Global Zero Emission Vehicle (ZEV) Market is valued approximately USD XX million in 2021 and is anticipated to grow with a healthy growth rate of more than XX % over the forecast period 2022-2028.
The Zero Emission Vehicle (ZEV) also known as carbon negative vehicles can be defined as vehicles that run completely CO2-free in Tank-to-Wheel mode. These vehicles are powered by electric batteries and hydrogen fuel cells. The different types of ZEVs include electric (battery-powered) cars, electric trains, hydrogen-fueled vehicles, and human and animal powered transportation solutions (such as bicycles, carriages, etc.). The growing adoption of Electric Vehicles and rising concern about environmental pollution as well as recent product launches from leading market players are factors that are accelerating the global market demand. For instance, International Energy Agency (IEA) estimates - in 2020, the sales of Electric Cars worldwide estimated at 3 million units, and in 2021 Sales of electric vehicles (EVs) doubled from the previous year to a new record of 6.6 million units. Furthermore, leading market players are working towards new product development to leverage the growing adoption of Zero Emission Vehicles. For instance, in March 2022, Japanese car maker Toyota launched India's first hydrogen fuel cell-powered electric vehicle (FCEV) Mirai. This new vehicle is a part of a pilot project By Toyota Kirloskar Motor and International Center for Automotive Technology (ICAT) intended to study the Toyota Mirai on Indian roads and climatic conditions. Also, growing technological advancements in automotive market as well as favorable government initiatives are anticipated to act as a catalyzing factor for the market demand during the forecast period. However, a high manufacturing cost of ZEVs impede the growth of the market over the forecast period of 2022-2028.
The key regions considered for the global Zero Emission Vehicle (ZEV) Market study include Asia Pacific, North America, Europe, Latin America, and the Rest of the World. North America is the leading region across the world in terms of market share owing to the growing adoption of electric vehicles and presence of leading market players in the region. Whereas, Asia Pacific is anticipated to exhibit a significant growth rate over the forecast period 2022-2028. Factors such as the thriving growth of automotive sector and increasing penetration of leading market players in the region, would create lucrative growth prospects for the global Zero Emission Vehicle (ZEV) Market across the Asia Pacific region.
Major market players included in this report are:
Motor Development International SA
Engineair Pty Ltd.
Toyota Motor Corporation
Honda Motor Co., Ltd.
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
By Vehicle Type
Battery Electric Vehicles
Plug-In Hybrid Electric vehicles
Hybrid Electric Vehicles
Rest of the World
Furthermore, years considered for the study are as follows:
Historical year - 2018, 2019, 2020
Base year - 2021
Forecast period - 2022 to 2028
Target Audience of the Global Zero Emission Vehicle (ZEV) Market in Market Study:
Key Consulting Companies & Advisors
Large, medium-sized, and small enterprises
Value-Added Resellers (VARs)
Third-party knowledge providers