Electric Mobility Networks Market Size, Share, Growth Analysis, By Charging Infrastructure(Public Charging Stations, Private Charging Stations, Workplace Charging Stations), By Software and Services(Payment Processing, Energy Management, Charging Station Maintenance and Monitoring), By End-User(Commercial, Residential, Industrial), By Region - Industry Forecast 2024-2031

Electric Mobility Networks Market Drivers

• Commitment of Automakers to Become Carbon Neutral to Drive Market Growth

Almost all of the major automakers have already stated their intention to become carbon neutral throughout the near future. They intend to discontinue the production of fossil-fuel-powered vehicles and transform their entire product portfolio. For example, Ford Motor Company announced in February 2021 that its European division would soon phase out the production of fossil fuel-powered vehicles, and by 2026, Ford will only offer charging stations and plug-in hybrid electric vehicles. Furthermore, by 2030, all passenger cars will be powered solely by batteries. As a result, automakers' emphasis on rapid electrification is expected to boost market growth during the forecast period.

• Globally, governments are enforcing stringent emission standards in order to reduce carbon emissions and combat climate change. They also implement various abandoning policies for conventional or fossil-fuel-powered vehicles. As a result of growing scepticism about the adoption and prospective use of traditional or fossil fuel-powered vehicles, consumers' preferences are shifting towards electric vehicles, which will drive market growth during the forecast period.

Electric Mobility Networks Market Restraints

• Global shortage of semiconductor chips will stymie market growth The global shortage of semiconductor chips has also reduced overall EV production. For example, major automakers such as Volkswagen, Mercedes-Benz, General Motors, and others have already seen a drop in new electric vehicle production volume, resulting in a shortage of new electric vehicles and an increase in delivery time and cost of the EVs. Furthermore, the slow adoption of electric mobility in some developing and developing countries may limit market growth in the coming years.