The Europe Zero Emission Vehicle Market would witness market growth of 18.9% CAGR during the forecast period (2022-2028).
Both vehicles were developed on the Ultium platform and give lower vehicle emissions and strong battery protection to speed up last-mile delivery. The zero-emission vehicle (ZEV) market, though, is still in its early stages and is anticipated to grow rapidly over the next few years. Three different vehicle designs are deemed "zero emission" under the ZEV law.
A traditional gasoline engine and a battery that can be recharged by the electrical grid are combined in plug-in hybrid automobiles. Battery electric vehicles and Hydrogen Fuel Cell Vehicle (FCV) are the other two types. Additionally, a number of major manufacturers, like Daimler, Toyota, and Volvo, are also moving toward electric vehicles, which is projected to create further expansion chances in the years to come.
Due to encouraging government programmes to address environmental challenges, Europe is expected to have a considerable rise in the market for zero emission vehicles. European countries are home to 24% of all EVs now on the road, according to the International Energy Agency. Despite the pandemic, increasing EV sales in the European Union were stimulated by the implementation of 2020 corporate average CO2 emissions regulations. Additionally, EU COVID-19 economic measures in 2020 favoured alternative powertrains by providing more favourable cash-for-clunkers programmes and increased purchase incentives.
The Germany market dominated the Europe Zero Emission Vehicle Market by Country in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $37,486 million by 2028. The UK market is anticipated to grow at a CAGR of 17.9% during (2022 - 2028). Additionally, The France market would exhibit a CAGR of 19.8% during (2022 - 2028).
Based on Price, the market is segmented into Mid-Priced and Luxury. Based on Vehicle Class, the market is segmented into Passenger Cars, Commercial Vehicles, and Two Wheelers. Based on Vehicle Drive Type, the market is segmented into All Wheel Drive, Front Wheel Drive, and Rear Wheel Drive. Based on Top Speed, the market is segmented into More Than 125 MPH, 100 to 125 MPH, and Less Than 100 MPH. Based on Vehicle Type, the market is segmented into BEV, PHEV, FCEV, and Others. Based on countries, the market is segmented into Germany, UK, France, Russia, Spain, Italy, and Rest of Europe.
Free Valuable Insights: The Global Zero Emission Vehicle Market will Hit $578.9 Billion by 2028, at a CAGR of 19.4%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include General Motor Co., BMW Group, Toyota Motor Corporation, Mercedes-Benz Group AG (Daimler AG), Ford Motor Company, Hyundai Motor Company, Tesla, Inc., Nissan Motor Corporation, BYD Company Ltd., and Tata Motors Limited.
By Price
By Vehicle Class
By Vehicle Drive Type
By Top Speed
By Vehicle Type
By Country
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