Zero Emission Vehicles Market, By Vehicle Type (Two Wheelers, Three Wheelers, Passenger Vehicle, Light Commercial Vehicle, and Heavy Commercial Vehicle , By Propulsion (Battery-electric vehicles (BEVs) and Hydrogen fuel cell vehicles), By Geography (North America, Europe, Asia Pacific, Latin America, Middle East and Africa).

Published In : Mar 2024

Code : CMI6768

Pages :170

Formats :

Excel and PDF

Industry : Automotive and Transportation

Market Concentration and Competitive Landscape

Zero Emission Vehicles Market Concentration By Players

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Government support and regulations

Government policies play a major role in encouraging the adoption of new technologies in the automotive industry. Governments around the world are supporting the development and uptake of zero emission vehicles through various fiscal and non-fiscal incentives. They offer subsidies and tax rebates for purchases of electric vehicles to make them affordable for consumers. Some countries have implemented quotas for car manufacturers to ensure a minimum sale of green vehicles. Restrictive emission norms are being made more stringent over the years.

In January 2023, the California Energy Commission (CEC) approved a substantial funding of USD 2.93 billion for enhancing California's zero-emission transportation infrastructure. This funding, authorized in December 2022, aims to expand Electric Vehicle chargers, zero-emission vehicles, transit and school buses, and hydrogen refueling equipment. California is set to receive an additional 90,000 EV chargers, requiring an investment of USD 900 million. The state currently has around 80,000 EV chargers. A significant portion of the funding, USD 1.71 billion, is allocated for the infrastructure of medium- and heavy-duty Zero Emission Vehicles (ZEVs), following the California Energy Commission’s approval of zero-emission vehicle infrastructure and USD 1.42 billion in funding for 2021.

Key Players Insights