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 industry 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.
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.
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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.
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.
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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 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.
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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.
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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.
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