Technology advancements alternative fuel development coupled with public-private funding are also driving substantial boom in the green cars market growth
The green cars are type of electrically powered cars that are 100 percent environment friendly and potentially make important contribution towards green economy. These are also solar powered cars that are enhancing energy security of the countries, by reducing greenhouse gas emissions, and have majorly contributed to reducing carbon footprint. These are the key influencers of growth for the green cars market. As a result, the market is poised to grow at a market value of USD 802.81 billion by 2028 at a thumping CAGR of 22.6% throughout the forecast span, 2021-2028.
The hydrogen cars are usually used because they reduce harmful effects on environment, have low maintenance, and are low budget than the conventional cars. For example, the electric cars reduce local air pollution, and even do not emit pollutants like volatile organic compounds, hydrocarbons, carbon monoxide, ozone, lead, and various other oxides. The hybrid e-vehicles, plug-in hybrid e-vehicles, battery e-vehicles, compressed-air vehicles can also be classed under green cars.
Examining the historical and current state and different scenarios, the green cars market seems more progressive thus attractive to the investors. However, although the green cars are generating more revenue in the hydrogen cars market, the market situation is quite uncertain and challenging. The key factors hampering the growth of green cars market are high cost, high service costs, high maintenance relative to conventional petrol and diesel cars.
Moreover, lack of charging infrastructure and restricted driving range are likely to be the key factors restricting full growth potential of the green cars market. Furthermore, innovative business models are allowing market participants to unleash new green cars models, resonating user preferences and buying capabilities. Also government support, technology integrations, new pricing models are anticipated to be benefiting the growth curve in green cars market.
Adroit Market Research report on the green cars market presents a detailed study of the market covering all the regions and segments contributed to the growth of the market. The market is studied considering the base year 2020, historic years 2018-2020, and forecast years 2021-2028. The report gives a better understanding of the green cars market at individual level, the target markets for green electric cars, and identifies policies and approaches to design and put in place that could allow the market players to foster the uptake of green cars. The market dynamics and all the key aspects of the global green cars market such market size, growth forecasts, current trends, growth opportunities, threats, challenges, risks, and country basis segment-wise classification of all the aspects are provided in the report. Also, the competitive landscape is discussed in detail to help market players understand their competitors and competition more vividly.
The companies to stay on top of the list in the rankings of players in green cars market have been evaluated on various factors such as energy productivity, waste levels, corporate sustainability programs, and emissions levels. Moreover, various advanced features, cost, serviceability, and technology integration remain the major focus areas of these automakers to beat the competition.
Also, they are pursuing other strategies like mergers, acquisitions, and partnerships with technology firms and to expand their technology innovation and other services in green cars. This has expanded their reach in international markets and has made their position strong in the green cars competitive arena.
Depending on type the market is classified into key segments namely the electric vehicles segment is poised for good growth in the green cars market due to various factors. The electric vehicles segment has become a source of economic growth and competitiveness for the investors and governments. The biggest benefit of electric vehicles is that they reduce greenhouse emissions and threats to air quality and improve human health. Moreover, the electric vehicles have low maintenance costs which collectively are benefiting the growth outlook of green cars space.
Depending on vehicle type the market is classified into key segments. The medium priced green cars is expected to record the highest growth and drive the future possibilities of the green cars market. The medium-priced green cars are affordable and have lower maintenance costs comparatively to the luxurious cars which is driving the segment’s growth.
The passenger electric segment is projected to gather good share in the green cars market as the passenger cars are more used in cities, has low maintenance cost, causes lesser injuries, and have majorly contributed to reducing the greenhouse gas emissions.
The North American region is poised for sporadic growth in the green cars market. The North American region has witnessed more growth due to various attributes like increasing presence of bigger technology firms, high disposable income, and increased awareness of using hydrogen cars.
The companies or more prominently known greenest automakers ranked highest in the world in terms of customer services, innovation, revenue, and market share in the green cars market are Honda, Hyundai, General Motors, Fuji Heavy Industries, Volkswagen, Ford Motor, Company, Nissan, Daimler AG, Toyota, and BMW. Innovative business models are playing a key role in providing growth and entry opportunities to the incumbent and new automakers in the global green cars market.
Key Segments of the Global Green Cars Market
Type Overview, 2018-2028 (USD Billion)
- Electric Vehicles
- Plug-in Hybrid Electric Vehicles
- Hybrid Electric Vehicles
- Battery Electric Vehicles
Vehicle Class Overview, 2018-2028 (USD Billion)
- Medium Priced Green Cars
- Luxurious Green Cars
Vehicle Type Overview, 2018-2028 (USD Billion)
Regional Overview, 2018-2028 (USD Billion)
- Rest of Europe
- Rest of Asia Pacific
- Rest of South America
Middle East and Africa