NOIDA, India, July 19, 2021 /PRNewswire/ -- A comprehensive overview of the Zero Emission Vehicle Market is recently added by UnivDatos Market Insights to its humongous database. The report has been aggregated by collecting informative data from various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on the Zero Emission Vehicle Market in the Global context. This report offers a detailed analysis of the latest industry developments and trending factors that are influencing market growth. Furthermore, this statistical market research repository examines and estimates the Zero Emission Vehicle Market at the regional & country levels. Global Zero Emission Vehicle Market is expected to grow at a CAGR of 32.7% from 2021-2027 to exceed 73.5 million vehicles sale by 2027.
Global Zero Emission Vehicle Market is experiencing significant growth on account of electric cars which are gradually becoming more competitive in some countries on a total cost of ownership basis. Also, several governments provided or extended fiscal incentives that buffered electric car purchases from the downturn in car markets. For instance, as per BCG, the global market share of electrified cars, SUVs, and other light vehicles grew from 8% in 2019 to 12% in 2020 and has shown continued strength in early 2021.
Furthermore, other factors driving the growth of the Zero Emission Vehicle market globally are: improvements in battery technology and cost, more charging infrastructure being built, and new compelling models from automakers. Also, Electrification is another force which is also spreading to new segments of road transport, setting the stage for huge changes ahead.
Due to lockdown, global car sales had a downward trend however, electric car sales in 2020 defied this trend. As per IEA, Consumers spent USD 120 billion on electric car purchases in 2020, a 50% increase from 2019, which breaks down to a 41% increase in sales and a 6% rise in average prices.In 2020, the global average BEV price was around USD 40,000 and around USD 50,000 for a PHEV. Governments across the world spent USD 14 billion on direct purchase incentives and tax deductions for electric cars in 2020, a 25% rise year-on-year. Despite this, the share of government incentives in total spending on EVs has been on a downward slide from roughly 20% in 2015 to 10% in 2020.
Global Zero Emission Vehicle Market report is studied thoroughly with several aspects that would help stakeholders in making their decisions more curated.
By Vehicle Type, the market is primarily bifurcated into:
Battery Electric Vehicles (BEV)
Plug-in Hybrid Electric Vehicles (PHEV)
Fuel Cell Electric Vehicles (FCEV)
The Battery Electric Vehicles (BEV) segment dominated the market with the sales of XX million vehicles in 2020. The segment is expected to grow at a CAGR of XX% during the forecast period to reach XX million vehicles sale by 2027 owing to the fact that BEV models are offered in most vehicle segments in all regions.
By Product Type, the market is mainly segmented into:
In 2020, the cars segment dominated the Zero Emission Vehicle Market and accounted for XX% market share. This segment will witness a considerable CAGR of XX% during the forecast period (2021-2027F) owing to the significant demand & production targets of OEMs across the world.
By Application, the market is primarily studied into:
The Passenger Vehicles segment grabbed XX% market share of the Zero Emission Vehicle Market with the sale of XX million vehicles sale in 2020. The segment is expected to grow at a CAGR of XX% during the forecast period to reach XX million vehicles sales by 2027 owing to the increased demand due to initiatives offered by the governments across the world.
Global Zero Emission Vehicle Market Region Segmentation Includes:
Rest of World
Based on the estimation, Asia-Pacific dominated the market in 2020 and is expected to maintain its dominance during the forecast period (2021-2027).
The degree of competition among prominent companies has been elaborated by analyzing several leading key players operating in the Global context. The specialist team of research analysts sheds light on various traits such as Global market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the Zero Emission Vehicle Market. The major players have been analyzed using different research methodologies for getting insight views on market competition.
Key questions resolved through this analytical market research report include:
· What are the latest trends, new patterns, and technological advancements in the Global Zero
Emission Vehicle Market?
Which factors are influencing the Global Zero Emission Vehicle Market over the forecast period?
What are the global challenges, threats, and risks in the Global Zero Emission Vehicle Market?
Which factors are propelling and restraining the Global Zero Emission Vehicle Market?
What are the demanding global regions of the Zero Emission Vehicle Market?
What will be the market size in the upcoming years?
What are the crucial market acquisition strategies and policies applied by the companies?
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