Zero Emission Vehicle Market - Overview

A zero emission vehicle (ZEV) does not emit any kind of pollutant from its power source, such as internal combustion (IC) engine. The emitted exhaust gas from conventional IC engine vehicle contains hydrocarbons, ozone, lead, particulates, and carbon monoxide, which are highly harmful for human health and the environment. ZEVs utilizes a power source other than the internal combustion engine.

Zero Emission Vehicle Market - Drivers and Restraints

The global zero emission vehicle market is primarily driven by government incentives and raised 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 the increase in pollution levels, and vehicles are a major source of pollution. Governing bodies are forming alliances at the global level and implementing stringent emission norms in order to limit the global temperature rise. 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 fueling the demand for ZEVs across the globe.

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.

Zero Emission Vehicle Market - Segmentation

The global zero emission vehicle market can be segmented based on power source, vehicle type, and region. Based on power source, the global zero emission vehicle market can be classified into four segments. Battery electric vehicles are witnessing a significant 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 is expected to hit the zero emission vehicle market in the near future.

In terms of vehicle type, the global zero emission vehicle market can be divided into two segments. The passenger vehicle segment accounted for a major share of the total zero emission vehicle market, in terms of revenue, in 2017. Transporting passengers is a primary application of vehicles. ZEVs are capable of handling lower loads, owing to which, zero emission vehicles are primarily used for passenger transportation.

The electric vehicle segment is expanding significantly across the globe. China accounts for a prominent share of the total zero emission vehicle market, in terms of revenue, of the battery electric vehicles. 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 market, in terms of revenue, in 2017. Several countries across Europe are witnessing a significantly higher adoption of electric vehicles. Norway, Sweden, and Luxembourg witnessed a significantly higher percentage of sales of electric vehicles of the total vehicle sales in 2017.

Zero Emission Vehicle Market - Key Players

Key players operating in the global zero emission vehicle market include Tesla, BMW AG, Daimler AG, Motor Development International SA, Engineair Pty Ltd, Tata Motors, Toyota Motor Corporation, Volkswagen AG, Honda Motor Co., Ltd., and SEGWAY INC.

The report offers a comprehensive evaluation of the market. It does so via in-depth qualitative insights, historical data, and verifiable projections about market size. The projections featured in the report have been derived using proven research methodologies and assumptions. By doing so, the research report serves as a repository of analysis and information for every facet of the market, including but not limited to: Regional markets, technology, types, and applications.

The study is a source of reliable data on:

  • Market segments and sub-segments
  • Market trends and dynamics
  • Supply and demand
  • Market size
  • Current trends/opportunities/challenges
  • Competitive landscape
  • Technological breakthroughs
  • Value chain and stakeholder analysis

The regional analysis covers:

  • North America (U.S. and Canada)
  • Latin America (Mexico, Brazil, Peru, Chile, and others)
  • Western Europe (Germany, U.K., France, Spain, Italy, Nordic countries, Belgium, Netherlands, and Luxembourg)
  • Eastern Europe (Poland and Russia)
  • Asia Pacific (China, India, Japan, ASEAN, Australia, and New Zealand)
  • Middle East and Africa (GCC, Southern Africa, and North Africa)

The report has been compiled through extensive primary research (through interviews, surveys, and observations of seasoned analysts) and secondary research (which entails reputable paid sources, trade journals, and industry body databases). The report also features a complete qualitative and quantitative assessment by analyzing data gathered from industry analysts and market participants across key points in the industry’s value chain.

A separate analysis of prevailing trends in the parent market, macro- and micro-economic indicators, and regulations and mandates is included under the purview of the study. By doing so, the report projects the attractiveness of each major segment over the forecast period.

Highlights of the report:

  • A complete backdrop analysis, which includes an assessment of the parent market
  • Important changes in market dynamics
  • Market segmentation up to the second or third level
  • Historical, current, and projected size of the market from the standpoint of both value and volume
  • Reporting and evaluation of recent industry developments
  • Market shares and strategies of key players
  • Emerging niche segments and regional markets
  • An objective assessment of the trajectory of the market
  • Recommendations to companies for strengthening their foothold in 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.       

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
  • Europe
  • 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?

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.

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