Zero Emission Vehicle Market — Technology Evolution for Green Environment

Posted by RASHMI on June 26th, 2019

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.

Zero Emission Vehicle Market - Drivers

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.

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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.

Zero Emission Vehicle Market - Key Players

Key players operating in the global zero emission vehicle market include Tesla, BMW AG, Daimler AG, Motor Development International SA, Engineair Pty Ltd, Tata Motors, Toyota Motor Corporation, Volkswagen AG, Honda Motor Co., Ltd., and SEGWAY INC.