The global Zero Emission Vehicle (ZEV) market is valued at USD 73.58 billion in 2020 and is expected to reach USD 239.66 billion by the end of 2026, growing at a CAGR of 21.75% between 2020 and 2026, according to the newest report published by QY Research.
A zero-emissions vehicle is a vehicle that never emits exhaust gas from the onboard source of power; generally refers to electric vehicles. Zero Emission Vehicles (ZEVs) are vital for addressing climate change and improving the efficiency of vehicle fleets as they produce lower GHG emissions than conventional fossil fuel vehicles. Each electric vehicle that displaces a conventional car saves approximately 1.5 tons of CO2 per year. This represents a 62% reduction compared to a petrol-powered car and a 53% reduction compared to a diesel-powered car.
With the increasing key eyesight on the global climate changes, more and more people are dedicated to environment protection. Transportation is one of the most significant contributors to climate change, accounting for 27% of global CO2 emissions, and is the fastest growing source of greenhouse gas emissions. Choosing Zero Emission Vehicle (ZEV) can be helpful to prevent the worse global climate.
Global Zero Emission Vehicle (ZEV) Market- Key Players
Tesla, BYD, SAIC, BAIC, BMW, Hyundai & Kia, GEELY, Nissan, Volkswagen, Renault, JAC, TOYOTA , Mitsubishi, Chery, VOLVO, GAC Motor, are some of the key players, functioning in the global Zero Emission Vehicle (ZEV) market. Tesla is the industry giant in the market presently, accounting for 31.97% market globally. Other players, BYD, BMW also account for a certain market share.
Global Zero Emission Vehicle (ZEV) Market: Segmental Analysis
On the basis of product type, BEV and PHEV are included. BEV is the abbreviation of battery electric vehicle. Electricity is the only power source. PHEV is the abbreviation of the plug-in hybrid electric vehicle, the battery can be charged. The power is relative small. BEV is the largest segment. In 2020, BEV accounted for a major share of 61.34% the global Zero Emission Vehicle (ZEV) market, this product segment is poised to reach US$ 153194.75 Million by 2026 from US$45141.12 Million in 2020.
Geographically, the global Zero Emission Vehicle (ZEV) production market is mainly concentrates in United States, Europe, China, Japan, etc. China held the largest share in the global market, its revenue of global market exceeds 47% % in 2019. The next is Europe.
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