DUBLIN, Jan. 22, 2023 /PRNewswire/ — The “Green Vehicle Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028 Segmented By Propulsion (Hybrid, Electric, Hydrogen Fuel, Natural Gas, Clean Diesel, Flexible Fuel, etc.), By Vehicle Type, By Drive Type, By Transmission Type, and By Region” report has been added to ResearchAndMarkets.com’s offering.
The global green vehicle market is anticipated to witness a growth of steady CAGR in the forecast period, 2024-2028
The rise in environmental concerns, stringent emission norms, and supportive government policies providing income tax rebates and subsidies are the primary factors driving the global green vehicle market growth throughout the forecast period.
A green or eco-friendly vehicle, or clean vehicle, can be defined as a road vehicle that uses alternate fuels and produces emissions, and is less harmful to the environment than conventional internal combustion engines. The vehicles included in green vehicles are electric vehicles, natural gas vehicles, battery electric vehicles, clean diesel vehicles, plug-in hybrid electric vehicles, flexible fuel-vehicle, and vehicles using blends of ethanol, biodiesel, and gasohol.
Rise in Demand for Fuel-Efficient Vehicle Supports Market Growth
Conventional energy sources are depleting with time due to their limited availability, and they produce harmful greenhouse emissions that adversely affect the environment and result in rapid climate change. The Paris Agreement formed in 2025 targets to keep the rise in mean global temperature to well below 2 C. In order to meet the target, the UN Environment Program (UNEP) suggested cutting global emissions by 7.6 percent every year for the next decade.
The surge in awareness among consumers about sustainable development boosts alternative energy sources as energy fuel in automobiles. Electric vehicles or green vehicles convert almost half of the power supplied to fuel, much larger than conventional vehicles’ energy conversion. Growing crude oil prices and the advent of fuel-efficient technologies are expected to fuel the demand for electric vehicles for daily commute purposes.
Stringent Emission Norms and Regulations Drives the Market Demand
The conventional gas-powered vehicle uses an internal combustion engine for power generation. The combustion engine produces carbon dioxide and greenhouse gases, leading to environmental pollution. Electric vehicles use an electric motor that uses a continuous power supply and does not produce pollutants.
Stringent government regulations and laws in U.S., France, and China focus on efficient vehicle emission, making it mandatory to use advanced technologies ensuring high vehicle performance. Advanced technical infrastructure in the United States and increased sales of alternate fuel vehicles accelerate the global green vehicle market growth in the next five years.
Advancements in Green Vehicle Technology Spurs High Market Growth
Market players are making high-end investments in research and development activities and upgrading the existing infrastructure of greenhouse technology. Companies are focusing on producing green vehicles having lower carbon emissions at relatively lower costs than conventional vehicles.
Manufacturers are also focusing on the production of downsized engines having larger battery capacity to achieve the target set up the leading authority of several developing countries. Downsized engines are cost-effective and compact in nature, which helps achieve higher fuel efficiency and stability by the vehicles.
Competitive Landscape
Company Profiles: Detailed analysis of the major companies present in global green vehicle market.
- Honda Motor Company Limited
- Hyundai Motor Company
- General Motors Company
- Subaru Corporation
- Volkswagen AG
- Ford Motor Company
- Nissan Motor Co., Ltd.
- Daimler AG
- Toyota Motor Corporation
- BMW AG
Report Scope:
Green Vehicle Market, By Propulsion:
- Hybrid
- Electric
- Hydrogen Fuel
- Gas
- Clean Diesel
- Flexible Fuel
Green Vehicle Market, By Vehicle Type:
- Two-Wheeler
- Passenger Car
- Light Commercial Vehicle (LCV)
- Medium & Heavy Commercial Vehicle (M&HCV)
- OTR
Green Vehicle Market, By Drive Type:
- FWD
- RWD
- AWD
Green Vehicle Market, By Transmission Type:
- Automatic
- Manual
Green Vehicle Market, By Region:
- North America
- United States
- Canada
- Mexico
- Asia-Pacific
- China
- India
- Japan
- Malaysia
- Thailand
- Indonesia
- Vietnam
- South Korea
- Europe & CIS
- Germany
- France
- United Kingdom
- Spain
- Italy
- Belgium
- Russia
- South America
- Brazil
- Argentina
- Colombia
- Middle East & Africa
- South Africa
- UAE
- Saudi Arabia
- Egypt
For more information about this report visit https://www.researchandmarkets.com/r/gzlpin
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SOURCE Research and Markets
