Market Outlook:

The anticipated global electric mobility market size is poised to reach USD 124.1 Billion by 2023, with a projected escalation to USD 387.50 Billion by 2032, reflecting a compound annual growth rate (CAGR) of 15.30% during the forecast period. 

Electric automobiles are a symbol of the transition in transportation from electric vehicles to vehicles that are powered by electricity in general. It embraces several kinds of electric vehicles (EVs), comprising electric cars, buses, trucks, bicycles, and scooters, as well as the systems essential to make them possible. Electric vehicles aim to decrease transportation's damaging impacts on the environment by reducing air pollution, emissions of greenhouse gases, and a dependence on non-renewable fossil fuels. The use of clean power sources, charging, and improved battery technology are all necessary components of electric vehicles. Electric vehicles have several advantages, such as lower maintenance costs, less noise, and more efficient energy use. Electric vehicles are crucial to building clean, connected, and efficient cities and rural transportation as communities worldwide look for effective transportation options. This contributes to the creation of a safe and healthy future.

Market Dynamics:

Driver:

The growing automotive industry drives the growth of the electric mobility market. The development of electric vehicles and the quick switch to electric vehicles are what is fueling the increase in sales of electric vehicles. In addition, strengthening the EV charging service network and infrastructure is driving the growth of the EV market. The growth in sales is mainly due to the government's initiative to provide subsidies and tax breaks for the purchase of electric vehicles. For instance, launching the sale of electric cars in Europe will encourage both the global electric vehicle market and the selling of electric cars in the region. In addition, the shift in consumer preferences from old cars to electric cars due to worldwide environmental concerns and strict emission standards is also affecting market development.

Restraint:

The high of electric vehicles hampers the growth of the electric mobility market. Compared to conventional gasoline-powered cars, electric vehicles (EVs) are becoming costlier. One of the main expense factors is battery technology, which might be prohibitive for many users to initially invest in.  EVs' primary battery technology, lithium-ion batteries, depends on rare earth materials including nickel, cobalt, and lithium. Mining and processing these commodities can be costly, particularly when responsible mining methods and ethical sourcing are taken into account. EV batteries are more than just store-bought parts. These are intricate systems that need a great deal of engineering, development, and research to guarantee longevity, performance, and safety. This intricacy raises the cost of production as a whole.

Opportunity:

The increasing technological advancement in batteries creates a lucrative opportunity for the growth of the market. Electric vehicle (EV) popularity is increasing due to continuing enhancements in electric motor effectiveness, charging infrastructure, and battery technology. This covers advancements in the extended range, quicker charging, and possibly cheaper production. The creation of powerful charging stations, often known as DC fast chargers, is revolutionary. By cutting down on charging periods, these stations may enable electric vehicles to refill more quickly than gasoline-powered ones. Instead of hours, picture charging your EV battery in 20 to 30 minutes. Faster charging is also made possible by advancements in batteries. Compared to present lithium-ion batteries, technologies such as solid-state batteries show promise for enabling quicker charging rates. This could alleviate several anxiety-related issues and greatly increase convenience.

Challenge:

Reconciling customer attitudes and getting over worries about range and infrastructure for charging continue to be challenging. Some customers may also be wary since they don't know about or believe there are restrictions on long-distance travel. Many customers are used to driving cars that run on gasoline and the refueling schedule that goes along with them. It may take some time to break free from this deep-rooted habit and adapt to new technology. Some people may be hesitant to buy EVs as they believe they are a novel and unproven technology. It's critical to establish trust and inform customers about the advantages and innovations in EVs. Even if EVs have lower operating expenses over time (such as using electricity instead of gasoline), their higher initial cost may still be a deterrent. It can be beneficial to emphasize the EVs' lifetime value proposition, which includes possible savings and environmental advantages.

Key Players:

• BMW AG (Germany)
• Chevrolet Motor Company (US)
• Daimler AG (Germany)
• Ford Motor Company (US)
• General Motors (US)
• Hero Electric (India)
• Tata Motors (India)
• Tesla Inc. (US)
• Toyota Motor Corporation (Japan)
• Ampere Vehicles (India)
• Volkswagen (Germany)
• Nissan (Japan)
• Others

Recent Development:

• December 2021: Volkswagen will increase the use of electric vehicles in December 2021, the Volkswagen Group pledged to increase the use of electric vehicles by 50% to US$59 billion by 2026.

• In November 2021, Nissan announced it would invest US$18 billion in electric vehicle battery development over five years. The company is actively investing in the development of energy-efficient batteries.

Segment Insights:

By Type

In 2022, electric vehicles held the most market share, and it is anticipated that they will continue to do so for the duration of the forecast. Among the causes driving this segment's growth are government policies that encourage the purchase of electric and plug-in hybrid vehicles, rising vehicle standards, rising petrol prices, and declining electric fuel prices as a result of technological advancements. Furthermore, the growing awareness of electric cars in comparison to electric two-wheeled vehicles in important regions such as the USA, Europe, and China is expected to accelerate the category's growth. The electric motorbike market is expected to grow at the quickest rate throughout the projected period. Due to the interruption of public transportation during the pandemic, there is a growing need for electric micro-mobility for short excursions, which is anticipated to propel market growth. Furthermore, as they are less expensive and have a longer range than electric automobiles, electric motorcycles will gain popularity in emerging economies. The market for electric bikes is also expected to increase in the next years due to rising fuel prices, emissions laws, and the expansion of urban mobility.

By Voltage

The 24V battery system provides power output to meet the various needs of the electric vehicles 24V market segment in 2022. Due to their high compatibility, these batteries are common in many electric vehicles. The usage of lighter and smaller power lines is made possible by the 24V battery system. Therefore, increasing demand and high social and useful vehicle features will ensure the growth of this segment. The fastest-growing category, predicted to reach commercialization by 2028, is the one over 48V. It offers excellent performance and high-energy products for a wide range of travelers. The market's growth in the upcoming years is also anticipated to be impacted by manufacturers' increasing interest and ongoing research & development for more electric vehicles. The 36V and 48V segments are also anticipated to observe major growth due to the growing number of automakers. Electric two-wheelers perform better and offer longer ride times than non-electric batteries. The use of sub-24V batteries in electric vehicles for door locks, communications, and other purposes is also anticipated to rise significantly.

Regional Insights:

Asia Pacific is the dominant region for the electric mobility market. The market is expected to maintain its position throughout the forecast period. In addition, growing electric mobility diffusion in developing Asia-Pacific countries such as India, South Korea, and Japan is predictable to drive future market growth. Europe is the largest market for electric vehicles. Europe is expected to register a CAGR over the forecast period as preferences shift towards electric vehicles due to increased government regulation and incentives for the purchase of new electric vehicles, and stringent energy use trends and environmental concerns. Additionally, the automobile sector is growing in Germany, the UK, and other countries due to electronic equipment's capacity to assist business expansion in the upcoming years. The projection period is expected to witness notable growth in key European countries, including North America. The US is seeing a significant rise in sales of electric mobility, which is propelling the market. Also in North America, the development of technology and General Motors, Tesla, etc. are the leading electricity companies. Programs like the North American electric mobility market should propel the market's expansion in North America, which will increase the number of people using electric cars.

Segmentation:

By Drive Type

• Front Wheel Drive
• Rear Wheel Drive
• All Wheel Drive

By Battery Type

• Lithium-Ion Battery
• Lead Acid Battery
• Nickel Metal Hydride Battery

By Propulsion

• Battery Electric Vehicle
• Plug-In Electric Vehicle
• Hybrid Electric Vehicle
• Fuel Cell Electric Vehicle

By Voltage

• Up to 24V
• 24 - 48V
• 48 - 60V
• 60 - 110V
• Above 110V

By Type

• Electric Bicycle
• Electric Skateboard
• Electric Car
• Electric Motrcycle
• Electric Wheelchair
• Electric Trucks

By Region

North America

• USA

• Canada

• Mexico

Europe

• France

• UK

• Spain

• Germany

• Italy

• Rest of Europe

Asia Pacific

• China

• Japan

• India

• South Korea

• Rest of Asia Pacific

Middle East & Africa

• GCC

• South Africa

• Rest of the Middle East & Africa

South America

• Brazil

• Argentina

• Rest of South America

What to Expect from Application Profile?

1. Save time carrying out entry-level research by identifying the size, growth, major segments, and leading players in the Electric Mobility market in the world.

2. Use PORTER’s Five Forces analysis to determine the competitive intensity and therefore market attractiveness of the Global Electric Mobility market.

3. Leading company profiles reveal details of key Electric Mobility market players’ global operations, strategies, financial performance & recent developments.

4. Add weight to presentations and pitches by understanding the future growth prospects of the Global Electric Mobility market with forecast for the decade by both market share (%) & revenue (USD Million).

FAQ’s

1) What are the major factors driving the growth of the Global Electric Mobility Market?

• The growing automotive industry drives the growth of the electric mobility market. 

2) What would be the CAGR of the Global Electric Mobility Market over the forecast period?

• The Global Electric Mobility Market is poised to grow at a CAGR of 15.30% from 2024 to 2032.

3) Which region will provide more business opportunities for the growth of the Global Electric Mobility Market in the future?

• The Asia Pacific region is expected to create more opportunities in the market.

4) Who are the major players dominating the Global Electric Mobility Market?

• BMW AG (Germany), Chevrolet Motor Company (US), Daimler AG (Germany), Ford Motor Company (US), General Motors (US), Hero Electric (India), Tata Motors (India), Tesla Inc. (US), Toyota Motor Corporation (Japan), Ampere Vehicles (India), Volkswagen (Germany), Nissan (Japan), Others.

5) What are the segments in the Global Electric Mobility Market?

• By Voltage, By Drive Type, By Battery Type, By Propulsion, By Type are the industry key segments considered for research study.

6) What is the estimated market revenue for Global Electric Mobility Market in 2032?

The estimated revenue for Global Electric Mobility Market in 2032 is USD 387.50 billion in 2032.