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Zero Emission Vehicle (ZEV) Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2018 – 2026
Zero Emission Vehicle (ZEV) Market – Global
Industry Analysis, Size, Share, Growth, Trends,
and Forecast 2018 – 2026
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.
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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.
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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. Welldeveloped 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.
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