Global Electric Mobility Market Size To Worth USD 1229.47 Billion by 2032 | CAGR of 22.3%Category: Automotive & Transportation
Global Electric Mobility Market worth $ 1,229.47 billion by 2032
According to a research report published by Spherical Insights & Consulting, The Global Electric Mobility Market size is to grow from USD 164.23 Billion in 2022 to USD 1,229.47 Billion by 2032, at a Compound Annual Growth Rate (CAGR) of 22.3% during the forecast period.
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Browse key industry insights spread across 200 pages with 130 market data tables and figures & charts from the report on "Global Electric Mobility Market Size, Share, and COVID-19 Impact Analysis, By Product (Electric Car, Electric Motorcycle, Electric Scooter, and Others), By Battery (Sealed Lead Acid Battery, Li-ion Battery, and NiMH Battery), By Voltage (Less than 24V, 24V, 36V, 48V, and Greater than 48V), By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2032." Get Detailed Report Description Here: https://www.sphericalinsights.com/reports/electric-mobility-market
Electric mobility, or E-Mobility, is the use of electric vehicles as an alternative to traditional fossil fuel-powered vehicles. EVs are powered by rechargeable batteries and emit zero tailpipe emissions, making them environmentally friendly. E-Mobility is gaining popularity as governments implement policies to reduce carbon emissions and combat climate change. This trend has led to an increase in the development and production of EVs by major automakers and the growth of supporting infrastructure such as charging stations. Despite challenges such as range anxiety and high upfront costs, E-Mobility is expected to continue to grow in popularity as technology improves and costs decrease.
The electric motorcycle is expected to grow at a CAGR of around 24.3% during the forecast period
Based on product type, the global electric mobility market is segmented into electric car, electric motorcycle, electric scooter, and others. During the forecast period, the electric mobility market is expected to experience the fastest growth rate in the electric motorcycle segment. This is due to the increased demand for electric micro-mobility, particularly for short-distance commutes, as a result of disrupted public transport during the pandemic. Furthermore, the lower cost of electric motorcycles compared to electric cars, coupled with their significant travel range, is expected to increase their popularity in emerging economies.
The 24V segment held the largest market share with more than 27.5% in 2022
Based on voltage type, the global electric mobility market is segmented into less than 24V, 24V, 36V, 48V, and greater than 48V. The 24V segment held the largest market share in the electric mobility market, due to the increasing adoption of 24V batteries in electric scooters and bikes, which are popular modes of transportation in urban areas. 24V batteries are lightweight, compact, and offer a good balance between performance and cost, making them an attractive option for small electric vehicles. Additionally, improvements in battery technology and charging infrastructure have increased the range and charging speed of 24V batteries, making them even more appealing to consumers.
Europe is predicted to grow at a CAGR of around 22.5% over the projected period
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Based on region, Europe is predicted to experience significant growth in the electric mobility market during the projected period. This is due to the region's commitment to reducing carbon emissions and promoting sustainable transportation solutions. The European Union has implemented strict regulations on CO2 emissions, incentivizing automakers to develop electric vehicles. Additionally, European countries have implemented various policies and incentives to promote the adoption of electric vehicles, including tax credits, subsidies, and infrastructure development. The presence of major automakers in the region, such as Volkswagen, Renault, and BMW, is also expected to contribute to the growth of the market.
Some of the major players in the global electric mobility market include Tesla Inc., General Motors, Volkswagen AG, Nissan Motor Co., Ltd., BMW Group, Ford Motor Company, Toyota Motor Corporation, Hyundai Motor Group, BYD Auto Co., Ltd., Daimler AG, Renault-Nissan-Mitsubishi Alliance, SAIC Motor Corporation Limited, Geely Automobile Holdings Limited, Mahindra & Mahindra Ltd., and Audi AG.
This study forecasts revenue at global, regional, and country levels from 2019 to 2032. Spherical Insights has segmented the global electric mobility market based on the below-mentioned segments:
Electric Mobility Market, By Product Type
- Electric Car
- Electric Motorcycle
- Electric Scooter
Electric Mobility Market, By Battery Type
- Sealed Lead Acid Battery
- Li-ion Battery
- NiMH Battery
Electric Mobility Market, By Voltage
- Less than 24V
- Greater than 48V
Electric Mobility Market, Regional Analysis
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- South America
- Rest of South America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
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