The global electric mobility market size is likely to attain over USD 478.9 billion by the year 2028. Besides, it is likely to project a CAGR of nearly 24.7% during the forecast years 2021-2028. 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.
The present and future electric mobility market progress is summarized to conclude the attractiveness of the entire market. Also, prime factors that influence the electric mobility market opportunities during the forecast years. Factors such as 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 are the key factor driving the market growth for electric mobility.
Also, 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. However, a lack of charging infrastructure coupled with the higher cost of electric are 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.
The report also emphasizes several distinctiveness of the global electric mobility industry by valuing the market from value chain breakdown. Moreover, the report encompasses numerous qualitative features of the electric mobility industry which comprises market restraints, drivers, as well as key industry opportunities. Furthermore, the report offers an inclusive evaluation of the company profiling along with the market rivalry of local and global vendors.
The electric mobility market has tough competition among the new emerging and pre-established market vendors. Besides, the electric mobility industry vendors are trying to capture the prospective markets to grab a competitive advantage over the remaining industry vendors. To capture the market, market players are forming agreements, acquiring other companies & startups, mergers & acquisitions, partnerships & collaboration, and escalating their business existence.
In terms of the Battery Type, the market is categorized into Li-ion, NiMH, and Sealed Lead Acid. The NiMH segment is predicted to achieve the largest growth during the forecast years 2021-2028. On the other hand, the Li-ion battery segment seized the maximum market share in 2020 and it is likely to maintain its place throughout the forecast years. 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.
The Europe region 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.. However, 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.
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. 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.
Segment Overview of Global Electric MoibilityMarket
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)
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia-Pacific
- Middle East and Africa
- South Africa
- Rest of Middle East and Africa
- South America
- Rest of South America