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Zero Emission Vehicle Market Trends

Report ID: GMI8934
Published Date: Apr 2024
Report Format: PDF

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Zero Emission Vehicle Market Trends

Rising government initiatives aimed at promoting zero emissions are driving significant trends in the zero emission vehicle (ZEV) industry. Countries worldwide are implementing policies such as vehicle emission standards, tax incentives, and subsidies to encourage the adoption of ZEVs. Additionally, mandates for automakers to produce a certain percentage of electric or zero-emission vehicles further propel zero emission vehicle market growth. These initiatives not only stimulate consumer demand but also spur innovation and investment in ZEV technology and infrastructure.

Moreover, government procurement programs for ZEV fleets set a leading example for private-sector adoption. As governments prioritize sustainability and combat climate change, the ZEV market is poised for continued expansion, shaping the future of transportation towards cleaner, more sustainable alternatives.

For instance, in March 2024, the Biden-Harris Administration unveiled the National Zero-Emission Freight Corridor Strategy. Crafted by the U.S. Department of Energy (DOE) alongside the Joint Office of Energy and Transportation, this strategy outlined planned for the rollout of charging and hydrogen fueling infrastructure for zero-emission medium- and heavy-duty vehicles (ZE-MHDVs) from 2024 to 2040.

Authors: Preeti Wadhwani

Frequently Asked Questions (FAQ) :

The market size of zero-emission vehicle reached USD 194.7 billion in 2023 and is set to witness 15% CAGR between 2024 and 2032, propelled by the growing awareness of environmental issues.

The passenger cars vehicle type segment crossed USD 123 billion in 2023 and is projected to exceed USD 498.1 billion by 2032, driven by government incentives and advancements in battery technology.

North America market held a revenue share of over 35% in 2023, due to supportive government policies.

BMW Group, Ford Motor Company, General Motors, Honda Motor Co Ltd, KIA, Nissan Motors, Stellantis NV, Tesla, Inc, Toyota Motor Corporation, Volkswagen AG.