Zero Emission Vehicle Market Projected to Grow from $182.83 Billion in 2021 to $1,201.76 Billion by 2031

WILMINGTON, NEW CASTLE, DE, UNITED STATES, December 4, 2024 /EINPresswire.com/ -- Allied Market Research published a report, titled, "Zero Emission Vehicle Market by Vehicle Type (BEV, PHEV, FCEV, Solar Vehicles), by Vehicle Class (Passenger Cars, Commercial Vehicles, 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): Global Opportunity Analysis and Industry Forecast, 2021-2031." According to the report, the global zero emission vehicle market size generated $182.83 billion in 2021, and is estimated to reach $1,201.76 billion by 2031, witnessing a CAGR of 21.1% from 2022 to 2031.

𝐆𝐞𝐭 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐑𝐞𝐩𝐨𝐫𝐭 𝐒𝐚𝐦𝐩𝐥𝐞 𝐏𝐚𝐠𝐞𝐬 : https://www.alliedmarketresearch.com/request-sample/3142

𝐃𝐫𝐢𝐯𝐞𝐫𝐬, 𝐑𝐞𝐬𝐭𝐫𝐚𝐢𝐧𝐭𝐬, 𝐚𝐧𝐝 𝐎𝐩𝐩𝐨𝐫𝐭𝐮𝐧𝐢𝐭𝐢𝐞𝐬

Increase in concerns about environmental pollution, strict regulations regarding vehicle emission norms by governments, and rise in demand for fuel-efficient & high-performance vehicles drive the growth of the global zero emission vehicle market. However, high cost of manufacturing along with concerns such as range anxiety and serviceability restrain the market growth. On the other hand, advancements in technology and supportive government initiatives are projected to create numerous opportunities.

𝐓𝐡𝐞 𝐦𝐢𝐝-𝐩𝐫𝐢𝐜𝐞𝐝 𝐬𝐞𝐠𝐦𝐞𝐧𝐭 𝐭𝐨 𝐦𝐚𝐢𝐧𝐭𝐚𝐢𝐧 𝐢𝐭𝐬 𝐥𝐞𝐚𝐝 𝐩𝐨𝐬𝐢𝐭𝐢𝐨𝐧 𝐝𝐮𝐫𝐢𝐧𝐠 𝐭𝐡𝐞 𝐟𝐨𝐫𝐞𝐜𝐚𝐬𝐭 𝐩𝐞𝐫𝐢𝐨𝐝

Based on price, the mid-priced segment held the highest market share in 2021, accounting for nearly three-fourths of the global zero emission vehicle market, and is expected to maintain its lead position during the forecast period. This is due to surge in disposable income along with availability of wide range of mid-priced vehicles. However, the luxury segment is projected to manifest the fastest CAGR of 22.2% from 2022 to 2031. This is attributed to developments and innovations by numerous luxury vehicle manufacturers such as BMW and Daimler AG.

𝐓𝐡𝐞 𝐩𝐚𝐬𝐬𝐞𝐧𝐠𝐞𝐫 𝐜𝐚𝐫𝐬 𝐬𝐞𝐠𝐦𝐞𝐧𝐭 𝐭𝐨 𝐦𝐚𝐢𝐧𝐭𝐚𝐢𝐧 𝐢𝐭𝐬 𝐥𝐞𝐚𝐝𝐞𝐫𝐬𝐡𝐢𝐩 𝐬𝐭𝐚𝐭𝐮𝐬 𝐝𝐮𝐫𝐢𝐧𝐠 𝐭𝐡𝐞 𝐟𝐨𝐫𝐞𝐜𝐚𝐬𝐭 𝐩𝐞𝐫𝐢𝐨𝐝

Based on vehicle class, the passenger cars segment contributed to the highest market share in 2021, contributing to more than three-fifths of the global zero emission vehicle market, and is expected to maintain its leadership status during the forecast period. This is due to developments carried out by different vehicle manufacturers related to electric vehicles along with numerous developments and investments. However, the commercial vehicle segment is projected to witness the largest CAGR of 23.5% from 2022 to 2031, owing to government regulations that increased the demand for improved and efficient electric-powered commercial vehicles.

𝐓𝐡𝐞 𝐁𝐄𝐕 𝐬𝐞𝐠𝐦𝐞𝐧𝐭 𝐭𝐨 𝐦𝐚𝐢𝐧𝐭𝐚𝐢𝐧 𝐢𝐭𝐬 𝐥𝐞𝐚𝐝 𝐬𝐭𝐚𝐭𝐮𝐬 𝐛𝐲 𝟐𝟎𝟑𝟏

Based on vehicle type, the BEV segment accounted for the largest market share in 2021, holding around three-fourths of the global zero emission vehicle market, and is expected to maintain its lead status by 2031. This is due to usage of simple technology and lower maintenance of BEVs as compared to other electric vehicles. However, the solar vehicles segment is projected to manifest the fastest CAGR of 34.1% from 2022 to 2031, owing to the wide application of solar panels in passenger and commercial vehicles.

𝐏𝐫𝐨𝐜𝐮𝐫𝐞 𝐂𝐨𝐦𝐩𝐥𝐞𝐭𝐞 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐑𝐞𝐩𝐨𝐫𝐭 𝐍𝐨𝐰 : https://www.alliedmarketresearch.com/zero-emission-vehicle-market/purchase-options

𝐀𝐬𝐢𝐚-𝐏𝐚𝐜𝐢𝐟𝐢𝐜 𝐭𝐨 𝐦𝐚𝐢𝐧𝐭𝐚𝐢𝐧 𝐢𝐭𝐬 𝐝𝐨𝐦𝐢𝐧𝐚𝐧𝐜𝐞 𝐢𝐧 𝐭𝐞𝐫𝐦𝐬 𝐨𝐟 𝐫𝐞𝐯𝐞𝐧𝐮𝐞 𝐛𝐲 𝟐𝟎𝟑𝟏

Based on region, Asia-Pacific contributed to the largest market share in 2021, accounting for nearly half of the global zero emission vehicle market, and is estimated to maintain its dominance in terms of revenue by 2031. This is attributed to technological advancements, increase in vehicle population, surge in environmental awareness, and rise in vehicle standards. However, Europe is projected to manifest the fastest CAGR of 23.3% during the forecast period. This is due to stringent emission norms and targets set by the European Union (EU) to reduce greenhouse emissions to 0% by 2050.

𝐂𝐨𝐯𝐢𝐝-𝟏𝟗 𝐒𝐜𝐞𝐧𝐚𝐫𝐢𝐨 :

The Covid-19 pandemic created a massive disruption in the automotive sector due to lockdown restrictions. This, in turn, presented huge challenges for carrying out production activities with full capacity and reduced sales of vehicles considerably. These restrictions also impacted the zero emission vehicle production and sales.

Lack of abundant availability of raw materials, disruptions in the supply chain, and lack of workforce availability created hindrances to carry out production activities. However, various market players restructured their supply chains and production lines to cope up with the situation.

Amid lockdown and other restrictions, many market players deployed their zero emission vehicles for carrying out medical supply and essential goods. This was due to excellent maneuverability and no emissions.

Owing to economic uncertainty and job losses, people postponed their plans to purchase vehicles. This, in turn, impacted the sales and revenue of zero emission vehicles during the pandemic. However, the market is expected to recover post-pandemic.

𝐈𝐧𝐪𝐮𝐢𝐫𝐞 𝐁𝐞𝐟𝐨𝐫𝐞 𝐁𝐮𝐲𝐢𝐧𝐠 : https://www.alliedmarketresearch.com/purchase-enquiry/3142

𝐋𝐞𝐚𝐝𝐢𝐧𝐠 𝐌𝐚𝐫𝐤𝐞𝐭 𝐏𝐥𝐚𝐲𝐞𝐫𝐬 :

Ampere Vehicles
Benling India Energy and Technology Pvt Ltd
BMW AG
BYD Company Limited
Chevrolet Motor Company
Daimler AG
Energica Motor Company S.p.A.
Ford Motor Company
General Motors
Hero Electric
Hyundai Motor Company
Karma Automotive
Kia Corporation
Lucid Group, Inc.
Mahindra Electric Mobility Limited
NIO
Nissan Motors Co., Ltd.

𝐑𝐞𝐚𝐝 𝐌𝐨𝐫𝐞 𝐑𝐞𝐩𝐨𝐫𝐭𝐬 :

Electric Tuk-tuks Market
https://www.alliedmarketresearch.com/electric-tuk-tuks-market-A08913

Automotive Natural Gas Vehicle Market
https://www.alliedmarketresearch.com/automotive-natural-gas-vehicle-market-A09132

Automotive Brake Pad Market
https://www.alliedmarketresearch.com/automotive-brake-pad-market-A07214

Motorized Quadricycle Market
https://www.alliedmarketresearch.com/motorized-quadricycle-market-A14499

MENA Golf Cart Market
https://www.alliedmarketresearch.com/mena-golf-cart-market-A53555

𝐀𝐛𝐨𝐮𝐭 𝐮𝐬 :

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

We are in professional corporate relations with various companies, and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

David Correa
Allied Market Research
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