A comprehensive overview of the Zero Emission Vehicle Market is recently added by UnivDatos Market Insights to its humongous database. The report has been aggregated by collecting informative data from various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on the Zero Emission Vehicle Market in the Global context. This report offers a detailed analysis of the latest industry developments and trending factors that are influencing market growth. Furthermore, this statistical market research repository examines and estimates the Zero Emission Vehicle Market at the regional & country levels. Global Zero Emission Vehicle Market is expected to grow at a CAGR of 32.7% from 2021-2027 to exceed 73.5 million vehicles sale by 2027.
Global Zero Emission Vehicle Market is experiencing significant growth on account of electric cars which are gradually becoming more competitive in some countries on a total cost of ownership basis. Also, several governments provided or extended fiscal incentives that buffered electric car purchases from the downturn in car markets. For instance, as per BCG, the global market share of electrified cars, SUVs, and other light vehicles grew from 8% in 2019 to 12% in 2020 and has shown continued strength in early 2021.
Furthermore, other factors driving the growth of the Zero Emission Vehicle market globally are: improvements in battery technology and cost, more charging infrastructure being built, and new compelling models from automakers. Also, Electrification is another force which is also spreading to new segments of road transport, setting the stage for huge changes ahead.
Due to lockdown, global car sales had a downward trend however, electric car sales in 2020 defied this trend. As per IEA, Consumers spent USD 120 billion on electric car purchases in 2020, a 50% increase from 2019, which breaks down to a 41% increase in sales and a 6% rise in average prices. In 2020, the global average BEV price was around USD 40,000 and around USD 50,000 for a PHEV. Governments across the world spent USD 14 billion on direct purchase incentives and tax deductions for electric cars in 2020, a 25% rise year-on-year. Despite this, the share of government incentives in total spending on EVs has been on a downward slide from roughly 20% in 2015 to 10% in 2020.
