Global Green Vehicles Market 2023 Outlook By Product, Trends and Forecast To 2024-2032

Green Vehicles Market Size And Forecast

Green Vehicles Market size was valued at USD 196 Billion in 2024 and is projected to reach USD 932 Billion by 2031, growing at a CAGR of 17.5% from 2024 to 2031.

A Green Vehicle is a substitute for a fuel-based vehicle which itself is a major growth factor expected to boost the market growth. The Global Green Vehicles Market report provides a holistic evaluation of the market. The report offers a comprehensive analysis of key segments, trends, drivers, restraints, competitive landscape, and factors that are playing a substantial role in the market.

Global Green Vehicles Market Definition

Green Vehicles use electricity as their primary fuel or to improve the efficiency of conventional vehicle designs. Green vehicles are known for providing instant torque and a quiet driving experience. Green Vehicles also known as electric vehicle, is a vehicle that uses an electric motor for propulsion. Moreover, some of the common green vehicles are electric cars, electric trucks, electric airplanes, electric lorries, electric boats, electric bikes, and others. Furthermore, in green vehicles, electric energy is used as a transportation fuel that powers electric vehicles.

Green vehicle drive is very different from fossil fuel-powered vehicles, wherein, they receive their power from a wide range of sources, including nuclear power, fossil fuels, and renewable sources such as solar power, tidal power, wind power, or any combination of those. Green Vehicles operate on electricity unlike its counterpart, which run on fuel. Therefore, instead of the internal combustion engine, these vehicles run on an electric motor that requires a constant supply of energy from batteries to operate. There are a variety of batteries such as lithium-ion, molten salt, zinc-air, and various nickel-based designs that are used in these green vehicles.

Green vehicles were majorly designed to replace conventional ways of travel as they lead to environmental pollution. Besides, it has gained popularity, owing to numerous technological advancements. It outperforms conventional vehicles providing higher fuel economy, low carbon emission & maintenance, the convenience of charging at home, smoother drive, and reduced sound from the engine. Charging equipment gives electricity to charge EV batteries. Green Vehicles supply equipment that supplies electricity to a Smart green vehicle commonly called charging stations or charging docks, they provide electric power to the vehicle and use that to recharge the vehicle’s batteries. Also, the charging unit communicates with the vehicle to ensure that it supplies an appropriate and safe flow of electricity.

Global Green Vehicles Market Overview

A Green Vehicle is a substitute for a fuel-based vehicle which itself is a major growth factor expected to boost the market growth. Furthermore, the trend of diminishing vehicular emission due to strict rules and regulations in many countries and the growth of public charging infrastructure in, France, China, and other developed countries are further expected to drive the market growth. Besides, the high production cost of green vehicles and low fuel economy and convenience are the elements that might inhibit the market growth.

Furthermore, technological advancements in green vehicle drives and proactive government initiatives are expected to create several opportunities for the growth of the market. Governments of several regions are promoting the adoption of electric vehicles for commercial purposes to reduce emissions of the greenhouse into the environment. Moreover, the absence of charging infrastructure for green vehicles acts as a restraining factor for the Green Vehicles Market. Therefore, due to modern technological advancements and the production of EV batteries on a big scale in large volumes, the cost of EV batteries has been reduced over the previous decades.

This has led to a decline in cost of the electric vehicles as EV batteries are one of the most expensive parts of an electric vehicle. There is a smaller number of EV charging stations in several countries around the world. The demand for EVs will rise once there is a well-developed EV charging network across the world. Green vehicles are higher-up as compared to traditional fuel automobiles, but the price is more than that of gasoline-powered vehicles. These vehicles have not yet achieved economies of scale as they are not mass-produced.

Global Green Vehicles Market Segmentation Analysis

The Global Green Vehicles Market is Segmented on the basis of Vehicle Type, EV Type, Application, Drive Type, Component, And Geography.

Green Vehicles Market, By Vehicle Type

• Passenger Vehicle
• Commercial Vehicle
• Two-Wheeler
• Light Commercial Vehicles

Based on Vehicle Type, The market is segmented into Passenger Vehicle, Commercial Vehicle, Two-Wheeler, and Light Commercial Vehicles. The Light Commercial Vehicles segment holds a big market share. The swift growth of this segment is majorly attributed to the rising awareness regarding the role of green vehicles in diminishing emissions, and stringent government rules and regulations towards vehicle emissions.

Green Vehicles Market, By EV Type

• Battery Electric Vehicle
• Plug-In Hybrid Vehicle
• Hybrid Electric Vehicle
• Fuel Cell Electric Vehicle

Based on EV Type, The market is segmented into Battery Electric Vehicle, Plug-In Hybrid Vehicle, Hybrid Electric Vehicle, and Fuel Cell Electric Vehicle. The Fuel Cell Electric Vehicles segment holds a big market share. The swift growth of this segment is majorly attributed to the rising demand for vehicles with strict carbon emission norms, fewer carbon emissions, growing emphasis on the adoption of Fuel Cell Electric Vehicles (FCEVs) due to advantages such as fast refueling, and increasing government initiatives and investments for advancing fuel cell technology.

Green Vehicles Market, By Application

• E-Axle
• E-Wheel Drive

Based on Application, The market is segmented into E-Axle and E-Wheel Drive. The E-axle segment holds a big market share. This is majorly due to the fast-growing demand for mass-produced EVs in the market and the growing demand for zero-emission vehicles.

Green Vehicles Market, By Drive Type

• Front Wheel Drive (Fwd)
• Rear Wheel Drive (RWD)
• All Wheel Drive (AWD)

Based on Drive Type, The market is segmented into Front Wheel Drive (Fwd), Rear Wheel Drive (RWD), and All Wheel Drive (AWD). The Rear Wheel Drive (RWD) segment holds a big market share, which is mainly attributed to its easier vehicle control over others. North America also has seen faster growth in these vehicles with Tesla Model 3 Standard version, BMW i3, Volkswagen ID4, Porsche Tycan, etc. leading the market.

Green Vehicles Market, By Component

• EV Battery
• Electric Motor
• Inverter System
• E-Brake Booster
• Power Electronics

Based on Component, The market is segmented into EV Battery, Electric Motor, Inverter System, E-Brake Booster, and Power Electronics. The EV Battery segment holds a big share market. The demand for EV batteries will be the highest in the Asia Pacific due to China being the world’s largest EV market and Japan, South Korea, and India steadily growing their EV demand. Therefore, with an increase in the adoption of modern technologies for smart electric drives, the demand for EV batteries would also enlarge.

Green Vehicles Market, By Geography

• North America
• Europe
• Asia Pacific
• Rest of the world

On the basis of Geography, The Global Green Vehicles Market is classified into North America, Europe, Asia Pacific, and the Rest of the world. The Asia Pacific region is expected to witness the highest CAGR during the forecast period. This is primarily due to the rise in disposable income in these countries, and the growth in urbanization. The Asia Pacific Green Vehicles Market is led by countries like South Korea, China, and Japan. China is the world’s largest EV producer and the user has dominance in the EV industry in the region.

Key Players

The “Global Green Vehicles Market” study report will provide valuable insight with an emphasis on the global market. The major players in the market are Honda, Hyundai, Volvo, Toyota, Nissan Moto, Tesla Motors, BYD, Volkswagen, Ford, and Daimler.

Our market analysis also entails a section solely dedicated to such major players wherein our analysts provide an insight into the financial statements of all the major players, along with its product benchmarking and SWOT analysis. The competitive landscape section also includes key development strategies, market share, and market ranking analysis of the above-mentioned players globally.

Key Developments

• In April 2021, Volkswagen unveiled the 7-seater EV ID.6 Crozz and ID.6 X produced along with FAW and SAIC in China. The vehicles will be sold only in China. It comes in two battery versions, 58 kWh and 77 kWh, and comes in four powertrain configurations.
• In April 2021, Toyota launched the new LS and Mirai models in Japan which come with advanced driving assist technology.
• In April 2021, BYD launched four new Green Vehicles models equipped with Blade batteries in Chongqing. The new vehicle models, Tang EV, Qin Plus EV, Song Plus EV, and E2 2021 come with advanced battery safety features.
• In March 2020, BMW launched the 2nd generation 330e and 330e xDrive in the North American market. The vehicle comes with a 12-kWh battery and an all-electric range of 20-22 miles.

Report Scope

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Reasons to Purchase this Report

• Qualitative and quantitative analysis of the market based on segmentation involving both economic as well as non-economic factors• Provision of market value (USD Billion) data for each segment and sub-segment• Indicates the region and segment that is expected to witness the fastest growth as well as to dominate the market• Analysis by geography highlighting the consumption of the product/service in the region as well as indicating the factors that are affecting the market within each region• Competitive landscape which incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions, and acquisitions in the past five years of companies profiled• Extensive company profiles comprising of company overview, company insights, product benchmarking, and SWOT analysis for the major market players• The current as well as the future market outlook of the industry with respect to recent developments which involve growth opportunities and drivers as well as challenges and restraints of both emerging as well as developed regions• Includes in-depth analysis of the market of various perspectives through Porter’s five forces analysis• Provides insight into the market through Value Chain• Market dynamics scenario, along with growth opportunities of the market in the years to come• 6-month post-sales analyst support

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