Market analysis and insights:
The market for electric mobility was worth 111.06 billion dollars in 2022, and it is projected to increase to 327.03 billion dollars in 2032, at a CAGR of 11.5% from 2023 to 2032.
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"The Global Electric Mobility Market 2022-2032 (USD Billion)")
Major drivers driving the growth of the electric mobility industry include government initiatives to minimize the world's carbon footprint by reducing the use of conventional fuel cell, bringing down the cost of high-capacity, environmentally friendly batteries, and increasing customer preference for shared transportation analytics.
Electric Mobility Market Scope :
| Metrics | Details |
| Base Year | 2023 |
| Historic Data | 2018-2022 |
| Forecast Period | 2024-2032 |
| Study Period | 2018-2032 |
| Forecast Unit | Value (USD) |
| Revenue forecast in 2032 | USD 327.03 Billion |
| Growth Rate | CAGR of 11.5% during 2021-2032 |
| Segment Covered | By Battery Type, By Voltage Type, By Product, Regions |
| Regions Covered | North America, Europe, Asia Pacific, South America, Middle East and Africa |
| Key Players Profiled | Gogoro, BMW Motorrad International, Honda Motors, Mahindra Group, KTM AG, Ninebot, Terra Motors Corporation, Suzuki Motor Corporation, Vmoto Limited, Zero Motorcycles, Yamaha Motor Company Limited, Alta Motors, and others. |
Market Definition
The use of electric vehicles to transport people and commodities is known as electric mobility. Electric vehicle motor are powered by electricity stored in batteries or fuel cell.
Electric mobility is a zero-emission mode of transportation that can help enhance air quality and reduce greenhouse gas emissions. Electric vehicles are available in a range of configurations, including electric autos, electric buses, electric trucks, and electric motorcycles. Electric vehicles are gaining popularity due to various advantages over regular gasoline-powered automobiles. The higher efficiency of electric vehicles allows them to travel farther on a single battery. They are also quieter, which can aid with noise reduction. Furthermore, because electric vehicles emit no pollutants, they can enhance air quality and reduce greenhouse gas emissions.
Key Market Segmentation:
Insights on battery type:
The lithium-ion (Li-ion) is growing at the fastest rate.
During the projection period, the lithium-ion battery segment is predicted to develop at the fastest CAGR. Due to their many benefits over other battery types, including higher energy density, longer lifespans, and shorter charging times, Li-ion batteries are in greater demand due to the rise in electric car usage.
During the forecast period, the nickel metal hydride (NiMH) battery segment is predicted to develop at a moderate rate. NiMH batteries are a good substitute for Li-ion batteries since they are less expensive and last longer.
A variety of causes are driving the expansion of the electric mobility market, including government legislation, increased environmental awareness, and lowering battery prices. The Li-ion battery segment is likely to grow at the fastest rate as the market expands.
Insights on Applications:
The electric car segment is boosting
The electric car segment is predicted to grow at the fastest CAGR during the projection period. This is due to increased consumer and government demand for electric vehicles globally. Electric vehicles have several advantages over gasoline vehicles, including lower pollutants, lower running costs, and quieter operation.
During the projected period, the electric scooter and motorcycle segment is also expected to rise rapidly. As modes of urban transportation, electric scooters and motorcycles are becoming increasingly popular. They are generally inexpensive, simple to use, and have a short range, making them suitable for short-distance commuting.
The electric bicycle category is expected to grow at a moderate rate during the projection period. Electric bicycles are gaining popularity as a recreational and commuting mode of transportation. They are a more affordable option than electric cars and scooters with an equivalent range.
Insights on Region Analysis:
The Asia-Pacific Ample Financing Opportunities
• The Asia-Pacific region is predicted to grow at the quickest CAGR during the projection period. This is because of a variety of variables, including:
• Rising consumer and government demand for electric vehicles in the region: China, Japan, and South Korea are all key electric car markets, and they are all heavily investing in the development of the electric mobility sector.
• Battery prices are dropping. Battery prices are lowering, making electric vehicles more accessible in the region.
• Charging infrastructure is becoming more widely available: The region's number of charging stations for electric vehicles is growing, making it easier for consumers to own and operate electric automobiles.
• Increasing awareness of the beneficial effects associated with green mobility: As people in the region become more aware of the environmental benefits of electric mobility, demand for batteries in cars grows.
A variety of factors are driving the expansion of the Asia-Pacific electric mobility industry, including government restrictions, increased environmental awareness, and lowering battery prices. As the market increases, the Asia-Pacific region is likely to grow at the quickest rate.
Company Profiles:
To get a market advantage, these corporations have heavily invested in initiatives such as new product development, mergers and acquisitions, collaborations, agreements, and alliances.
The food coloring market is dominated by Gogoro, BMW Motorrad International, Honda Motors, Mahindra Group, KTM AG, Ninebot, Terra Motors Corporation, Suzuki Motor Corporation, Vmoto Limited, Zero Motorcycles, Yamaha Motor Company Limited, Alta Motors, and others.
COVID-19 Impact and Market Status: Decline in Demand for Food Color
The COVID-19 pandemic has had a huge impact on the electric mobility sector. The market was already facing challenges due to rising raw material costs and more regulatory scrutiny, but the epidemic has compounded these issues.
One of the most dangerous side effects of the epidemic has been a decrease in demand for electric vehicles. This is due to a variety of issues, including the closing of vehicle dealerships and showrooms, the transition to remote work, and the rising cost of living.
Electric car prices have fallen as demand has declined. This has put pressure on electric vehicle makers, who are battling to stay profitable. In certain circumstances, manufacturers have been compelled to lay off workers or close factories.
The epidemic has also had an influence on the electric vehicle supply chain. This has made it difficult for manufacturers to access the raw materials they require, causing delivery delays.
The pandemic's long-term influence on the electric transportation market remains unknown. However, it is evident that the market will need to adapt to the new reality of lower demand and disrupted supply chains.
Latest Trends and Innovation:
• Tesla: Tesla has been one of the most innovative participants in the electric mobility business in recent years. Tesla produced the Model Y, a tiny SUV that has proven quite successful, in 2021. Tesla is also developing a new electric pickup truck called the Cybertruck, which is set to be released in 2023.
• Volkswagen: Another important player in the electric mobility sector is Volkswagen. Volkswagen produced the ID.4, an electric SUV that was well-received by consumers, in 2021. Volkswagen is also developing a variety of additional electric vehicles, including an electric van called the ID.Buzz and an electric sedan called the ID.Aero.
• General Motors is also investing heavily in electric mobility. General Motors will deliver the Chevrolet Bolt EV and the Chevrolet Bolt EUV, two popular electric vehicles, in 2021. General Motors is also developing additional electric cars, such as the Cadillac Lyriq, an electric SUV, and the Chevrolet Silverado EV, an electric pickup truck.
• Ford: Another traditional automaker making a significant push towards electric mobility is Ford. Ford produced the Mustang Mach-E, an electric SUV that was quite popular, in 2021. Ford is also developing a number of other electric cars, including an electric pickup truck called the F-150 Lightning and an electric van called the Transit. Rivian is a newer automaker that specializes in electric automobiles. Rivian will launch the R1T, an electric pickup truck, and the R1S, an electric SUV, in 2021. Rivian's vehicles have gotten a lot of good attention, and it is seen as a future leader in the electric mobility sector.
Significant Growth Factors:
Governments all throughout the world are enacting measures to support electric transportation, such as tax reductions and vehicle subsidies.
• Government initiatives: Governments all around the world are enacting policies to encourage electric mobility, such as tax reductions and subsidies for electric vehicles.
• Charging infrastructure is becoming more widely available. The number of electric vehicle charging stations is growing, making it easier for people to acquire and operate electric automobiles.
• The reducing cost of batteries: As the cost of batteries falls, electric vehicles become more affordable. • Increasing awareness of the positive environmental impacts of electric mobility: As customers become more aware of the sustainability benefits of electric transportation, the demand for electric vehicles rises.
These are just a few of the elements propelling the electric mobility market forward. Electric mobility is anticipated to become the major mode of transportation in the future as technology advances and vehicle costs fall.
Here are some key aspects driving growth in the electric mobility market:
• The emergence of shared mobility services: shared mobility services such as e-scooters and e-bikes are gaining popularity. As these services are frequently powered by electric vehicles, this is fueling demand for electric automobiles.
• E-commerce market expansion: The e-commerce market is expanding rapidly. This is increasing demand for electric vehicles, which are frequently used for last-mile delivery.
• New battery technologies are being explored, including solid-state batteries. These revolutionary battery technologies have the potential to improve electric car performance and range, thus increasing market demand for electric vehicles.
Restraining Factors:
Electric automobiles continue to be more expensive than gasoline vehicles. This is because batteries are so expensive.
• High initial investment: Electric vehicles continue to be more expensive than gasoline-powered automobiles. This is because batteries are so expensive.
• Electric vehicles still have a limited range when compared to gasoline-powered vehicles. This makes them unsuitable for long-distance travel.
• Lack of charging infrastructure: Charging infrastructure is still scarce in some locations. This can make it difficult to find a charging station for an electric vehicle.
• Government rules and regulations: Governments all over the world are enacting laws to promote electric mobility, but these rules can be complex and difficult to apply at times.
• The electric mobility market will overcome these obstacles by doing the following:
• Battery cost reduction: As the price of batteries falls, electric vehicles become more economical.
• Increasing the range of electric vehicles: As the range of electric vehicles expands, they become increasingly practical for long-distance travel.
• Increasing charging infrastructure availability: Charging infrastructure availability is increasing, making it easier to find a site to charge an electric vehicle.
• Simplifying government regulations: Governments all over the world are attempting to streamline government laws in order to encourage electric mobility more effectively.
The electric mobility sector is still in its infancy, but it is fast expanding. Electric mobility is anticipated to become the primary mode of transportation in the future as technology advances and difficulties are overcome.
Here are some other problems confronting the electric transportation market:
• Raw material availability: A hurdle for the electric mobility sector is the availability of raw materials such as lithium and cobalt. These materials are required for the manufacture of batteries, and their costs have fluctuated in recent years.
• The environmental impact of battery manufacturing: Battery manufacturing has an environmental impact. This is due to the usage of water and energy during the manufacturing process, as well as the disposal of batteries when they reach the end of their useful life.
• Electric mobility's social impact: The move to electric mobility may have social consequences. This is due to the fact that electric vehicles are frequently manufactured in nations with lower labor standards, and the change to electric mobility may result in job losses in the automotive industry.
• The electric mobility sector has numerous problems, but it is also a promising business with enormous promise. Electric mobility is anticipated to become the primary mode of transportation in the future as technology advances and difficulties are overcome.
Over the past few decades, fuel prices and pollution level have grown significantly. With the growing environmental concerns, production companies are opting for solutions that can reduce dependability on the internal combustion engines.
The automotive industry is undergoing an economic, technological, and social transformation. Moreover, adoption of these mobility services varies at the city level and country level owing to changes in local transportation policies and transportation infrastructure. With all these capabilities electric mobility allows organizations to address the concerns regarding the continuously rising greenhouse gas and carbon footprint of the automotive and transportation industries.
Furthermore, governments across the globe are emphasizing on increasing the adoption of electric vehicles by offering various subsidies to both manufacturers and buyers. For example, the government of India has announced the tax benefits on the purchase of e-vehicles. Hence, electric mobility is expected to help organizations in creating the products that can help in reducing the dependability on the internal combustion engine.
The market is consolidated as several major market players currently hold the major market share. However, the market is expected to become fragmented in the forthcoming years as several new market players are emerging from developing countries such as India, Japan, China, and other countries.
Battery Type Segment
Based on the Battery Type segment, the market is bifurcated into Li-ion, NiMH, and Sealed Lead Acid. In 2020, the Li-ion segment accumulated the maximum market share and it is likely to continue its dominance throughout the forecast years. However, the NiMH (Nickel-metal hydride) segment is projected to attain major growth throughout the forecast years owing to demand of high performance and batteries that are more environmentally friendly. Li-ion batteries dominated due to economies of production scale and technological developments, the cost of Li-ion battery packs for EVs has declined over the past years and is predicted to further lower by 2030.
Voltage Segment
Based on the Voltage, the market is segmented into 24V, Greater than 48V, 48V, 36V, and others. The 24V segment seized the maximum market share in 2020 and it is likely to maintain its place throughout the forecast years. The growth of this segment is largely ascribed to the growing adoption of these batteries as they are highly compatible with EVs and offer greater power output.
Product Type Segment
Based on the Product Type, the market is segmented into Electric Scooter & Motorcycle, Electric Car, Electric Bicycle, Electric Skateboard, and others. The Electric Car segment gathered the major market share in 2020 and it is likely to continue its dominance throughout the forecast years. High adoption of electric vehicles as compared to other e-vehicles such as e-motorcycle, skateboards, bicycle, wheelchairs and others are boosting the market growth across automotive industries. However, due to the rising demand, automobile vehicles are actively introducing e-cars. For instance, General Motors planned to launch 100 different models of e-cars by 2020.
The Asia Pacific region is likely to account for the maximum market contribution during the forecast years. The domination of this region is largely ascribed to the growing adoption of electric vehicles such as electric scooters and electric bicycle in countries such as Japan and China. However, Europe is likely to gather noteworthy growth through the forecast years 2021-2028. The growth of the electric mobility market in this region is mostly ascribed to the growing infrastructural development for charging station in the European region.
.png "Asia Pacific Electric Mobility Market 2019-2028 (USD Million)")
The major players of the global electric mobility market are BMW Group, Honda Motor Co. Ltd., General Motors Co., Volkswagen AG, Toyota Motor Corporation, Ford Motors Co. Ltd., Volvo Group, BYD Company Ltd., Tesla, Inc., and Nissan Motor Corporation. Moreover, the additional prospective market players in the electric mobility market are Pyramid Analytics, Qlik, Sisense, ThoughtSpot, and Yellowfin. Renowned companies are offering new and modern electric mobility Li-ion solutions. Besides, the previously recognized as well as new market players are approaching the market with advanced and new strategic services and solutions and to remain competitive in the global market.