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

Global Electric Mobility Market size was valued at USD 95.31 billion in 2019 and is poised to grow from USD 109.23 billion in 2023 to USD 372.38 billion by 2031, growing at a CAGR of 14.6% in the forecast period (2024-2031).

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.