Zero Emission Vehicle (ZEV) Market (By Vehicle Type: Battery Electric Vehicle, Plug-in Hybrid Electric Vehicle, Fuel Cell Electric Vehicle; By Application: Commercial Vehicle, Passenger Vehicle, Two Wheelers; By Price: Mid-Priced, Luxury; By Vehicle Drive Type: Front Wheel Drive, Rear Wheel Drive, All Wheel Drive; By Top Speed: Less Than 100 MPH, 100 to 125 MPH, More Than 125 MPH; By Source of Power) - Global Industry Analysis, Size, Share, Growth, Trends, Regional Outlook, and Forecast 2022-2030

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:

• On the basis of vehicle type, the fuel cell electric vehicle (FCEV) segment dominated the market in 2022. 
• On the basis of vehicle type, the battery electric vehicle (BEV) segment is the fastest-growing segment from 2023 to 2032.
• On the basis of application, the commercial vehicle segment dominated the market in 2022.
• On the basis of application, the passenger vehicle segment is the fastest-growing segment from 2023 to 2032.
• On the basis of geography, the North America region dominated the market in 2022.
• On the basis of geography, the Asia-Pacific region is expected to develop at the fastest from 2023 to 2032

Zero Emission Vehicle (ZEV) Market Report Scope

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:

• Fiat
• Hyundai
• BMW
• Kia
• Chevrolet
• Toyota
• BYD
• Tesla
• Nissan
• Volkswagen

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

• Battery Electric Vehicle (BEV)
• Plug-in Hybrid Electric Vehicle (PHEV)
• Fuel Cell Electric Vehicle (FCEV)

By Application

• Commercial Vehicle
• Passenger Vehicle
• Two Wheelers

By Price

• Mid-Priced
• Luxury 

By Vehicle Drive Type

• Front Wheel Drive
• Rear Wheel Drive
• All Wheel Drive

By Top Speed

• Less Than 100 MPH
• 100 to 125 MPH
• More Than 125 MPH

By Source of Power

• Gasoline
• Diesel
• CNG
• Others

By Region

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East & Africa (MEA)