The Latin America, Middle East and Africa Zero Emission Vehicle Market would witness market growth of 23.4% CAGR during the forecast period (2022-2028).
Increases in the price of petroleum-based fuel on a worldwide scale, the number of campaigns launched by various governments, the availability of more and more HEV models, and ongoing advancements in battery technology are all driving the market for zero emission vehicles. Future growth prospects for the market for zero emission vehicles include the market for charging infrastructure and vehicle-to-grid (V2G) technologies.
Hybrid electric vehicle (HEV) manufacturers are having a difficult time sourcing sufficient storage options for their vehicles. Therefore, the batteries used in hybrid cars (HEV/PHEV/EV) should be cheap, portable, safe, and lightweight. They ought to have a lot of power and energy density, and they ought to last for a number of years without suffering much deterioration.
Due to its great energy density, lithium-ion batteries currently appear to be the best choice in terms of the future. A change in battery deployment is anticipated as a result of advancements made in lithium-ion battery technology. The main strategies employed by the major players in this market have been significant product improvement and the creation of new products for the low emission vehicle industry.
The ability of South Africa to adopt new technology, particularly electric vehicles, is determining the direction of the country's automotive industry. While there is a significant market for autonomous vehicles (driverless cars), there will be greater regulatory pressure and customer demand for electric vehicles as a result of the urgent need to meet climate change imperatives. With the start of the third and fourth stages of the MBR Solar Park in Dubai and the Sweihan solar power plant in Abu Dhabi, the UAE has established itself as a significant solar market over the past few years and will continue to add MW to the grid in the years to come.
The Brazil market dominated the LAMEA Zero Emission Vehicle Market by Country in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $10,442.7 million by 2028. The Argentina market is experiencing a CAGR of 24.1% during (2022 - 2028). Additionally, The UAE market would display a CAGR of 23.1% 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 Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria, and Rest of LAMEA.
Free Valuable Insights: The Global Zero Emission Vehicle Market is Predict to reach $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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