Electric mobility Market

• Growing requirement for building charging infrastructure is driving the market growth

Market CAGR for electric mobility is being driven by the growing requirement for building charging infrastructure. The use of electric vehicles as a substitute for conventional fossil fuel-powered vehicles is known as Electric Mobility, or E-Mobility. Rechargeable batteries power EVs, which have no tailpipe emissions and are environmentally beneficial. As governments implement measures to cut carbon emissions and prevent climate change, e-mobility is becoming more and more popular. Major manufacturers have increased their EV development and manufacturing as a result of this trend, and related infrastructure, including charging stations, has expanded.

Additionally, globally, governments impose strict emission standards in an effort to cut carbon emissions and combat climate change. They also offer various policies for disposing of old or fossil fuel-powered cars. Thus, consumers' preferences for electric vehicles are changing as a result of growing uncertainty over the acceptance and future use of conventional or fossil fuel-powered vehicles, which is likely to propel market expansion during the forecast period. One of the main barriers to the widespread use of electric transportation is the high cost of electric vehicles.

The cost of lithium-ion batteries has, however, decreased over time due to recent scientific advancements and automakers' focus on the mass manufacture of these batteries, which has led to a major decrease in the price of EVs. Cost reductions for lithium-ion batteries are anticipated.

Nearly all of the top automakers have already committed to become carbon neutral soon. They want to electrify all of their products and stop producing automobiles that run on fossil fuels. Additionally, by 2030, solely batteries will be used to power all passenger automobiles. Therefore, it is projected that the market growth throughout the projection period will be boosted by manufacturers' focus on quick electrification. The entire manufacturing of EVs has decreased because of the world's lack of semiconductor chips. Additionally, some developing and impoverished nations' sluggish adoption of Electric Mobility may also impede market expansion in the next years.

For instance, by 2026, Ford Motor Company will only sell electric and plug-in hybrid electric vehicles, according to a statement it made in February 2021. Ford's European business will shortly stop producing vehicles fueled by fossil fuels. Thus, result in driving the Electric Mobility market revenue.

Environmental regulations are increasingly shaping the Global Electric Mobility Market Industry. Governments worldwide are enforcing stricter emissions standards, compelling automakers to transition towards electric mobility. These regulations are designed to combat climate change and promote sustainable transportation solutions. As a result, the market is projected to grow from 135.2 USD Billion in 2024 to 594.0 USD Billion by 2035, reflecting a significant shift in the automotive landscape. The implementation of zero-emission vehicle mandates in various regions further accelerates this transition. Such regulatory frameworks not only drive innovation among manufacturers but also enhance consumer confidence in electric vehicles, fostering broader adoption.

Market growth projections for the Global Electric Mobility Market Industry indicate a robust trajectory. The market is anticipated to expand from 135.2 USD Billion in 2024 to an impressive 594.0 USD Billion by 2035, suggesting a compound annual growth rate of 14.4% from 2025 to 2035. This growth is likely driven by a combination of factors, including technological advancements, increased consumer awareness, and supportive government policies. The rising demand for electric vehicles is expected to create new opportunities for manufacturers and service providers within the industry. Such projections highlight the potential for electric mobility to reshape the automotive sector, making it a focal point for investment and innovation.

Infrastructure development is a critical driver of the Global Electric Mobility Market Industry. The expansion of charging networks is essential for supporting the growing number of electric vehicles on the road. Governments and private entities are investing heavily in charging infrastructure, which is vital for alleviating range anxiety among consumers. In 2024, the market is expected to reach 135.2 USD Billion, with projections indicating a compound annual growth rate of 14.4% from 2025 to 2035. This growth underscores the importance of a well-developed charging ecosystem, which includes fast chargers and widespread availability in urban and rural areas. Enhanced infrastructure not only supports current electric vehicle users but also attracts new customers.

Technological advancements are significantly influencing the Global Electric Mobility Market Industry. Innovations in battery technology, such as solid-state batteries and improved energy density, are enhancing the performance and range of electric vehicles. These advancements are crucial as they address one of the primary concerns of potential electric vehicle buyers: range anxiety. As of 2024, the market is valued at 135.2 USD Billion, with projections indicating a growth to 594.0 USD Billion by 2035. This growth is likely fueled by continuous research and development efforts aimed at making electric vehicles more efficient and affordable. Enhanced charging infrastructure, including fast-charging stations, further supports this trend.

Consumer awareness and demand are increasingly driving the Global Electric Mobility Market Industry. As environmental concerns gain prominence, consumers are becoming more informed about the benefits of electric vehicles, including lower operating costs and reduced emissions. Surveys indicate that a significant portion of consumers is willing to consider electric vehicles as viable alternatives to traditional combustion engines. This shift in consumer sentiment is reflected in the market's projected growth, from 135.2 USD Billion in 2024 to an anticipated 594.0 USD Billion by 2035. The rising demand for sustainable transportation options suggests a robust future for electric mobility, compelling manufacturers to innovate and expand their electric vehicle offerings.

Government incentives and policies play a pivotal role in shaping the Global Electric Mobility Market Industry. Many countries are implementing stringent regulations aimed at reducing carbon emissions, which encourages the adoption of electric vehicles. For instance, various nations offer tax rebates, subsidies, and grants to consumers and manufacturers alike. In 2024, the market is projected to reach 135.2 USD Billion, largely driven by these supportive measures. Countries like Norway and the Netherlands have set ambitious targets for electric vehicle adoption, further indicating a strong commitment to fostering electric mobility. Such initiatives not only stimulate demand but also enhance the overall infrastructure necessary for electric vehicles.

By region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. The North American Electric Mobility market area will dominate this market. The electric vehicle market in North America is anticipated to grow rapidly as a result of technical advancements in the region and the presence of top EV producers like General Motors, Tesla Inc., and others.

Further, the major countries studied in the market report are The US, German, France, the UK, Canada, Italy, Spain, India, Australia, South Korea, China, Japan, and Brazil.

Figure2: Electric Mobility Market Share By Region 2024 (Usd Billion)

Source: Primary Research, Secondary Research, Market Research Future Database and Analyst Review

Europe Electric Mobility market represents the second-largest market share because of strict emission standards and environmental worries. Further, the German Electric Mobility market held a dominant market share, and the UK Electric Mobility market was the European region's fastest-growing market.

The Asia-Pacific Electric Mobility Market expected to see the highest CAGR between 2023 and 2032. This is anticipated to be boost by the rising adoption of electric vehicles in APAC's developing nations. Moreover, China’s Electric Mobility market held a dominant market share, and the Indian Electric Mobility market was the Asia-Pacific region's fastest-growing market.

Leading market players are putting a lot of money on R&D to extend their product lines, which will help the market for Electric Mobility grow even more. Additionally, market participants are engaging in a range of strategic initiatives to increase their worldwide reach, with important market developments such as the introduction of new products, contracts, mergers and acquisitions, increased investments, and cooperation with other businesses. To grow and endure in an increasingly competitive and challenging market environment, Electric Mobility industry must provide reasonably priced goods.

One of the main business strategies employed by manufacturers is to produce locally to reduce operational expenses in the global Electric Mobility industry to develop market sector and provide benefits to customers. In recent years, the Electric Mobility industry has provided some of the most important benefits for medicine. Major players in the Electric Mobility market, including Suzuki Motor Corporation, Gogoro, Inc., Honda Motor Co., Ltd., Mahindra Group, BMW Motorrad International, Ninebot Ltd., KTM AG, and others, invest in operations for research and development in an effort to improve market demand.

Gogoro is a Taiwanese firm that created a battery-swapping refueling platform. Additionally, it creates a line of electric scooters of its own and offers its own vehicle innovations to partners in the automotive industry like Hero, Yamaha, Aeonmotor, PGO, eReady, and eMOVING. In Taiwan and on the Japanese island of Ishigaki, Gogoro also runs the ride-sharing service GoShare. The first consumer product from Gogoro, the Smartscooter, was unveiled in January 2015 at the Consumer Electronics Show (CES) in Las Vegas. Gogoro also unveiled a network for trading batteries, known as the Gogoro Energy Network, along with the scooter.

Gogoro Network debuted in Hangzhou, China in October 2021 with 45 GoStations and the Huan Huan brand in collaboration with Yadea and Dachangjiang Group.

Honda Motor Co., Ltd. is a publicly traded global conglomerate with headquarters in Minato, Tokyo, Japan, which produces cars, motorbikes, and power equipment. By the end of 2019, Honda will have produced 400 million motorcycles, making it the largest motorbike manufacturer in the world since 1959. With more than 14 million internal combustion engines produced each year, it is also the largest producer of internal combustion engines globally. In 2001, Honda overtook Nissan as the second-largest producer of Japanese cars. In 2015, Honda ranked as the eighth-largest automaker in the world.

Honda and American automaker General Motors announced a partnership in 2023 to build vehicles with a novel hydrogen fuel technology. The objective is to increase the amount of hydrogen-powered cells in their electric vehicles, trucks, construction equipment, and power plants.