Green Vehicle Market to be dominated by North American region through 2027
Rise in investments by leading OEMs and growing consumer
awareness about benefits of using green vehicles are expected to drive the
growth of global green vehicle market in the forecast period, 2023-2027.
According
to TechSci Research report, “Green Vehicle Market - Global Industry Size,
Share, Trends, Opportunity, and Forecast, 2017-2027”,
the global green vehicle market is anticipated to witness impressive growth in
the forecast period, 2023-2027. Increasing demand for low emission commuting
zero-emission vehicles and offering subsidies and income tax rebates by the
government to support the manufacturing and purchase of green vehicles are the
primary driving factors of the global green vehicle market in the forecast
period.
However,
high initial cost and lack of appropriate charging and fueling stations may
restrain the global green vehicle market growth in the forecast period.
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Green Vehicle Market"
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The
global green vehicle market is segmented into propulsion, vehicle
type, drive type, transmission type, regional distribution, and company.
Based on propulsion, the global green
vehicle market is divided into hybrid, electric, hydrogen fuel, natural gas,
clean diesel, flexible fuel. The hybrid propulsion is expected to hold the
largest market share in the forecast period. They support higher fuel
efficiency, lower maintenance costs, enhanced engine average load, and better
fuel savings over its other counterparts.
Based on the vehicle type, the global
green vehicle market is divided into two-wheeler, passenger car, light
commercial vehicle (LCV), medium & heavy commercial vehicle (M&HCV),
and OTR. Passenger car is expected to account for a significant market share in
the forecast period. The high demand for passenger cars in the Asia-pacific
region, mainly in countries like Japan, China, and South Korea, is leading the
passenger car demand in the region. The change in consumers' preference for
private vehicle ownership and growing expenditure capacity enables them to
afford a quality lifestyle. The introduction of electric passenger cars varying
in a different colors, fuel mileage, battery capacity, and prices by the market
players are expected to boost the sales of green passenger cars in the forecast
period.
Based on the drive type, the global
green vehicle market is divided into FWD, RWD, AWD. RWD is expected to grow at
the highest CAGR in the forecast period. An increase in demand for these
vehicles across the globe as it provides easier vehicle control contributes to
higher market growth. Launch of vehicles supporting RWD drive type including
Wuling Hongguang Mini EV, Volkswagen ID4, Tesla Model 3 Standard version, and
others are garnering the attention of consumers to invest in the purchase of
these vehicles.
Based on the transmission type, the
global green vehicle market is divided into automatic and manual. The automatic
transmission type is expected to witness the fastest incremental growth in the
forecast period as they are easier to use and are more comfortable for the
driver.
Based on the regional analysis, the
North American region is expected to hold the largest market share, followed
closely by Europe in the forecast period. Favorable government policies
promoting the use of green vehicles and installing charging stations and
hydrogen fueling stations to increase consumer convenience while driving are
detrimental factors supporting the global green vehicle market growth in the
region.
Major market players operating in the global
green vehicle market are:
- 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
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“The rise in investments by the
government authorities around the globe for the development of sufficient
electric vehicle charging stations and hydrogen fueling stations and the
subsidies and incentives offered to manufacturers and buyers are expected to
create growth avenues for the global green vehicle market in the forecast
period. An increase in the costs of petroleum and diesel and the reduction in the
price of EV batteries is ultimately lowering the cost of electric vehicles,
which is expected to bolster the demand for green vehicles. The target set-up
by leading authorities of several developing economies to reduce vehicle
emissions by 2050 and the introduction
of advanced variants of green vehicles are expected to propel the global green
vehicle market growth till 2027” said Mr. Karan Chechi, Research Director with
TechSci Research, a research based global management consulting firm.
“Green Vehicle Market -
Global Industry Size, Share, Trends, Opportunity, and Forecast, 2017-2027, Segmented By Propulsion
(Hybrid, Electric, Hydrogen Fuel, Natural Gas, Clean Diesel, Flexible Fuel,
etc.), By Vehicle Type (Two-Wheeler, Passenger Car, Light Commercial Vehicle
(LCV), Medium & Heavy Commercial Vehicle (M&HCV), OTR), By Drive Type
(FWD, RWD, AWD), By Transmission Type (Automatic, Manual), and By Region”, has evaluated the future
growth potential of global green vehicle and provides statistics &
information on market size, structure, and future market growth. The report
intends to provide cutting-edge market intelligence and help decision makers
take sound investment decisions. Besides, the report also identifies and analyzes
the emerging trends along with essential drivers, challenges, and opportunities
in global green vehicle market.
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