Electric Mobility Market
Report ID: SQSG45I2033
Electric Mobility Market Size, Share, Growth Analysis, By Product (Electric Bikes, Electric Scooters), By Drive (Belt Drive, Chain Drive), By Battery, By Voltage, By End Use, By Region - Industry Forecast 2025-2032
Report ID:
SQSG45I2033 |
Region:
Global |
Published Date: February, 2024
Pages:
165
|Tables:
95
|Figures:
76
Electric Mobility Market Insights
Electric Mobility Market size was valued at USD 109.23 Billion in 2023 and is poised to grow from USD 125.18 Billion in 2024 to USD 426.75 Billion by 2032, growing at a CAGR of 14.6% during the forecast period (2025-2032).
The automobile sector is going through social, technological, and economic changes. This is primarily a result of people being more aware of how much less expensive EVs are to operate and maintain while also being able to reduce the harmful emissions that contribute to global warming. The market for electric vehicles, or EVs, as well as the market for electric mobility, or E-mobility, are set to benefit from these positive trends in the years to come.
Governments from different nations are attempting to make the adoption of EVs simpler by investing in the development of EV charging infrastructure, in addition to subsidies or tax benefits offered to buyers and vehicle manufacturers. For instance, the Indian government recently proposed tax benefits for the purchase of electric vehicles in an effort to boost their adoption there. Similar to many other nations around the world, the Indian government is implementing laws to phase out internal combustion engine vehicles and drastically cut the volume of such vehicles produced by 2031, enhancing the market's potential for growth for e-mobility.
Automobile manufacturers are currently developing new E-car models. For instance, General Motors plans to release 100 different electric vehicle types by the year 2020. Additionally, the market for electric mobility is anticipated to benefit from the growing popularity of services like car-sharing, ride-hailing, E-scooter sharing, E-bicycle sharing, and E-motorcycle sharing. However, depending on regional transportation policy, the state of the charging infrastructure, and the extent of urbanization, the launch of these services varies greatly at both the city and national levels. Even so, well-known car OEMs like Ford Motor Company are making large investments in businesses that provide electric mobility sharing services. To capture a bigger piece of the market for electric mobility, the corporations are also concentrating on capacity increases and acquisitions.
US Electric Mobility Market is poised to grow at a sustainable CAGR for the next forecast year.
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Electric Mobility Market Segmental Analysis
Global Electric Mobility Market is segmented by product, drive, battery, voltage, end use and region. Based on product, the market is segmented into electric bikes, electric scooters, electric motorized scooters and electric motorcycles. Based on drive, the market is segmented into belt drive, chain drive and hub drive. Based on battery, the market is segmented into lead acid, lithium ion and other. Based on voltage, the market is segmented into less than 24v, 24v, 36v, 48v and greater than 48v. Based on end use, the market is segmented into personal and commercial. Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa.
Electric Mobility Market Analysis by Product
In terms of revenue, the electric car category led the market for electric mobility in 2021 with over 71% of the total. It is anticipated that this dominance would continue throughout the forecast period. This can be ascribed to battery electric vehicles (EVs) having a higher acceptance rate and higher cost when compared to electric motorcycles, scooters, skateboards, wheelchairs, and bicycles. Furthermore, rules encouraging fleet owners and municipalities to buy an eco-friendly and low-maintenance vehicles are driving up demand for EVs.
From 2021 to 2028, the electric motorbike market is anticipated to grow at a significant CAGR of 33.9 percent. Government regulatory agencies are promoting the use of electric two-wheelers by providing tax breaks, which is anticipated to add to the worldwide market for electric mobility's promising growth prospects. Additionally, a number of businesses have begun investing in the e-motorcycle market, which is anticipated to soon contribute to the development of a competitive business climate for e-motorcycles
Electric Mobility Market Analysis by Battery
The e-mobility market is divided into three categories of batteries: sealed lead acid, nickel metal hydride (NiMH), and lithium-ion (Li-ion). With almost 49% of the market share in 2021, the Li-ion segment dominated. Over the forecast period, the segment is predicted to post a remarkable CAGR of 23.8%. Due to production scale efficiencies and technological advancements, the cost of Li-ion battery packs for EVs has decreased by over 70% over the last seven years and is expected to decrease by another 50% until 2030. The market for these batteries is anticipated to increase due to their rising economic viability and higher energy densities when compared to sealed lead acid and NiMH batteries. Moreover, the Li-ion market has impressive growth possibilities as battery suppliers and manufacturers spend money on R&D initiatives in an effort to provide affordable, secure, and dependable battery solutions with increased energy densities.
As customers want high-performance, more ecologically friendly batteries, the nickel-metal hydride (NiMH) market is anticipated to expand significantly. Over the course of the forecast period, NiMH batteries are anticipated to maintain their dominant position as the preferred battery technology for hybrid electric vehicles (HEVs). This is mostly attributable to various advantages that these batteries provide, like their lightweight, high charge density, and excellent charging-discharging efficiency. Battery makers are releasing enhanced NiMH batteries in terms of life, efficiency, and cost as a result of increasing investment in R&D efforts, making them a more attractive alternative for EVs.
Electric Mobility Market Analysis by Voltage
Voltage divisions for the electric mobility industry include less than 24V, 24V, 36V, 48V, and greater than 48V. Over 25% of the revenue share for electric mobility was generated by the 24V market in 2021. These batteries have a high level of EV compatibility and offer greater power output. By the conclusion of the forecast period, their demand is anticipated to continue growing steadily, and the category is anticipated to have a sizable market share.
Over the projected period, the larger than 48V category is anticipated to develop significantly, with a CAGR of 24.5 percent. Due to ongoing research and development efforts aimed at increasing the range and speed of EVs, it is projected that the overall demand for vehicles with batteries that are more than 48 voltages would significantly increase in the near future. By the end of the forecast period, the segment is anticipated to hold the majority of the market share.
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Electric Mobility Market Regional Insights
Due to the adoption of electric vehicles, notably electric scooters, and electric bikes, in developing nations like India and China, the Asia-Pacific region has the largest market share (22.8%) and CAGR (53.89%) throughout the course of the forecast. Additionally, the rising cost of fuel and growing public concern over rising pollution will foster additional market expansion. China and Japan are among the top producers and distributors of electric vehicles in Asia. Furthermore, given that China accounts for the majority of EV demand, the country is anticipated to dominate the regional market throughout the projection period.
The Pan-European battery charging network for BEVs is estimated to hasten the adoption of BEVs in European nations, leading to a CAGR of 21.8 percent for the European electric mobility market over the projection period.
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Electric Mobility Market Dynamics
Electric Mobility Market Driver
Rising Level of Greenhouse Gases to Boost Market Growth
- The demand for electric mobility is expected to expand as a result of the consistent increase in the greenhouse gas and carbon footprint of the automotive and vehicle industries. The greater focus on electric vehicles' lower operating and maintenance costs and their capacity to reduce hazardous emissions is also intended to restrain the growth of the market for electric mobility. Further prospects for the expansion of the electric mobility market will be presented in the upcoming years by the increase in player penetration that is focusing on growing the electric-based automotive sector.
Reduced EV Battery Costs
- Over the past ten years, the cost of EV batteries has decreased as a result of technological advancements and the mass production of EV batteries in huge quantities. As EV batteries are the most expensive part of an electric car, it has led to a decrease in the price of electric vehicles. An EV battery cost roughly USD 1,100 per kWh in 2010. However, by 2020, their cost per kWh had decreased to about USD 137, compared to USD 100 in China. It is a result of these batteries' lower manufacturing costs, lower cathode material costs, higher production volumes, etc.
Electric Mobility Market Restraint
Lack of Booths for Charging Electric Vehicles
- Many countries throughout the world have few electric vehicles charging outlets. The market for electric vehicles shrinks as a result of the diminished likelihood of public EV charging. With the exception of a few states, most nations haven't built an adequate number of electric vehicle charging stations, despite the fact that many governments are working on constructing the infrastructure. Once there is a robust global EV charging network, the demand for electric vehicles will rise. Most countries have not yet developed such charging networks throughout their region.
- The high cost of electric mobility is one of the main reasons limiting the growth and expansion of the global electric mobility market. Some nations are not as developed as others. Resources like financial resources are lacking in some nations. Additionally, these countries lag behind in adopting cutting-edge technology. These countries occasionally borrow money and resources from more developed countries to develop electric mobility. This serves as a roadblock to the expansion of the global market for electric transportation.
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Electric Mobility Market Competitive Landscape
The global electric mobility market is relatively fragmented, with a high level of competition. Few large players, Vmoto Limited ABN, Tesla, Terra Motors, Continental AG, ALTA MOTORS, Accell Group, Nissan Motors Corporation, Zero Motorcycles, Inc., Kinetic Green Energy & Power Solutions Ltd., Ford Motor Company, Honda Motor Co. Ltd now control the market in terms of market share. These industry leaders are extending their customer base across several areas, and many corporations are creating strategic and collaborative initiatives with other start-up enterprises to enhance their market share and profitability.
Top Players in the Global Electric Mobility Market
- BYD Co., Ltd. (China)
- Tesla, Inc. (USA)
- Zhejiang Geely Holding Group Co., Ltd. (China)
- Stellantis N.V. (Netherlands)
- GAC Motor Co., Ltd. (China)
- Dongfeng Motor Corporation Ltd. (China)
- Changan Automobile Co., Ltd. (China)
- Great Wall Motor Co., Ltd. (China)
- SAIC Motor Corp., Ltd. (China)
- Chery Automobile Co., Ltd. (China)
- Hyundai Motor Company (South Korea)
- Volkswagen AG (Germany)
- BMW AG (Germany)
- Mercedes-Benz (Germany)
- Ford Motor Company (USA)
- VinFast (Vietnam)
- Polestar (Sweden)
- Fisker Inc. (USA)
- Rivian (USA)
- NIO (China)
Electric Mobility Market Recent Developments
- In February 2022, MG Motors showcased its upcoming EV, the MG 4, which is expected to launch in India later in 2022. The EV will come with a 61.1 kWh battery pack and is expected to run around 400 km.
- In January 2022, Volkswagen announced the development of its ID.5 model based on the Skoda Enayaq iV model. The vehicle is expected to have a range of around 300 miles on 1 charge.
- In December 2021, BYD launched its new second-generation e6 EV for the Indian market. The deliveries for this model were started by February 2022. This MPV comes with a 71.7 kWh battery pack and a range of around 250+ miles per charge.
- In November 2021, BMW launched its new i4 electric sedan with a range of approximately 300-367 miles. The vehicle can reach 100 km/hour in just four seconds. It comes with automatic transmission and connected vehicle features.
- In June 2021, Opel/Vauxhall, a subsidiary of Stellantis, launched its Mokka EV, which comes with a max range of 209 miles and a 50kWh battery. The car is FWD and comes with connected vehicle features.
- In April 2021, BYD launched four new electric vehicle 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.
Electric Mobility Key Market Trends
- The escalating environmental issues, including carbon emissions and greenhouse gas emissions, are what is fueling the expansion of the worldwide electric mobility market. The global transportation and automotive sectors are both expanding as a result of this issue. The global market for electric mobility is expected to rise due to the hazardous emissions that conventional or fuel-based vehicles release. As a result of these hazardous chemicals, air pollution levels rise. This had stopped the global vehicle industry from growing.
- Governments all around the world are establishing strict restrictions to reduce greenhouse gas emissions and carbon emissions. This is accelerating the growth of the global market for electric vehicles. The installation of electric car charging stations and the expansion of the infrastructure for recharging electric vehicles are boosting the growth of the worldwide market for electric mobility.
- The shift in consumer behaviour is one of the major themes driving the growth of the global electric mobility industry. This aspect has significantly accelerated the adoption of electric vehicles. Additionally, the global market for electric mobility is expanding as a result of rising public awareness of electric mobility. The global market for electric mobility is expected to rise as a result of technologies like car electrification and vehicle-to-grid technology. Leading nations throughout the world are making significant investments in the expansion of the electric vehicle sector.
Electric Mobility Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to our analysis, with growing worries about the automotive and transportation industry's steadily rising greenhouse emissions and carbon footprint, the market for electric mobility is expected to grow quickly through 2028. The auto industry has been moving more and more toward environmentally friendly, zero-emission technologies in an effort to reduce the environmental impact of vehicles. Regulators and legislators around the world are also taking the necessary steps to increase the adoption of electric vehicles and hasten the construction of the infrastructure required to power these vehicles. The rising proportion of greenhouse gases harming the ecosystem and the risky elevation of the carbon imprint in the environment are the main factors that are anticipated to propel the growth of the electric mobility market in the forecast future. The market for electric mobility is also expected to increase as a result of the transportation and automotive sectors' increasing greenhouse gas and carbon footprints. Further predicted to temper the growth of the electric mobility market is the increased understanding of the reduced operating and maintenance costs of electric vehicles and their capacity to reduce hazardous emissions. Due to their lower operational and maintenance costs as well as their capacity to reduce the harmful emissions that contribute to global warming, electric vehicles are becoming more and more popular in many locations. All EV kinds, including battery electric cars (BEVs), plug-in hybrid electric vehicles (PHEVs), and hybrid electric vehicles, are included in the electric mobility sector (HEVs).
A global hub for the expansion of the electric mobility business is quickly emerging in Europe. Even amid the COVID-19 crisis, sales of electric vehicles have been rising in European nations over the past three years. Western Europe, which includes all the major markets including Germany, Italy, France, Spain, and Britain, saw an almost twofold increase in EV sales in 2020, and by 2024, that number may have risen to more than 1.36 million.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 108.9 billion |
| Market size value in 2031 | USD 371.27 billion |
| Growth Rate | 14.6% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
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| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
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| Customization scope | Free report customization with purchase. Customization includes:-
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Electric Mobility Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Electric Mobility Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Electric Mobility Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Electric Mobility Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Electric Mobility Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Electric Mobility Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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