Electric Mobility Market Size was valued at USD 107.6 Billion in 2022. The Electric Mobility market industry is projected to grow from USD 124.1 Billion in 2023 to USD 387.50 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 15.30% during the forecast period (2023 - 2032). The environmental harm caused by rising greenhouse gas concentrations and the significant increase in carbon footprint is the key market drivers accelerating market expansion.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
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.
The Electric Mobility Market segmentation, based on Product includes Electric Bikes, Electric Scooters, Electric Motorized Scooters, and Electric Motorcycles. The electric motorcycles segment dominated the market. Due to a pandemic-related disruption of public transportation, there is predicted to be an increase in demand for electric micro-mobility as for short commutes, which will propel market growth.
The Electric Mobility Market segmentation, based on Drive, includes Belt Drive, Chain Drive, and Hub Drive. The chain drive category generated the most income. Chain-driven e-bikes typically have higher energy efficiency and greater ranges. Most bikes can use chains, regardless of the type of motor or frame.
The Electric Mobility Market segmentation, based on Battery includes Lead Acid Battery, Li-Ion Battery, and Others. The li-ion battery segment dominated the market. During the projection period, increased demand for lithium-ion batteries in electric cars is anticipated as a result of these batteries' compactness, light weight, and high capacity. Manufacturers' efforts to make lithium-ion batteries less expensive and technological advancements in such batteries are projected to affect the expansion of the category.
The Electric Mobility Market segmentation, based on End-use, includes Personal, and Commercial. The personal category generated the most income. As more people choose electric transportation for both commuting and recreational purposes, sales for electrical two-wheelers are rising in various significant regions. Original Equipment Manufacturers (OEMs) are focusing on incorporating cutting-edge technologies, such as linked two-wheelers and modern motors, to boost efficiency and range.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
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.
Source: Primary Research, Secondary Research, MRFR 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.
March 2022: Honda said that it would collaborate with Sony to design and produce electric vehicles. The former will contribute its image, sensing, network, and other technology, and Honda will be in charge of the procedures involved in making cars.
December 2021: Volkswagen will spend more on electric vehicles Volkswagen Group committed in December 2021 to raising its spending on electric transportation by 50% to USD 59 billion through 2026.
November 2021: Nissan to Invest USD 18 Billion in the Development of EV Batteries Nissan said in November 2021 that it would spend USD 18 billion over a five-year period on the development of electric vehicle batteries. The business actively invests in the development of high-capacity, affordable batteries for electric vehicles.
| Report Attribute/Metric | Details |
| Market Size2022 | USD 107.6 Billion |
| Market Size 2023 | USD 124.1 Billion |
| Market Size2032 | USD 387.50 Billion |
| Compound Annual Growth Rate (CAGR) | 15.30% (2023-2032) |
| Base Year | 2022 |
| Market Forecast Period | 2023-2032 |
| Historical Data | 2018- 2022 |
| Market Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Product, Drive, Battery, End-use, and Region |
| Geographies Covered | North America, Europe, AsiaPacific, and the Rest of the World |
| Countries Covered | The US, German, France, UK, Canada, Italy, Spain, India, Australia, South Korea, China, Japan, and Brazil |
| Key Companies Profiled |  Suzuki Motor Corporation, Gogoro, Inc., Honda Motor Co., Ltd., Mahindra Group, BMW Motorrad International, Ninebot Ltd., KTM AG, |
| Key Market Opportunities | Â Creation of electrified autonomous vehicles |
| Key Market Dynamics | Â An increase in the demand for greener transportation options |
Frequently Asked Questions (FAQ) :
In 2022, the size of the global market for electric vehicles was estimated to be USD 107.6 billion.
During the forecast period, 2023-2032, a CAGR of 15.30% is predicted for the growth of the global market.
North America held the majority of the global market.
Gogoro, Inc., Honda Motor Co., Ltd., Mahindra Group, BMW Motorrad International, Ninebot Ltd., KTM AG, and Suzuki Motor Corporation are the major participants in the market.
In 2022, the Electric Motorcycles segment dominated the market.
The Chain Drive held the biggest market share worldwide.
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Team Lead - Research With a technical background as bachelor's in mechanical engineering, with mba in operations management , swapnil has 6+ years of experience in market research, consulting and analytics with the tasks of data mining, analysis, and project execution. he is the poc for our clients, for their consulting projects running under the automotive/a&d domain. swapnil has worked on major projects in verticals such as aerospace & defense, automotive and many other domain projects. he has worked on projects for fortune 500 companies' syndicate and consulting projects along with several government projects.
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