The global electric mobility (e-mobility) market size was valued at USD 151.90 billion in 2020 and projected to hit around US$ 718 billion by 2030, expected to grow at a compound annual growth rate (CAGR) of 22% from 2021 to 2030.
Prominent rise in the greenhouse gas (GHG) emission along with carbon footprint from the transportation sector particularly from the automobile sector have encouraged various regulatory bodies of several countries to issue policies and laws that favors the adoption of energy-efficient vehicles. Further, increasing adoption of mobility-as-a-service (MaaS) coupled with continuous fall in the price of Li-ion batteries again drives the market growth for electric mobility during the forthcoming years.
Moreover, the automotive industry has undergone technological, economic, and social transformation during the past few years. This is mainly because of the rising awareness about the low maintenance and operational cost of Electric Vehicles (EVs). In addition, EVs have the capability to reduce harmful emission from vehicles that has major contribution towards the rising global warming, this in turn promotes the adoption of EVs across various regions.
However, with the sudden outbreak of coronavirus in the year 2020, several industries have witnessed downfall in their sales throughout the globe, whereas electric vehicles exhibit significant growth. This is majorly attributed to the rising trend for social distancing along with increasing concern for environment protection.
|Market Size||USD 718 Billion by 2030|
|Growth Rate||CAGR of 22% From 2021 to 2030|
|Historic Data||2017 to 2020|
|Forecast Period||2021 to 2030|
|Segments Covered||Product, Battery, Voltage|
|Regional Scope||North America, Asia Pacific, Europe, MEAN|
|Companies Mentioned||Gogoro Inc., BMW Motorrad International, Honda Motor Co. Ltd., Mahindra Group, KTM AG, Ninebot Ltd., Terra Motors Corporation, Suzuki Motor Corporation, Vmoto Limited, Zero Motorcycles, Yamaha Motor Company Limited, ALTA Motors|
Based on product, the electric mobility market dominated by the electric cars segment accounting for nearly 70% revenue share in the year 2020 and predicted to continue the same trend during the forthcoming period. This is primarily attributed to the high cost of battery-powered electric vehicles in comparison to the cost of e-scooters, motorcycles, wheelchairs, skateboards, and bicycles.
However, electric motorcycle segment exhibits significant growth of approximately 35% during the analysis timeframe because of favorable government policies promoting the adoption of electric two-wheelers such as tax concession and many others.
Li-ion battery led the global electric mobility market in the year 2020 with more than half of the total market share and exhibits considerable growth during the forecast period. This is mainly because of reducing cost of Li-ion battery packs used in electric vehicles. The cost of Li-ion battery for EVs have reduced by 70% within the past seven years and estimated to further reduce by nearly 50% by 2030 because of technological developments and production scale economies.
On the other hand, nickel-metal hydride (NiMH) battery estimated to rise by a considerable rate during the upcoming years owing to increasing demand for more environmentally conducive along with high-performance batteries. This in turn has made NiMH as one of the most demanded battery type for hybrid electric vehicles (HEVs) and this anticipated to increase its share in the global electric mobility market during the forthcoming years.
The 24V segment accounted for approximately 25% of the market revenue share in the global electric mobility market for the year 2020 and estimated to further capture significant share during the analysis period. This is majorly because of superior power output and higher compatibility with electric vehicles.
Moreover, greater than 48V segment predicted to witness prominent growth over the forthcoming years with a CAGR of nearly 25%. This is primarily due to increasing demand for greater than 48V batteries in electric vehicles because of increasing research & development activities for improving speed and distance coverage of EVs.
The Asia Pacific region is the front-runner in the global electric mobility market in the year 2020 and poised to grow at a rapid rate during the upcoming years. The significant growth of the region is mainly because of the rising adoption of electric vehicles mostly electric scooters and electric bicycles in countries such as Japan, India and China. This is mainly because of rising prices of fuel along with alarming rise in the pollution prominently in developing nations in the region.
On the contrary, European countries in the global electric mobility market poised to register significant growth of nearly 21% over the upcoming period owing to rapid development in the battery charging technology particularly for electric vehicles. For instance, European countries such as France, Demark, Netherlands, and Ireland have taken initiative to prohibit the sale of petrol and diesel-powered vehicles by the year 2030.
Key Companies & Market Share Insights
Leading players in the global electric mobility market are focused towards the vast untapped opportunities majorly in the developing and emerging markets such as the Asia Pacific, Middle East, and Latin America. For instance, SmartE and Mahindra Electric Mobility Limited signed a memorandum of understanding for promoting the sale of electric mobility in India.
Some of the prominent players in the Electric Mobility Market include:
Segments Covered in the Report
This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2030. For the purpose of this study, Precedence Research has segmented the global Electric Mobility Market report on the basis of product, battery, voltage, and region:
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