Electric Mobility, or E-Mobility has become crucial thing for the global automotive industry. Electric mobility refers to all vehicles that are powered by an electric motor or those that receive power or energy primarily from the power grid. Electric mobility includes all electric vehicles, which include battery operated electric vehicles, plug-in hybrid electric vehicles, and hybrid electric vehicles. Electric mobility is majorly a low or zero-emission vehicle, which contributes significantly toward a greener environment through reduction in carbon emission. Besides, it helps in offering environment-friendly solution to the manufacturers.
The global electric mobility market size is predicted to reach over USD 478.9 billion by 2028. This can be ascribed to the actions taken by governments to encourage the introduction of electric vehicles (EV) to meet climate change, dependence on oil, local air quality and the growth of industry. Besides, Government initiatives to reduce global carbon footprint by minimizing conventional fuel consumption, reducing the cost of environmentally friendly and high-capacity batteries, and rising consumer preference for shared mobility are also the key factor driving the market growth for electric mobility.
However, a lack of charging infrastructure coupled with the higher cost of electric mobility is hampering the market growth. Furthermore, rise in adoption of electric mobility for commercial purposes, such as taxis, across the globe, especially in countries such as China, and U.S., coupled with rise in demand for alternative fuel vehicles are likely to provide lucrative development opportunities for the electric mobility market in the forthcoming years.
Electric Mobility Market Scope
|Forecast Unit||Value (USD)|
|Revenue forecast in 2028||USD 478.9 billion|
|Growth Rate||CAGR of 24.7% during 2021-2028|
|Segment Covered||Battery Type, Voltage, Product Type, Regions|
|Regions Covered||North America, Europe, Asia Pacific, South America, Middle East and Africa|
|Key Players Profiled||BMW Group, Honda Motor Co. Ltd., General Motors Co., Volkswagen AG, Toyota Motor Corporation, Ford Motors Co. Ltd., Volvo Group, BYD Company Ltd., Tesla, Inc., and Nissan Motor Corporation. Renowned companies are offering new and modern electric mobility Li-ion solutions|
Key Segments of the Global Electric Mobility Market
Battery Type Overview, 2019-2028 (USD Million)
- Sealed Lead Acid
Voltage Overview, 2019-2028 (USD Million)
- Greater than 48V
Product Type Overview, 2019-2028 (USD Million)
- Electric Car
- Electric Scooter & Motorcycle
- Electric Bicycle
- Electric Skateboard
Regional Overview, 2019-2028 (USD Million)
- Rest of Europe
- Rest of Asia-Pacific
Middle East and Africa
- South Africa
- Rest of Middle East and Africa
- Rest of South America
Reasons for the study
- The purpose of the study is to give an exhaustive outlook of the global electric mobility market. Benchmark yourself against the rest of the market.
- Ensure you remain competitive as innovations by existing key players to boost the market.
What does the report include?
- The study on the global electric mobility market includes qualitative factors such as drivers, restraints, and opportunities
- The study covers the competitive landscape of existing/prospective players in the electric mobility industry and their strategic initiatives for product development.
- The study covers a qualitative and quantitative analysis of the market segmented based on Battery Type, Voltage, and Product Type. Moreover, the study provides similar information for the key geographies.
- Actual market sizes and forecasts have been provided for all the above-mentioned segments.
Who should buy this report?
- This study is suitable for industry participants and stakeholders in the global electric mobility market. The report will benefit Every stakeholder involved in the electric mobility market.
- Managers within the electric mobility industry looking to publish recent and forecasted statistics about the global electric mobility market.
- Government organizations, regulatory authorities, policymakers, and organizations looking for investments in trends of the global electric mobility market.
- Analysts, researchers, educators, strategy managers, and government institutions looking for insights into the market to determine future strategies.
Over the past few decades, fuel prices and pollution level have grown significantly. With the growing environmental concerns, production companies are opting for solutions that can reduce dependability on the internal combustion engines.
The automotive industry is undergoing an economic, technological, and social transformation. Moreover, adoption of these mobility services varies at the city level and country level owing to changes in local transportation policies and transportation infrastructure. With all these capabilities electric mobility allows organizations to address the concerns regarding the continuously rising greenhouse gas and carbon footprint of the automotive and transportation industries.
Furthermore, governments across the globe are emphasizing on increasing the adoption of electric vehicles by offering various subsidies to both manufacturers and buyers. For example, the government of India has announced the tax benefits on the purchase of e-vehicles. Hence, electric mobility is expected to help organizations in creating the products that can help in reducing the dependability on the internal combustion engine.
The market is consolidated as several major market players currently hold the major market share. However, the market is expected to become fragmented in the forthcoming years as several new market players are emerging from developing countries such as India, Japan, China, and other countries.
Battery Type Segment
Based on the Battery Type segment, the market is bifurcated into Li-ion, NiMH, and Sealed Lead Acid. In 2020, the Li-ion segment accumulated the maximum market share and it is likely to continue its dominance throughout the forecast years. However, the NiMH (Nickel-metal hydride) segment is projected to attain major growth throughout the forecast years owing to demand of high performance and batteries that are more environmentally friendly. Li-ion batteries dominated due to economies of production scale and technological developments, the cost of Li-ion battery packs for EVs has declined over the past years and is predicted to further lower by 2030.
Based on the Voltage, the market is segmented into 24V, Greater than 48V, 48V, 36V, and others. The 24V segment seized the maximum market share in 2020 and it is likely to maintain its place throughout the forecast years. The growth of this segment is largely ascribed to the growing adoption of these batteries as they are highly compatible with EVs and offer greater power output.
Product Type Segment
Based on the Product Type, the market is segmented into Electric Scooter & Motorcycle, Electric Car, Electric Bicycle, Electric Skateboard, and others. The Electric Car segment gathered the major market share in 2020 and it is likely to continue its dominance throughout the forecast years. High adoption of electric vehicles as compared to other e-vehicles such as e-motorcycle, skateboards, bicycle, wheelchairs and others are boosting the market growth across automotive industries. However, due to the rising demand, automobile vehicles are actively introducing e-cars. For instance, General Motors planned to launch 100 different models of e-cars by 2020.
The Asia Pacific region is likely to account for the maximum market contribution during the forecast years. The domination of this region is largely ascribed to the growing adoption of electric vehicles such as electric scooters and electric bicycle in countries such as Japan and China. However, Europe is likely to gather noteworthy growth through the forecast years 2021-2028. The growth of the electric mobility market in this region is mostly ascribed to the growing infrastructural development for charging station in the European region.
The major players of the global electric mobility market are BMW Group, Honda Motor Co. Ltd., General Motors Co., Volkswagen AG, Toyota Motor Corporation, Ford Motors Co. Ltd., Volvo Group, BYD Company Ltd., Tesla, Inc., and Nissan Motor Corporation. Moreover, the additional prospective market players in the electric mobility market are Pyramid Analytics, Qlik, Sisense, ThoughtSpot, and Yellowfin. Renowned companies are offering new and modern electric mobility Li-ion solutions. Besides, the previously recognized as well as new market players are approaching the market with advanced and new strategic services and solutions and to remain competitive in the global market.