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.
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.
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.
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A major restraint to the global zero emission vehicle market is lack of infrastructural facilities. Electric vehicles are prominent ZEVs, which are witnessing an increase in demand across the globe. Lack of electric vehicle charging infrastructure is primarily restraining the electric vehicle market, which in turn is hampering the zero emission vehicle market.
The global zero emission vehicle market can be segmented based on power source, vehicle type, and region. Based on power source, the global zero emission vehicle market can be classified into four segments. Battery electric vehicles are witnessing a significant adoption from consumers across the globe, which is primarily attributed to government subsidies and increased awareness. Battery electric vehicles utilize a battery, mostly lithium-ion battery, as a power source to run electric motors. Air powered vehicles are considered as a prominent mode of transportation, as they utilize compressed air for propelling the vehicle. The technology is still in the development phase and is expected to hit the zero emission vehicle market in the near future.