2032, growing at a CAGR of 24.74% during the forecast period 2023 to 2032.
Key Pointers:
Zero Emission Vehicle (ZEV) Market Report Scope
Report Coverage |
Details |
Market Size in 2023 |
USD 290.54 Billion |
Market Size by 2032 |
USD 2,124.54 Billion |
Growth Rate From 2023 to 2032 |
CAGR of 24.74% |
Base Year |
2022 |
Forecast Period |
2023 to 2032 |
Segments Covered |
Vehicle Type, Application, Price, Vehicle Drive Type, Top Speed, Source of Power |
Market Analysis (Terms Used) |
Value (US$ Million/Billion) or (Volume/Units) |
Regional Scope |
North America; Europe; Asia Pacific; Central and South America; the Middle East and Africa |
Key Companies Profiled |
Fiat, Hyundai, BMW, Kia, Chevrolet, Toyota, BYD, Tesla, Nissan, Volkswagen and Others. |
Zero emission vehicles (ZEV) do not emit pollutants through their exhausts. Vehicles that uses different type of source of power such as gasoline, diesel, CNG, etc., emit various pollutants from their tailpipes, i.e. particulates, carbon monoxide, hydrocarbons, etc. The pollutants released from gasoline powered vehicles leads to various health issues such as COPD, asthma, and environmental issues such as global warming.
ZEVs offer significant emission benefits over conventional vehicles, and run on alternate power sources such as battery electricity, natural gas, and solar power. The zero emission vehicle (ZEV) market is still in its nascent stage, and it is expected to expand exponentially in the next few years.
Key Drivers of Global Zero Emission Vehicle (ZEV) Market:
ZEVs are a solution to these issues, as these vehicles emit no pollutants as exhaust gas. Furthermore, they employ renewable energy sources for power, such as solar, which would reduce the dependence on fossil fuel. Reduction in pollutants in the environment leads to cleaner air and fewer health issues such as COPD. Developed economies spend approx. 18% of their GDPs on healthcare every year, which would save a lot of money & many lives that could be used to fight hunger, education, etc. ZEVs would be an impressive saving on fuel and maintenance cost, which would be approximately half of that required for gasoline vehicles. This, in turn, would help nature grow and reduce global warming to some extent. This is likely to drive the zero emission vehicle (ZEV) market across the globe.
The global zero emission vehicle (ZEV) market is primarily driven by government incentives and increased awareness among consumers. Global temperature rise is, presently, a matter of concern, as it is be harmful for humans and the environment. Temperature rise is majorly attributed to an increase in pollution levels, and vehicles are a major source of pollution. Governing bodies are forming alliances at the global level and enacting stringent emission norms in order to limit the rise in global temperature. ZEVs are expected to eliminate pollution caused due to fuel powered vehicles, as they do not utilize fossil fuel and do not emit any kind of pollution. Therefore, governing bodies are promoting these vehicles by offering heavy subsidies and exemptions for ZEVs.
Raised awareness about ZEVs and global warming is prompting consumers to prefer ZEVs. Furthermore, consistent rise in fuel prices, decline in prices of ZEVs, increase in capacity of ZEVs, and rise in per capita income are further fueling the demand for ZEVs across the globe.
Battery Electric Vehicles to Offer Attractive Opportunities:
Battery electric vehicles are witnessing a significant rise in adoption from consumers across the globe, which is primarily attributed to government subsidies and increased awareness. Battery electric vehicles utilize a battery, mostly lithium-ion battery, as a power source to run electric motors. Air powered vehicles are considered as a prominent mode of transportation, as they utilize compressed air for propelling the vehicle. The technology is still in the development phase, and it is expected to offers opportunities to the zero emission vehicle (ZEV) market in the near future.
Lack of Infrastructural Facilities to Hamper Market:
A major restraint to the global zero emission vehicle market is lack of infrastructural facilities. Electric vehicles are prominent ZEVs, which are witnessing an increase in demand across the globe. Lack of electric vehicle charging infrastructure is primarily restraining the electric vehicle market, which in turn is hampering the zero emission vehicle market.
Some of the prominent players in the Zero Emission Vehicle (ZEV) Market include:
Segments Covered in the Report
This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2018 to 2032. For this study, Nova one advisor, Inc. has segmented the global Zero Emission Vehicle (ZEV) market.
By Vehicle Type
By Application
By Price
By Vehicle Drive Type
By Top Speed
By Source of Power
By Region
Chapter 1. Introduction
1.1. Research Objective
1.2. Scope of the Study
1.3. Definition
Chapter 2. Research Methodology
2.1. Research Approach
2.2. Data Sources
2.3. Assumptions & Limitations
Chapter 3. Executive Summary
3.1. Market Snapshot
Chapter 4. Market Variables and Scope
4.1. Introduction
4.2. Market Classification and Scope
4.3. Industry Value Chain Analysis
4.3.1. Raw Material Procurement Analysis
4.3.2. Sales and Distribution Analysis
4.3.3. Downstream Buyer Analysis
Chapter 5. COVID 19 Impact on Zero Emission Vehicle (ZEV) Market
5.1. COVID-19 Landscape: Zero Emission Vehicle (ZEV) Industry Impact
5.2. COVID 19 - Impact Assessment for the Industry
5.3. COVID 19 Impact: Global Major Government Policy
5.4. Market Trends and Opportunities in the COVID-19 Landscape
Chapter 6. Market Dynamics Analysis and Trends
6.1. Market Dynamics
6.1.1. Market Drivers
6.1.2. Market Restraints
6.1.3. Market Opportunities
6.2. Porter’s Five Forces Analysis
6.2.1. Bargaining power of suppliers
6.2.2. Bargaining power of buyers
6.2.3. Threat of substitute
6.2.4. Threat of new entrants
6.2.5. Degree of competition
Chapter 7. Competitive Landscape
7.1.1. Company Market Share/Positioning Analysis
7.1.2. Key Strategies Adopted by Players
7.1.3. Vendor Landscape
7.1.3.1. List of Suppliers
7.1.3.2. List of Buyers
Chapter 8. Global Zero Emission Vehicle (ZEV) Market, By Vehicle Type
8.1. Zero Emission Vehicle (ZEV) Market, by Vehicle Type, 2023-2032
8.1.1. Battery Electric Vehicle (BEV)
8.1.1.1. Market Revenue and Forecast (2020-2032)
8.1.2. Plug-in Hybrid Electric Vehicle (PHEV)
8.1.2.1. Market Revenue and Forecast (2020-2032)
8.1.3. Fuel Cell Electric Vehicle (FCEV)
8.1.3.1. Market Revenue and Forecast (2020-2032)
Chapter 9. Global Zero Emission Vehicle (ZEV) Market, By Application
9.1. Zero Emission Vehicle (ZEV) Market, by Application, 2023-2032
9.1.1. Commercial Vehicle
9.1.1.1. Market Revenue and Forecast (2020-2032)
9.1.2. Passenger Vehicle
9.1.2.1. Market Revenue and Forecast (2020-2032)
9.1.3. Two Wheelers
9.1.3.1. Market Revenue and Forecast (2020-2032)
Chapter 10. Global Zero Emission Vehicle (ZEV) Market, By Price
10.1. Zero Emission Vehicle (ZEV) Market, by Price, 2023-2032
10.1.1. Mid-Priced
10.1.1.1. Market Revenue and Forecast (2020-2032)
10.1.2. Luxury
10.1.2.1. Market Revenue and Forecast (2020-2032)
Chapter 11. Global Zero Emission Vehicle (ZEV) Market, By Vehicle Drive Type
11.1. Zero Emission Vehicle (ZEV) Market, by Vehicle Drive Type, 2023-2032
11.1.1. Front Wheel Drive
11.1.1.1. Market Revenue and Forecast (2020-2032)
11.1.2. Rear Wheel Drive
11.1.2.1. Market Revenue and Forecast (2020-2032)
11.1.3. All Wheel Drive
11.1.3.1. Market Revenue and Forecast (2020-2032)
Chapter 12. Global Zero Emission Vehicle (ZEV) Market, By Top Speed
12.1. Zero Emission Vehicle (ZEV) Market, by Top Speed, 2023-2032
12.1.1. Less Than 100 MPH
12.1.1.1. Market Revenue and Forecast (2020-2032)
12.1.2. 100 to 125 MPH
12.1.2.1. Market Revenue and Forecast (2020-2032)
12.1.3. More Than 125 MPH
12.1.3.1. Market Revenue and Forecast (2020-2032)
Chapter 13. Global Zero Emission Vehicle (ZEV) Market, By Source of Power
13.1. Zero Emission Vehicle (ZEV) Market, by Source of Power, 2023-2032
13.1.1. Gasoline
13.1.1.1. Market Revenue and Forecast (2020-2032)
13.1.2. Diesel
13.1.2.1. Market Revenue and Forecast (2020-2032)
13.1.3. CNG
13.1.3.1. Market Revenue and Forecast (2020-2032)
13.1.4. Others
13.1.4.1. Market Revenue and Forecast (2020-2032)
Chapter 14. Global Zero Emission Vehicle (ZEV) Market, Regional Estimates and Trend Forecast
14.1. North America
14.1.1. Market Revenue and Forecast, by Vehicle Type (2020-2032)
14.1.2. Market Revenue and Forecast, by Application (2020-2032)
14.1.3. Market Revenue and Forecast, by Price (2020-2032)
14.1.4. Market Revenue and Forecast, by Vehicle Drive Type (2020-2032)
14.1.5. Market Revenue and Forecast, by Top Speed (2020-2032)
14.1.6. Market Revenue and Forecast, by Source of Power (2020-2032)
14.1.7. U.S.
14.1.7.1. Market Revenue and Forecast, by Vehicle Type (2020-2032)
14.1.7.2. Market Revenue and Forecast, by Application (2020-2032)
14.1.7.3. Market Revenue and Forecast, by Price (2020-2032)
14.1.7.4. Market Revenue and Forecast, by Vehicle Drive Type (2020-2032)
14.1.8. Market Revenue and Forecast, by Top Speed (2020-2032)
14.1.8.1. Market Revenue and Forecast, by Source of Power (2020-2032)
14.1.9. Rest of North America
14.1.9.1. Market Revenue and Forecast, by Vehicle Type (2020-2032)
14.1.9.2. Market Revenue and Forecast, by Application (2020-2032)
14.1.9.3. Market Revenue and Forecast, by Price (2020-2032)
14.1.9.4. Market Revenue and Forecast, by Vehicle Drive Type (2020-2032)
14.1.10. Market Revenue and Forecast, by Top Speed (2020-2032)
14.1.11. Market Revenue and Forecast, by Source of Power (2020-2032)
14.1.11.1.
14.2. Europe
14.2.1. Market Revenue and Forecast, by Vehicle Type (2020-2032)
14.2.2. Market Revenue and Forecast, by Application (2020-2032)
14.2.3. Market Revenue and Forecast, by Price (2020-2032)
14.2.4. Market Revenue and Forecast, by Vehicle Drive Type (2020-2032)
14.2.5. Market Revenue and Forecast, by Top Speed (2020-2032)
14.2.6. Market Revenue and Forecast, by Source of Power (2020-2032)
14.2.7.
14.2.8. UK
14.2.8.1. Market Revenue and Forecast, by Vehicle Type (2020-2032)
14.2.8.2. Market Revenue and Forecast, by Application (2020-2032)
14.2.8.3. Market Revenue and Forecast, by Price (2020-2032)
14.2.9. Market Revenue and Forecast, by Vehicle Drive Type (2020-2032)
14.2.10. Market Revenue and Forecast, by Top Speed (2020-2032)
14.2.10.1. Market Revenue and Forecast, by Source of Power (2020-2032)
14.2.11. Germany
14.2.11.1. Market Revenue and Forecast, by Vehicle Type (2020-2032)
14.2.11.2. Market Revenue and Forecast, by Application (2020-2032)
14.2.11.3. Market Revenue and Forecast, by Price (2020-2032)
14.2.12. Market Revenue and Forecast, by Vehicle Drive Type (2020-2032)
14.2.13. Market Revenue and Forecast, by Top Speed (2020-2032)
14.2.14. Market Revenue and Forecast, by Source of Power (2020-2032)
14.2.14.1.
14.2.15. France
14.2.15.1. Market Revenue and Forecast, by Vehicle Type (2020-2032)
14.2.15.2. Market Revenue and Forecast, by Application (2020-2032)
14.2.15.3. Market Revenue and Forecast, by Price (2020-2032)
14.2.15.4. Market Revenue and Forecast, by Vehicle Drive Type (2020-2032)
14.2.16. Market Revenue and Forecast, by Top Speed (2020-2032)
14.2.16.1. Market Revenue and Forecast, by Source of Power (2020-2032)
14.2.17. Rest of Europe
14.2.17.1. Market Revenue and Forecast, by Vehicle Type (2020-2032)
14.2.17.2. Market Revenue and Forecast, by Application (2020-2032)
14.2.17.3. Market Revenue and Forecast, by Price (2020-2032)
14.2.17.4. Market Revenue and Forecast, by Vehicle Drive Type (2020-2032)
14.2.18. Market Revenue and Forecast, by Top Speed (2020-2032)
14.2.18.1. Market Revenue and Forecast, by Source of Power (2020-2032)
14.3. APAC
14.3.1. Market Revenue and Forecast, by Vehicle Type (2020-2032)
14.3.2. Market Revenue and Forecast, by Application (2020-2032)
14.3.3. Market Revenue and Forecast, by Price (2020-2032)
14.3.4. Market Revenue and Forecast, by Vehicle Drive Type (2020-2032)
14.3.5. Market Revenue and Forecast, by Top Speed (2020-2032)
14.3.6. Market Revenue and Forecast, by Source of Power (2020-2032)
14.3.7. India
14.3.7.1. Market Revenue and Forecast, by Vehicle Type (2020-2032)
14.3.7.2. Market Revenue and Forecast, by Application (2020-2032)
14.3.7.3. Market Revenue and Forecast, by Price (2020-2032)
14.3.7.4. Market Revenue and Forecast, by Vehicle Drive Type (2020-2032)
14.3.8. Market Revenue and Forecast, by Top Speed (2020-2032)
14.3.9. Market Revenue and Forecast, by Source of Power (2020-2032)
14.3.10. China
14.3.10.1. Market Revenue and Forecast, by Vehicle Type (2020-2032)
14.3.10.2. Market Revenue and Forecast, by Application (2020-2032)
14.3.10.3. Market Revenue and Forecast, by Price (2020-2032)
14.3.10.4. Market Revenue and Forecast, by Vehicle Drive Type (2020-2032)
14.3.11. Market Revenue and Forecast, by Top Speed (2020-2032)
14.3.11.1. Market Revenue and Forecast, by Source of Power (2020-2032)
14.3.12. Japan
14.3.12.1. Market Revenue and Forecast, by Vehicle Type (2020-2032)
14.3.12.2. Market Revenue and Forecast, by Application (2020-2032)
14.3.12.3. Market Revenue and Forecast, by Price (2020-2032)
14.3.12.4. Market Revenue and Forecast, by Vehicle Drive Type (2020-2032)
14.3.12.5. Market Revenue and Forecast, by Top Speed (2020-2032)
14.3.12.6. Market Revenue and Forecast, by Source of Power (2020-2032)
14.3.13. Rest of APAC
14.3.13.1. Market Revenue and Forecast, by Vehicle Type (2020-2032)
14.3.13.2. Market Revenue and Forecast, by Application (2020-2032)
14.3.13.3. Market Revenue and Forecast, by Price (2020-2032)
14.3.13.4. Market Revenue and Forecast, by Vehicle Drive Type (2020-2032)
14.3.13.5. Market Revenue and Forecast, by Top Speed (2020-2032)
14.3.13.6. Market Revenue and Forecast, by Source of Power (2020-2032)
14.4. MEA
14.4.1. Market Revenue and Forecast, by Vehicle Type (2020-2032)
14.4.2. Market Revenue and Forecast, by Application (2020-2032)
14.4.3. Market Revenue and Forecast, by Price (2020-2032)
14.4.4. Market Revenue and Forecast, by Vehicle Drive Type (2020-2032)
14.4.5. Market Revenue and Forecast, by Top Speed (2020-2032)
14.4.6. Market Revenue and Forecast, by Source of Power (2020-2032)
14.4.7. GCC
14.4.7.1. Market Revenue and Forecast, by Vehicle Type (2020-2032)
14.4.7.2. Market Revenue and Forecast, by Application (2020-2032)
14.4.7.3. Market Revenue and Forecast, by Price (2020-2032)
14.4.7.4. Market Revenue and Forecast, by Vehicle Drive Type (2020-2032)
14.4.8. Market Revenue and Forecast, by Top Speed (2020-2032)
14.4.9. Market Revenue and Forecast, by Source of Power (2020-2032)
14.4.10. North Africa
14.4.10.1. Market Revenue and Forecast, by Vehicle Type (2020-2032)
14.4.10.2. Market Revenue and Forecast, by Application (2020-2032)
14.4.10.3. Market Revenue and Forecast, by Price (2020-2032)
14.4.10.4. Market Revenue and Forecast, by Vehicle Drive Type (2020-2032)
14.4.11. Market Revenue and Forecast, by Top Speed (2020-2032)
14.4.12. Market Revenue and Forecast, by Source of Power (2020-2032)
14.4.13. South Africa
14.4.13.1. Market Revenue and Forecast, by Vehicle Type (2020-2032)
14.4.13.2. Market Revenue and Forecast, by Application (2020-2032)
14.4.13.3. Market Revenue and Forecast, by Price (2020-2032)
14.4.13.4. Market Revenue and Forecast, by Vehicle Drive Type (2020-2032)
14.4.13.5. Market Revenue and Forecast, by Top Speed (2020-2032)
14.4.13.6. Market Revenue and Forecast, by Source of Power (2020-2032)
14.4.14. Rest of MEA
14.4.14.1. Market Revenue and Forecast, by Vehicle Type (2020-2032)
14.4.14.2. Market Revenue and Forecast, by Application (2020-2032)
14.4.14.3. Market Revenue and Forecast, by Price (2020-2032)
14.4.14.4. Market Revenue and Forecast, by Vehicle Drive Type (2020-2032)
14.4.14.5. Market Revenue and Forecast, by Top Speed (2020-2032)
14.4.14.6. Market Revenue and Forecast, by Source of Power (2020-2032)
14.5. Latin America
14.5.1. Market Revenue and Forecast, by Vehicle Type (2020-2032)
14.5.2. Market Revenue and Forecast, by Application (2020-2032)
14.5.3. Market Revenue and Forecast, by Price (2020-2032)
14.5.4. Market Revenue and Forecast, by Vehicle Drive Type (2020-2032)
14.5.5. Market Revenue and Forecast, by Top Speed (2020-2032)
14.5.6. Market Revenue and Forecast, by Source of Power (2020-2032)
14.5.7. Brazil
14.5.7.1. Market Revenue and Forecast, by Vehicle Type (2020-2032)
14.5.7.2. Market Revenue and Forecast, by Application (2020-2032)
14.5.7.3. Market Revenue and Forecast, by Price (2020-2032)
14.5.7.4. Market Revenue and Forecast, by Vehicle Drive Type (2020-2032)
14.5.8. Market Revenue and Forecast, by Top Speed (2020-2032)
14.5.8.1. Market Revenue and Forecast, by Source of Power (2020-2032)
14.5.9. Rest of LATAM
14.5.9.1. Market Revenue and Forecast, by Vehicle Type (2020-2032)
14.5.9.2. Market Revenue and Forecast, by Application (2020-2032)
14.5.9.3. Market Revenue and Forecast, by Price (2020-2032)
14.5.9.4. Market Revenue and Forecast, by Vehicle Drive Type (2020-2032)
14.5.9.5. Market Revenue and Forecast, by Top Speed (2020-2032)
14.5.9.6. Market Revenue and Forecast, by Source of Power (2020-2032)
Chapter 15. Company Profiles
15.1. Fiat
15.1.1. Company Overview
15.1.2. Product Offerings
15.1.3. Financial Performance
15.1.4. Recent Initiatives
15.2. Hyundai
15.2.1. Company Overview
15.2.2. Product Offerings
15.2.3. Financial Performance
15.2.4. Recent Initiatives
15.3. BMW
15.3.1. Company Overview
15.3.2. Product Offerings
15.3.3. Financial Performance
15.3.4. Recent Initiatives
15.4. Kia
15.4.1. Company Overview
15.4.2. Product Offerings
15.4.3. Financial Performance
15.4.4. Recent Initiatives
15.5. Chevrolet
15.5.1. Company Overview
15.5.2. Product Offerings
15.5.3. Financial Performance
15.5.4. Recent Initiatives
15.6. Toyota
15.6.1. Company Overview
15.6.2. Product Offerings
15.6.3. Financial Performance
15.6.4. Recent Initiatives
15.7. BYD
15.7.1. Company Overview
15.7.2. Product Offerings
15.7.3. Financial Performance
15.7.4. Recent Initiatives
15.8. Tesla
15.8.1. Company Overview
15.8.2. Product Offerings
15.8.3. Financial Performance
15.8.4. Recent Initiatives
15.9. Nissan
15.9.1. Company Overview
15.9.2. Product Offerings
15.9.3. Financial Performance
15.9.4. Recent Initiatives
15.10. Volkswagen
15.10.1. Company Overview
15.10.2. Product Offerings
15.10.3. Financial Performance
15.10.4. Recent Initiatives
Chapter 16. Research Methodology
16.1. Primary Research
16.2. Secondary Research
16.3. Assumptions
Chapter 17. Appendix
17.1. About Us
17.2. Glossary of Terms