At a CAGR of 25.4%, the Zero Emission Vehicle Market is Set to Cross a Revenue of US$ 248 Bn as of 2023, and by 2033 is Expected to hit a Worth of US$ 2,384.66 Bn | Future Market Insights, Inc. Experts
Future Market Insights researcher provides the insights, it can be concluded that “the ability to contain air and noise pollution, coupled with increasing government initiatives to tackle pollution and a number of other factors are expected to surge the zero-emission vehicle market growth during the forecast period.”
The global zero-emission vehicle market is valued at US$ 248 billion as of 2023. The market is expected to grow at a CAGR of 25.4% during the forecast period and is anticipated to reach a valuation of US$ 2,384.66 billion by 2033.
One of the key factors that have led to an increase in the demand for zero-emission vehicles is the fact that these do not emit harmful gases. Thus, governments worldwide have started incentivizing consumers who make use of zero-emission vehicles.
Apart from that, the noise generated by zero-emission vehicles is much less as compared to traditional fuel-based cars, which might as well increase their sales during the forecast period.
Moreover, many zero-emission vehicles run on electricity, which is a renewable source of energy, unlike fuel-based vehicles, which are typically a non-renewable source of energy. Therefore, the manufacturers are of the view that the production of electricity of much easier as compared to fuels, which take millions of years in order to form.
Apart from that, automobile manufacturers who were into manufacturing fuel-based vehicles are gradually transitioning towards zero-emission vehicles. Furthermore, the manufacturers are also carrying out intense marketing campaigns to convey the benefits of this vehicle, which would have a positive impact on zero-emission vehicle adoption trends.
Furthermore, on comparing with fuel-based cars, the operational cost of zero-emission vehicles is almost one-tenth the price of their fuel-based counterparts. This might as well increase the market share of zero-emission vehicles.
· The zero-emission vehicle market is projected to grow at a CAGR of 25.4% during the period 2023-2033.
· The market is valued at US$ 248 billion as of 2023.
· The market is expected to reach a valuation of US$ 2,384.66 billion by 2033.
· North American region is currently the largest market and has a market share of around 42%.
· The USA is currently the largest market in North America market, with a share of nearly 58%.
· Asia Pacific currently has a market share of 30% and is expected to be the fastest-growing market during the forecast period.
· Key players who are investing in the R&D aspect of the business currently drive the South Korean zero-emission vehicle market.
· The Japanese market is expected to show considerable growth owing to the subsidies provided by the government.
· Europe currently has a market share of 21% and is expected to be one of the most crucial markets.
· Based on the application, the commercial vehicle segment had the highest market share of nearly 50% in 2022.
· By price, the mid-price segment had the largest market share of around 73%.
The key players in the zero-emission vehicle market are investing huge amounts in the process of mergers and acquisitions. This is done in an effort to lay more emphasis on knowledge sharing and technology sharing. Apart from that, the focus is also on expanding the footprints in order to garner a huge market share.
Some of the recent developments in the zero-emission vehicle market are:
· In March 2022, Kia Carens received an overwhelming response and crossed the 50,000 mark.
· In December 2022, BMW commenced the production of a small-series hydrogen-powered model.
These insights are based on a report on Zero Emission Vehicle Market by Future Market Insights