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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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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