Electric Mobility Market Size, Share, Growth Analysis, By Product(Electric scooter, electric bicycle, electric wheelchair, electric motorcycle), By Battery(Sealed lead acid, NiMH, Li-ion), By Voltage(Less than 24V, 24V, 36V, 48V), By Region - Industry Forecast 2024-2031

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.