Global Electric Mobility Market Insights Forecasts to 2032
- The Electric Mobility Market was valued at USD 164.23 Billion in 2022.
- The Market is Growing at a CAGR of 22.3% from 2023 to 2032
- The Worldwide Electric Mobility Market is expected to reach USD 1,229.47 Billion by 2032
- Europe is expected to Grow the fastest during the forecast period
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The Global Electric Mobility Market is expected to reach USD 1,229.47 Billion by 2032, at a CAGR of 22.3% during the forecast period 2023 to 2032.
Electric Mobility, or E-Mobility, refers to the use of electric vehicles (EVs) as an alternative to traditional fossil fuel-powered vehicles. EVs are powered by rechargeable batteries and have zero tailpipe emissions, making them more environmentally friendly than their gasoline or diesel counterparts. E-Mobility is gaining popularity worldwide 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 some challenges such as range anxiety and high upfront costs, E-Mobility is expected to continue to grow in popularity in the coming years as technology improves and costs decrease.
This research report categorizes the market for electric mobility market based on various segments and regions and forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the electric mobility market. Recent market developments and competitive strategies such as expansion, product launch, and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segments of the electric mobility market.
Global Electric Mobility Market Report Coverage
|Market Size in 2022:||USD 164.23 Billion|
|Forecast Period 2022-2032 CAGR:||22.3%|
|2032 Value Projection:||USD 1,229.47 Billion|
|Historical Data for:||2020-2021|
|No. of Pages:||200|
|Tables, Charts & Figures:||130|
|Segments covered:||By Product, By Battery, By Voltage, By Region, and COVID-19 Impact Analysis|
|Companies Covered:||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., Audi AG|
|Pitfalls & Challenges:||COVID-19 has the potential to impact the global market|
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The electric mobility market is being driven by various factors, including the increasing awareness of environmental sustainability and the need to reduce carbon emissions. Governments around the world are implementing policies and regulations to promote the use of electric vehicles, such as tax incentives and subsidies. Technological advancements in battery technology, increased charging infrastructure, and improved range and performance of electric vehicles are also driving the market. Additionally, rising oil prices and concerns about energy security are making electric vehicles a more attractive option for consumers. Finally, the increasing availability of electric vehicles across various price points and segments is also driving adoption.
The electric mobility market is restrained by several factors, including the high initial cost of electric vehicles, limited driving range, long charging times, and a lack of charging infrastructure in some areas. Concerns about the recycling and disposal of electric vehicle batteries and the sustainability of materials used in production also pose significant challenges. External factors such as availability and cost of electricity, as well as fluctuations in government policies and regulations, can also impact the growth and adoption of electric mobility solutions.
- In 2022, the electric car segment accounted for around 61.8% market share
On the basis of the product type, the global electric mobility market is segmented into electric car, electric motorcycle, electric scooter, and others. The electric car segment is dominating the market with the largest market share in 2022. This is due to several factors, including the increasing availability of electric cars across different segments and price points, improvements in battery technology and charging infrastructure, and government incentives and regulations promoting the adoption of electric vehicles. Additionally, rising fuel prices and environmental concerns have made electric cars an attractive option for consumers. As a result, the electric car segment is expected to continue its dominance in the market in the coming years.
- In 2022, the Li-on segment dominated with more than 49.7% market share
Based on the type of battery, the global electric mobility market is segmented into sealed lead acid battery, Li-ion battery, and NiMH battery. Out of this, the Li-on segment is dominating the market with the largest market share in 2022. This is due to the superior energy density and longer lifespan of Li-ion batteries compared to other battery chemistries. Li-ion batteries also have a faster charging time and a lower self-discharge rate, making them more efficient and convenient for electric vehicle use. Additionally, ongoing research and development in Li-ion battery technology are expected to further improve their performance and reduce their cost, making them an even more attractive option for electric mobility solutions.
Regional Segment Analysis of the Electric Mobility Market
- North America (U.S., Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
- Asia-Pacific (China, Japan, India, Rest of APAC)
- South America (Brazil and the Rest of South America)
- The Middle East and Africa (UAE, South Africa, Rest of MEA)
Asia-Pacific dominated the market with more than 54.8% revenue share in 2022.
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Based on region, the Asia-Pacific region currently holds the largest market share in the Electric Mobility market. This is due to the growing demand for electric vehicles in countries such as China, Japan, and South Korea, where governments have implemented policies and incentives to promote the adoption of electric vehicles. Additionally, the region has a large population and rapid urbanization, leading to increased demand for sustainable transportation solutions. The presence of major electric vehicle manufacturers and suppliers in the region, as well as the development of supporting infrastructure such as charging stations, have also contributed to the growth of the market.
In July 2022, Dayco, a manufacturer of engine products and drive systems, has recently partnered with BMW Motorrad, a top motorcycle brand, to provide drive belt technology for the CE 04 e-scooter. The goal is to enhance the scooter's system performance, extend its range, and ensure smooth and silent operation. This partnership has not only expanded the product portfolio of both companies but has also increased their customer base.
The report offers the appropriate analysis of the key organizations/companies involved within the global electric mobility market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.
List of Companies:
- 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.
- Audi AG
Key Target Audience
- Market Players
- Government Authorities
- Consulting and Research Firm
- Venture Capitalists
- Value-Added Resellers (VARs)
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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