Precedence Research recently published a report titled “Electric Mobility Market – Global Industry Analysis, Trends, Regional Outlook, and Forecast 2021 – 2030”
The global electric mobility market size is projected to hit USD 718 billion by 2030 and is anticipated to grow with a healthy CAGR of 22% over the forecast period 2021-2030.
The report contains 150+ pages with detailed analysis. The base year for the study has been considered 2021, the historic year 2017 to 2020, the forecast period considered is from 2021 to 2030.
Electric mobility solutions cover electric bicycle, electric skateboard, electric car, electric motorcycle, electric wheelchair, and electric scooter. These are electric-powered vehicles that emit almost zero emission in the environment. They account for the significant share in the automotive industry and transforming the way consumers comprehend mobility as a solution.
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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. In addition, the Indian government has also announced to impose strict regulation on the purchase of internal combustion engine powered vehicles in order to reduce its production by the year 2030.
Other than India, other nations such as Portugal, South Korea, Spain, and Germany have also set targets for the incorporation of electric vehicles as an environment-friendly solution into their mobility solutions across the country. For instance, South Korea aimed to deploy 200,000 electric vehicles on the road by the year 2020. Similarly, Germany aimed for the deployment of one million EVs and Portugal for 750,000 EVs by the year 2020. Other countries such as Finland, Malaysia, and South Africa have set their respective targets for the adoption of EVs in their automobile solutions across the country. Thus, the aforementioned initiatives taken by the various countries have resulted in prominent growth for the electric mobility market over the upcoming period.
Moreover, automobile companies aimed towards launching new and attractive models of electric vehicles and other mobility solutions. For instance, General Motors, a leading automotive player in electric vehicles announced to introduce 100 different models of e-cars by the year 2020. Furthermore, increasing popularity of services that includes ride-hailing, car sharing, e-bicycle, e-scooter, and e-motorcycle sharing. This in turn triggers the growth of electric mobility market during the anticipated time frame.
|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|
- The Asia Pacific dominated the global electric mobility market owing to rising demand for electric vehicles in the region
- European market for global electric mobility is the other significant market and register prominent growth during the forecast time period
- 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
- Based on battery, NiMH register the fastest growth over the forecast time period owing to prominent demand in HEVs
- The greater than 48V voltage segment witness significant growth during the analysis period because of increasing research & development for higher speed and distance coverage of EVs
- Electric Scooters (E-Scooters) Market – The global market size was valued at US$ 18.5 billion in 2020 and expected to hit US$ 33.5 billion by 2030, anticipated to grow at a compound annual growth rate (CAGR) of 8.1% from 2021 to 2030.
- Electric Vehicle Supply Equipment Market – The global market size was valued at USD 25.7 billion in 2020 and is expected to be valued at USD 212 billion by 2030, growing at a CAGR of 36% between 2021 and 2030
- Electric Vehicle Charging Station Market – The global market size is expected to surpass over USD 39.2 billion by the end of 2027 and witness a compound annual growth rate (CAGR) of 40.7% from 2020 to 2027
By geography, 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. This is mainly because of high rate of electric vehicle adoption across various countries such as South Korea, China, India, Japan, Australia, Singapore, ASEAN countries, and many others. The government of various Asian countries have issued mandatory laws in slowing down the production of internal combustion engine powered vehicles in respect of rising environmental pollution. Hence, this triggers the adoption of electric vehicles owing to its environment-friendly nature.
Rising population coupled with increasing price of oil including diesel, petrol, and other fuels anticipated to propel the demand for electric vehicles in the Asian countries. Further, rapid rise in the rate of production capacity for electric vehicles in the Asian countries such as China and Japan also thrive the market growth for electric mobility over the upcoming years.
However, European market growth for electric mobility estimated to register a value of 22% over the forecast timeframe. Rapid development in the European countries along with stringent measures adopted by the government in order to promote the adoption of electric mobility in the region is some of the factors that support the growth of the regional market.
The electric mobility market report provides an understanding of the market composition and explains the role of established players and regional contributors. It is essential for the market players to make calculative moves and focus on client acquisition and retention. The detailed company profiles will provide the necessary intelligence to the reader. In order to maintain their share, the market players are focusing on strategies such as cross-border expansion, product differentiation, and so on.
Some of the key players in the global 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
- Lightning Motorcycles
- Accell Group
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 Bicycle
- Electric Skateboard
- Electric Car
- Electric Motorcycle
- Electric Wheelchair
- Electric Scooter
- Sealed Lead Acid
- Less than 24V
- Greater than 48V
- North America
- Asia Pacific
- South Korea
- Rest of the World
Thanks for reading you can also get individual chapter-wise sections or region-wise report versions such as North America, Europe, or the Asia Pacific.
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