Environmental deterioration and excessive pollution have voiced concerns about environmental preservation. As a result, governments around the world are taking significant leaps by promoting the uptake of eco-friendly products. Similarly, the zero emission vehicle market has been undergoing sharp alterations. No congestion charges, lower running costs, and renewable electricity tariffs have significantly influenced the uptake of these zero emission vehicles. Considering their ability to minimise noise and air pollution rates, several governments are backing its usage through substantial incentives and funding. With successive alterations and consistent technological developments, the zero emission vehicle market is set to witness a drastic upsurge in demand as well as sales. In this view, the global zero emission vehicle market is expected to flourish in the upcoming years.
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Breakthrough Technological Developments in Zero Emission Vehicles to Create Promising Business Opportunity
With the advent of automated and tech-driven vehicles, consumer perception has completely transformed. Acknowledging better performance and optimised combustion, zero emission vehicles have significant prominence around the globe. Moreso, the intense environmental impact of internal combustion engines used in conventional vehicles has not gone unnoticed. Recognizing these detrimental impacts on both, environment, and humans; vehicle manufacturers are actively incorporating cutting-edge technologies to come up with efficient low and zero emission vehicles. Utilisation of electricity or alternative sources, including hydrogen fuel cells, in development of zero emission vehicles, has considerably eliminated the emission of pollutants. This has created an upwelling demand for zero emission vehicles, encouraging players to consistently upgrade their offerings.
Soaring Sales of Battery Electric Vehicles to Facilitate Zero Emission Vehicle Market Expansion
Evidently, the emissions and environmental impact of electric vehicles are remarkably lower than petrol and diesel vehicles. From an efficiency perspective, electric vehicles promote a 60% conversion of electrical energy through the grid to power the wheels. Whereas petrol or diesel cars are capable of converting only 17% to 21% of the energy stored in the fuel. This has propelled the demand for battery-electric vehicles on the global front. Several subsidies offered by the government promoting the usage of electric vehicles are further fuelling its demand. The reduced cost of electric vehicle batteries has brought the overall cost of acquisition, boosting the sales of electric vehicles. Under such circumstances, the global zero emission vehicle market is projected to prosper throughout the projection timeframe.
Higher Propensity to Acquire Electric Vehicles Paves the Way for Zero Emission Vehicles in Asia Pacific
Asia Pacific is pivoting the zero emission vehicle market towards a healthy growth trajectory underpinned by the amplified sales of automobiles. With growing environmental concerns and rising pollution, the governments in the region have formulated favourable policies and incentives. Such exceptional moves have accelerated the uptake of zero emission vehicles across the APAC domain. Nonetheless, the emerging economies such as China, are spearheading the growth apropos to on-road electric vehicles. Emphasis on zero emission targets, specifically in developing nations, is unlocking substantial opportunities for the zero emission vehicle market in the Asia Pacific.
Key Market Players
Some of the most prominent players in the global zero emission vehicle market include Volkswagen AG, Tata Motors, Ampere Vehicles, Hyundai Motor Company, BMW AG, Tesla Inc., Daimler AG, General Motors, and Ford Motor Company.
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