Zero Emission Vehicle Market to Reach $1,201.76 Billion, Globally, by 2031 at 21.1% CAGR: Allied Market Research
PORTLAND, Ore., Aug. 2, 2022 /PRNewswire/ -- Allied Market Research published a report, titled, "Zero Emission Vehicle Market by Vehicle Type (BEV, PHEV, FCEV, Solar Vehicles), by Vehicle Class (Passenger Cars, Commercial Vehicles, Two Wheelers), by Price (Mid-Priced, Luxury), by Vehicle Drive Type (Front Wheel Drive, Rear Wheel Drive, All Wheel Drive), by Top Speed (Less Than 100 MPH, 100 to 125 MPH, More Than 125 MPH): Global Opportunity Analysis and Industry Forecast, 2021-2031." According to the report, the global zero emission vehicle industry generated $182.83 billion in 2021, and is estimated to reach $1,201.76 billion by 2031, witnessing a CAGR of 21.1% from 2022 to 2031.
- According to the report, the global zero emission vehicle industry generated $182.83 billion in 2021, and is estimated to reach $1,201.76 billion by 2031, witnessing a CAGR of 21.1% from 2022 to 2031.
- Increase in concerns about environmental pollution, strict regulations regarding vehicle emission norms by governments, and rise in demand for fuel-efficient & high-performance vehicles drive the growth of the global zero emission vehicle market.
- Amid lockdown and other restrictions, many market players deployed their zero emission vehicles for carrying out medical supply and essential goods.
- Based on vehicle type, the BEV segment accounted for the largest market share in 2021, holding around three-fourths of the global zero emission vehicle market, and is expected to maintain its lead status by 2031.