Electric Mobility Market Size, Share and Growth Analysis (By Product: Electric Bicycle, Electric Skateboard, Electric Car, Electric Motorcycle, Electric Wheelchair, and Electric Scooter; By Battery: NiMH, Sealed Lead Acid, and Li-ion; By Voltage: Less than 24V, 24V, 36V, 48V, and Greater than 48V) - Global Industry Analysis, Trends, Regional Outlook, and Forecast 2021 - 2030

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.

Electric Mobility Market Size 2020 to 2030

Growth Factors

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.

Report Highlights Details
Market Size USD 718 Billion by 2030
Growth Rate CAGR of 22% From 2021 to 2030
Base Year 2020
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

Product Insights

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.

Battery Insights

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.

Electric Mobility Market Share, By Battery, 2020 (%)

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.

Voltage Insights

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.

Regional Insights

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.

Electric Mobility Market Share, By Region, 2020 (%)

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:

  • 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
  • NYCeWheels
  • Lightning Motorcycles
  • Accell Group
  • Tesla

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:

Electric Mobility Market Segmentation

Product Type

  • Electric Bicycle
  • Electric Skateboard
  • Electric Car
  • Electric Motorcycle
  • Electric Wheelchair
  • Electric Scooter
    • Standing/Self-Balancing
    • Retro
    • Folding

Battery Type

  • NiMH
  • Sealed Lead Acid
  • Li-ion

Voltage Type

  • Less than 24V
  • 24V
  • 36V
  • 48V
  • Greater than 48V

Regional Scope

  • North America
    • U.S.
    • Canada
  • Europe
    • U.K.
    • Germany
    • France
  • Asia Pacific
    • China
    • India
    • Japan
    • South Korea
  • Rest of the World

Frequently Asked Questions

What is the current size of Global Electric Mobility Market?
The electric mobility market valued at USD 151.90 billion in 2020 and is expected to reach US$ 718 billion by 2030.
What is the CAGR of Electric Mobility Market over forecast period 2021 to 2030?
The electric mobility market is growing at a CAGR of 22% over the forecast period 2021 to 2030.
What are the major factors which will impact electric mobility market growth during the forecast period?
Rising concern for global warming and pollution have encouraged the governments of various regions to promote the large-scale adoption of electric vehicles in order to meet the climate change, local air quality, dependence of oil to drive a vehicle, and the growth of automotive industry. In support of this, governments of various countries are offering subsidies and tax benefits along with huge investment towards the development of electric vehicle charging infrastructure. For instance, the government of India recently announced to offer tax benefits on the purchase of electric vehicles in order to boost the adoption of e-vehicles across the country.
Which industry is projected to increase the demand for Electric Mobility Market?
The growth of automotive industry is projected to increase the demand for electric mobility market.
Which region will lead the global Electric Mobility Market?
The Asia Pacific led the global electric mobility market with notable revenue share in the year 2020 and anticipated to register prominent growth during the forecast time period.
Which product is expected to hold the largest share in the electric mobility market?
By product, electric cars segment led the global electric mobility market with a revenue share of nearly 70% in the year 2020 because of higher rate of adoption in the developed as well as developing nations.
Which are the major companies in the electric mobility market?
The major companies operating in the electric mobility market are 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.
  • Report Code:1270
  • Category:Automotive
  • No. of Pages:150+
  • Format:PDF/PPT/Excel
  • Published:September 2021


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