Market Overview:
The Global Electric Mobility Market size is expected to grow from USD 109.23 billion in 2022 to USD 324.95 billion by 2030, at a CAGR of 14.6% during the forecast period (2023-2030).
The use of vehicles such as cars, e-bikes, buses, trucks, and motorcycles to provide transportation is referred to as electric mobility. This kind of mobility offers a solution for both short travels and light loads as well as for lengthy trips and big loads. People's quality of life is enhanced by electric mobility because it doesn't release harmful gases. Because they don't have internal combustion engines, electrical vehicles reduce greenhouse gas emissions by tons, thereby assisting in the fight against global warming. Due to the release of hazardous gases, the majority of people worldwide are more conscious of climate change. They favor electric automobiles over gasoline-powered vehicles as a result. Sales of electric vehicles are expanding quickly as a result of rising automotive electrification and an evolving electrical car economy.
Top Key Players in Electric Mobility Market:
Vmoto Limited ABN (Australia), Tesla (US), Terra Motors (Japan), Continental AG (Germany), ALTA MOTORS (USA), Accell Group (Netherland), Nissan Motor Corporation (Japan), Zero Motorcycles Inc. (US), Kinetic Green Energy & Power Solutions Ltd. (India) and other major players.
Market Dynamics and Factors for Electric Mobility Market:
Drivers:
Increasing Adoption of the Electrical Vehicles
The increasing adoption of electric vehicles (EVs) serves as a significant growth driver for the electric mobility market. As concerns about environmental sustainability and fossil fuel depletion mount, consumers are shifting towards EVs, driven by their lower emissions and reduced reliance on traditional fuels. This trend spurs innovation in EV technology, charging infrastructure, and energy storage, fostering a competitive market landscape. The government's incentives and regulations further bolster this transition, propelling the growth of the electric mobility sector in a more sustainable direction.
Opportunities:
Electric Mobility Improves Employee Wellbeing
The introduction of novel and appealing electric vehicle models by the automotive industry presents a significant opportunity for the electric mobility market. These innovative offerings not only cater to evolving consumer preferences but also stimulate adoption by addressing range anxiety, performance concerns, and style preferences. This diversification of options encourages wider acceptance of electric vehicles, accelerates the transition to sustainable transportation, and fuels the growth of the electric mobility sector.
Segmentation Analysis of the Electric Mobility Market:
By Product Type, Electric cars have surged to dominance in the electric mobility market due to their expanding range, improved charging infrastructure, and eco-friendly image. With advancements in battery technology and increasing consumer interest, electric cars have become a compelling choice, outpacing other electric mobility options.
By Battery Type, The lithium-ion battery segment accounted for the highest growth of the Electric Mobility Market. The increasing awareness about eco-friendly batteries and the rising investments in lithium-ion battery packs are expected to drive the segment’s growth. For instance, in December 2022, Neuron Energy Private Limited, a manufacturer of lithium-ion battery packs for electric two- and three-wheelers, stated its intent to invest INR 50 crore (USD 6 million) in this market.
Regional Analysis of the Electric Mobility Market:
The Asia Pacific region is expected to hold the largest market share owing to the demand for e-scooters in India is expected to rise as more businesses launch shared mobility services and e-commerce businesses choose e-scooters to provide last-mile delivery services. To offer its B2B partners a variety of aftermarket services, including insurance (renewals, claims, and sales), roadside assistance, and doorstep/hub-based preventive & periodic maintenance, Hero Electric, an Indian e-scooter company, announced a partnership with Readily Mobility in September 2022.
Key Industry Development:
In November 2021, Global automaker Nisan declared that over the course of five years, the business spent USD 18 billion on developing the battery for electrical vehicles. The business actively invests in EV batteries that are more affordable and have better capacity.
Regional Outlook (Revenue in USD Million; Volume in Units, 2023-2030)
North America
- US
- Canada
- Mexico
Eastern Europe
- Bulgaria
- The Czech Republic
- Hungary
- Poland
- Romania
- Rest of Eastern Europe
Western Europe
- Germany
- UK
- France
- Netherlands
- Italy
- Russia
- Spain
- Rest of Western Europe
Asia Pacific
- China
- India
- Japan
- South Korea
- Malaysia
- Thailand
- Vietnam
- The Philippines
- Australia
- New Zealand
- Rest of APAC
Middle East & Africa
- Turkey
- Bahrain
- Kuwait
- Saudi Arabia
- Qatar
- UAE
- Israel
- South Africa
South America
- Brazil
- Argentina
- Rest of SA
