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Electric Mobility Market Overview:
The Electric Mobility Market is expected to
grow at a CAGR of 22.3%, the market value projected to increase is from US
$164.23 Billion in 2023 to US $1,229.47 Billion by 2030. Electric mobility is an innovative
and sustainable approach to transportation. It eliminates the use of fossil
fuels and reduces the carbon footprint, making it an ideal solution for
eco-conscious individuals. The electric mobility market has seen significant
growth in recent years, and it is expected to continue to grow in the future.
The demand for electric vehicles
has been on the rise, driven by increasing environmental awareness and
government initiatives. Electric vehicle manufacturers have expanded their
operations to meet this demand, making electric vehicles more accessible to
consumers. The increase in charging infrastructure has also contributed to the
growth in the electric mobility market. Governments have introduced incentives
and subsidies to encourage the adoption of electric vehicles, making them more
affordable.
Electric mobility has emerged as a
significant market with numerous growth opportunities. From increasing demand
for electric vehicles to technological advancements, collaborations, and green
initiatives, the future looks bright for the electric mobility market. However,
challenges such as high production costs, battery disposal issues, and limited
driving range need to be addressed.
Market Snapshot:
Electric Mobility Market - Report Coverage:
The “Electric Mobility Market
Report - Forecast (2023-2030)” by Industry ARC, covers an in-depth analysis
of the following segments in the Electric Mobility Market.
| Attribute | Segment |
|---|---|
By Product Type |
|
By Battery Type |
|
By Voltage Type |
|
By End-use |
|
By Drive |
|
By Geography |
|
Electric Mobility Market - Top Trends :
Rising Adoption of Electric Vehicles: The rising adoption
of electric vehicles can be attributed to several reasons. Firstly, there has
been growing awareness about environmental pollution, and people are looking
for ways to reduce their carbon footprint. Electric vehicles produce fewer
emissions compared to traditional vehicles powered by fossil fuels.
Advancements in Battery Technology: As the Electric Mobility
market continues to thrive, advancements in battery technology have been a key
contributor to its growth. The introduction of solid-state batteries has
revolutionized the industry with its potential to improve range, charging
times, and vehicle weight. Improved battery life now allows for longer trips
without frequent recharging stops. And as battery costs continue to decline,
the purchase price of electric vehicles (EVs) is becoming increasingly
competitive with traditional gas-powered cars.
Increasing Adoption of Electric Vehicles (EVs): The adoption of
electric vehicles is rapidly growing worldwide. This trend is driven by factors
such as government incentives, stricter emissions regulations, advancements in
battery technology, and a growing environmental consciousness among consumers.
Expansion of Charging Infrastructure: The development of robust charging
infrastructure is crucial for the widespread adoption of electric mobility.
Governments, utilities, and private companies are investing in the expansion of
charging networks, including fast-charging stations, to address range anxiety
and improve convenience for electric vehicle owners.
Technological Advancements: The electric mobility sector is witnessing continuous technological
advancements. This includes improvements in battery technology, such as
increased energy density and longer range, as well as advancements in electric
motors, regenerative braking systems, and connectivity features in electric
vehicles.
Growth of Shared Electric Mobility Services: Shared
mobility services, such as electric ride-hailing, car-sharing, and
scooter-sharing platforms, are experiencing significant growth. These services
offer convenient, on-demand transportation options that are often more
cost-effective and environmentally friendly compared to traditional modes of
transportation.
Connected and Autonomous Electric Vehicles: The convergence of electric mobility with connected and autonomous vehicle technologies is an emerging trend. Electric vehicles are being equipped with advanced driver-assistance systems (ADAS), connectivity features, and autonomous driving capabilities, which can enhance safety, efficiency, and the overall user experience.
The Electric Mobility Market - Company Analysis :
Electric vehicles have also found their place
in the global market as a commodity, especially in the European market. In this
company analysis, we will look into the various aspects of the Electric
Mobility Market, including its major players and their market share. The global
Electric Mobility Market is expected to grow significantly over the next few
years, with a CAGR of 22.6%. The low cost of production and high demand for Electric
vehicles are the primary factors driving the growth of the market.
Key Market Players:
Product/Service
launches, approvals, patents and events, acquisitions, partnerships and
collaborations are key strategies players in the Electric Mobility Market adopt.
The top 10 companies in Electric Mobility Market are listed below:
- 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
- Nissan Motor corporation
- General Motors Company
- BYD Company LTD.
- Volkswagen AG
Scope of the Report:
| Report Metric | Details |
|---|---|
Base Year Considered | 2022 |
Forecast Period | 2023–2030 |
CAGR | 22.3% |
Market Size in 2030 | US $1,229.47 Billion |
Segments Covered | Product Type, Battery Type, Voltage Type, End-use, Drive and Geography |
Geographies Covered | North America (U.S., Canada and Mexico), Europe (Germany, France, UK, Italy, Spain, Russia and the Rest of Europe), Asia-Pacific (China, Japan, South Korea, India, Australia & New Zealand and the Rest of Asia-Pacific), South America (Brazil, Argentina, Chile, Colombia and Rest of South America), Rest of the World (Middle East and Africa). |
Key Market Players |
|
The Electric Mobility Market is forecast to grow at 22.3% during the forecast period 2023-2030.
The Global Electric Mobility Market size is estimated to be US $164.23 Billion in 2023 and is projected to reach US $1,229.47 Billion by 2030.
The leading players in the Electric Mobility Market are Gogoro Inc., BMW Motorrad International, Honda motor Co. LTD., Mahindra Group, KTM AG and other.