Top Companies in Zero Emission Vehicle (ZEV) Market by Size, Share, Historical and Future Data & CAGR | Report by Vantage Market Research
Zero Emission Vehicle Market is projected to reach a value of USD 862.1 Billion by 2028 at a CAGR of 24.5% over the forecast period.
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The Global Zero Emission Vehicle (ZEV) Market is valued at USD 231.5 Billion in 2021 and is projected to reach a value of USD 862.1 Billion by 2028 at a CAGR of 24.5% over the forecast period. Government incentives and rising consumer awareness are the main factors driving the worldwide Zero Emission Vehicle (ZEV) industry.
The exhaust of Zero Emission Vehicles (ZEV) releases no pollutants. Particulates, carbon monoxide, hydrocarbons, and other pollutants are removed through the tailpipes of vehicles that use a variety of power sources, such as gasoline, diesel, CNG, etc. The emissions from gasoline-powered automobiles cause several health problems, including COPD and asthma, as well as environmental problems like global warming. Compared to conventional vehicles, ZEVs significantly reduce emissions and are powered by alternative energy sources like solar, natural gas, and battery electricity. In the coming years, the Zero Emission Vehicle (ZEV) market, which is now in its infancy, is anticipated to increase. ZEVs offer a solution to these problems because they don't produce any pollutants in their exhaust.
Additionally, they use solar energy to generate electricity, which lessens their reliance on fossil fuels. Environmental pollution reduction results in cleaner air and fewer diseases like COPD. An estimated 18 percent of developed economies' GDP is spent on healthcare annually, which might be utilized to fight famine, fund education, etc. ZEVs would result in significant fuel and maintenance cost savings because they require just about half the fuel than gasoline vehicles do. In turn, this would encourage natural growth and slow the rate of global warming. The global market for Zero Emission Vehicles (ZEV) is projected to be driven by this.
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The current rise in global temperatures is a cause for worry because it is bad for both people and the environment. The leading cause of temperature rise is an increase in pollution, and transportation is one of the main sources. The governing authorities are also building alliances worldwide and passing strict emission standards to restrict the global temperature increase. Due to their lack of fossil fuel use and pollution-free operation, ZEVs are predicted to eradicate the pollution that fuel-powered vehicles are responsible for completing. Government agencies push these vehicles by providing subsidies and exemptions for ZEVs.
To increase their capacity, the major companies in the Zero Emission Vehicle industry are forming strategic alliances with participants from different sectors. In addition, the manufacturers are making significant investments to build these vehicles with the newest technologies. In addition, the major players are increasing their presence to gain a larger piece of the market. As a result, the Zero Emission Vehicle (ZEV) market is dominated by globally established players such as Fiat (Italy), Hyundai (South Korea), BMW (Germany), Kia (South Korea), Chevrolet (US), Toyota (Japan), BYD (China), Tesla (US), Nissan (Japan), and Volkswagen (Germany), among others.
Let’s Look at the Top Companies That are Taking the Zero Emission Vehicle (ZEV) Market by Storm
- Fiat (Italy)
Fiat S.P.A. manufactures and sells cars, trucks, construction, and agricultural machinery. Additionally, the company has publishing and insurance businesses and makes metallurgical materials and production systems for the automotive industry.
- Hyundai (South Korea)
The Hyundai Motor Company produces, markets, and exports commercial, passenger, and light-duty automobiles. The company also runs auto repair shops in South Korea and distributes a range of auto parts. Hyundai Motor's subsidiaries offer financial services.
- BMW (Germany)
The BMW Group, which consists of the four brands BMW, MINI, Rolls-Royce, and BMW Motorrad, is the foremost premium producer of cars and motorcycles in the world. It also offers upscale financial and transportation services. The BMW Group has a global sales network in more than 140 countries, and its production network spans over 30 production facilities worldwide.
- Kia (South Korea)
The Kia Corporation manufactures, markets, and exports trucks, commercial vehicles, mini buses, and passenger cars. The company also uses fuel cells and hybrid electric technology to produce tools and vehicle parts. Kia sells its goods all over the world.
- Toyota (Japan)
The Toyota Motor Corporation produces, markets, rents, and fixes passenger automobiles, trucks, buses, and the parts that go with them worldwide. Additionally, the company runs financial operations through its subsidiaries. Building houses, making pleasure crafts, and creating advanced transportation technologies like radar cruise control and computerized toll collecting systems are all things that Toyota Motor does.
- BYD (China)
A leading high-tech company in China with specializations in IT, automobiles, and new energy, BYD was founded in 1995. With its breakthrough innovations, BYD Auto emerges as the most forward-thinking independent national automaker. BYD has created eco-friendly products in the new energy sector, including solar farms, battery energy storage systems, electric vehicles, and LED lighting. It will continue to be at the forefront of the global new energy revolution.
- Nissan (Japan)
Nissan is a major automaker with a full lineup of vehicles sold under the INFINITI and Nissan brands. The global headquarters of Nissan, located in Yokohama, Japan, oversees operations in four areas: China, the Americas, Japan-ASEAN, and AMIEO (Africa, Middle East, India, Europe & Oceania).
- Volkswagen (Germany)
Volkswagen AG produces and markets automobiles. The company sells sports cars, trucks, commercial vehicles, and affordable and upscale automobiles. Volkswagen serves worldwide customers.
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