Zero Emission Vehicle (ZEV): Introduction
- Zero emission vehicles (ZEV) do not emit pollutants through their exhausts. Vehicles that uses different type of source of power such as gasoline, diesel, CNG, etc., emit various pollutants from their tailpipes, i.e. particulates, carbon monoxide, hydrocarbons, etc. The pollutants released from gasoline powered vehicles leads to various health issues such as COPD, asthma, and environmental issues such as global warming.
- ZEVs offer significant emission benefits over conventional vehicles, and run on alternate power sources such as battery electricity, natural gas, and solar power. The zero emission vehicle (ZEV) market is still in its nascent stage, and it is expected to expand exponentially in the next few years.
Key Drivers of Global Zero Emission Vehicle (ZEV) Market:
- ZEVs are a solution to these issues, as these vehicles emit no pollutants as exhaust gas. Furthermore, they employ renewable energy sources for power, such as solar, which would reduce the dependence on fossil fuel. Reduction in pollutants in the environment leads to cleaner air and fewer health issues such as COPD. Developed economies spend approx. 18% of their GDPs on healthcare every year, which would save a lot of money & many lives that could be used to fight hunger, education, etc. ZEVs would be an impressive saving on fuel and maintenance cost, which would be approximately half of that required for gasoline vehicles. This, in turn, would help nature grow and reduce global warming to some extent. This is likely to drive the zero emission vehicle (ZEV) market across the globe.
- The global zero emission vehicle (ZEV) market is primarily driven by government incentives and increased awareness among consumers. Global temperature rise is, presently, a matter of concern, as it is be harmful for humans and the environment. Temperature rise is majorly attributed to an increase in pollution levels, and vehicles are a major source of pollution. Governing bodies are forming alliances at the global level and enacting stringent emission norms in order to limit the rise in global temperature. ZEVs are expected to eliminate pollution caused due to fuel powered vehicles, as they do not utilize fossil fuel and do not emit any kind of pollution. Therefore, governing bodies are promoting these vehicles by offering heavy subsidies and exemptions for ZEVs.
- Raised awareness about ZEVs and global warming is prompting consumers to prefer ZEVs. Furthermore, consistent rise in fuel prices, decline in prices of ZEVs, increase in capacity of ZEVs, and rise in per capita income are further fueling the demand for ZEVs across the globe.
Battery Electric Vehicles to Offer Attractive Opportunities:
- Battery electric vehicles are witnessing a significant rise in adoption from consumers across the globe, which is primarily attributed to government subsidies and increased awareness. Battery electric vehicles utilize a battery, mostly lithium-ion battery, as a power source to run electric motors. Air powered vehicles are considered as a prominent mode of transportation, as they utilize compressed air for propelling the vehicle. The technology is still in the development phase, and it is expected to offers opportunities to the zero emission vehicle (ZEV) market in the near future.
Lack of Infrastructural Facilities to Hamper Market:
- A major restraint to the global zero emission vehicle market is lack of infrastructural facilities. Electric vehicles are prominent ZEVs, which are witnessing an increase in demand across the globe. Lack of electric vehicle charging infrastructure is primarily restraining the electric vehicle market, which in turn is hampering the zero emission vehicle market.
Asia Pacific to Hold Significant Share of Global Zero Emission Vehicle (ZEV) Market:
- Well-developed charging infrastructure, government incentives, presence of electric vehicle manufacturers, decline in vehicle prices, increase in fuel prices, and raised awareness have driven the demand for electric vehicles across China. Besides China, Japan also accounts for a large number of battery electric vehicles. Therefore, Asia Pacific accounted for a major share of the global zero emission vehicle (ZEV) market.
Key Players Operating in Global Market:
The global zero emission vehicle (ZEV) market is highly fragmented with top manufacturers across the global market. A few of the key players operating and potential in the global zero emission vehicle (ZEV) market are:
- Tesla Inc.
- BMW AG
- Daimler AG
- Motor Development International SA
- Engineair Pty Ltd.
- Tata Motors
- Toyota Motor Corporation
- Volkswagen AG
- Honda Motor Co., Ltd.
- SEGWAY Inc.
- Hyundai Motors
- Nissan Corporation
- Kia Motors
Global Zero Emission Vehicle (ZEV) Market: Research Scope
Global Zero Emission Vehicle (ZEV) Market, by Vehicle Type
- Battery Electric Vehicles
- Plug-In Hybrid Electric vehicles
- Hybrid Electric Vehicles
Global Zero Emission Vehicle (ZEV) Market, by Application
- Passenger Vehicle
- Utility Vehicles
- Commercial Vehicle
Global Zero Emission Vehicle (ZEV) Market, by Source of Power
Global Zero Emission Vehicle (ZEV) Market, by Region
- North America
- Russia & CIS
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
With a robust experience in creating exceptional market reports, Transparency Market Research has emerged as one of the trusted market research companies among a large number of stakeholders and CXOs. Every report at Transparency Market Research goes through rigorous research activity in every aspect. The researchers at TMR keep a close watch on the market and extract beneficial growth-boosting points. These points help the stakeholders to strategize their business plans accordingly.
TMR researchers conduct exhaustive qualitative and quantitative research. This research involves taking inputs from the experts in the market, focused attention on recent developments, and others. This method of research makes TMR stand out from other market research firms.
Here's how Transparency Market Research helps the stakeholders and CXOs through the reports:
Inculcation and Evaluation of Strategic Collaborations: The TMR researchers analyze recent strategic activities like mergers, acquisitions, partnerships, collaborations, and joint ventures. All the information is compiled and included in the report.
Perfect Market Size Estimations: The report analyzes the demographics, growth potential, and capability of the market through the forecast period. This factor leads to the estimation of the market size and also provides an outline about how the market will retrieve growth during the assessment period.
Investment Research: The report focuses on the ongoing and upcoming investment opportunities across a particular market. These developments make the stakeholders aware of the current investment scenario across the market.
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.