Pune, India, March 16, 2022 (GLOBE NEWSWIRE) -- The global electric mobility market size touched USD 230.12 billion in 2020. The market is expected to grow from USD 279.45 billion in 2021 to USD 1,507.21 billion in 2028, exhibiting a CAGR of 27.2% during the forecast period. Rising automotive electrification and adoption of electric micro-mobility are expected to foster market growth. Fortune Business Insights™ presents this information in its report titled “Electric Mobility Market, 2021-2028.”
Electric mobility is the adoption of e-bikes, cars, and motorbikes to reduce environmental impact. Rising automotive electrification is expected to boost the adoption of electric vehicles. This factor may boost such solution adoption. Furthermore, rising awareness regarding electric vehicles benefits is expected to boost the adoption of electric micro-mobility solutions worldwide. In addition, the growing consumer preferences toward electric vehicles from conventional vehicles and growing fuel prices may foster the industry's progress in the coming years.
Industry Development:
December 2021: Toyota engaged in a partnership with BYD to develop cost-effective electric vehicles.
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Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2021 to 2028 |
| Forecast Period 2021 to 2028 CAGR | 27.2% |
| 2028 Value Projection | USD 1,507.21 Billion |
| Base Year | 2020 |
| Market Size in 2021 | USD 279.45 Billion |
| Historical Data for | 2017 to 2019 |
| No. of Pages | 200 |
| Segments covered | Electric Car, Electric Motorcycle, Electric Scooter, Electric Bike, and Others |
| Growth Drivers | Governments globally impose strict emission norms for the employment of electric vehicles and carbon footprint reduction. |
| The introduction of several scrapping policies for fossil fuel-powered vehicles is expected to boost the demand. | |
| In addition, increasing initiatives for electric vehicle production may foster such solutions. These factors may drive the electric mobility market growth. |
Segments
By product, the market is segmented into electric car, electric bike, electric scooter, electric motorcycle, and others. As per voltage, it is classified into less than 24V, 24V, 36V, 48V, and greater than 48V. Based on battery, it is categorized into NiMH, Li-ion, and sealed lead acid. Geographically, it is clubbed into North America, Europe, Asia Pacific, and the rest of the world.
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Report Coverage
The report provides a detailed analysis of the top segments and the latest trends in the market. It comprehensively discusses the driving and restraining factors and the impact of COVID-19 on the market. Additionally, it examines the regional developments and the strategies undertaken by the market's key players.
Drivers and Restraints
Robust Demand for Emission Free Vehicles to Boost Growth
Governments globally impose strict emission norms for the employment of electric vehicles and carbon footprint reduction. The introduction of several scrapping policies for fossil fuel-powered vehicles is expected to boost the demand. Further, technological developments in lithium-ion battery technology and mass production of lithium-ion batteries are expected to foster industry progress. Moreover, cheaper prices of lithium-ion batteries may fuel the industry's development. In addition, increasing initiatives for electric vehicle production may foster such solutions. These factors may drive the electric mobility market growth.
However, the prevalence of the global semi-conductor shortage problem is expected to hinder the market’s progress.
Regional Insights
High Electric Vehicle Adoption to Foster Market Development in Asia Pacific
Asia Pacific is expected to dominate the electric mobility market share due to the rising adoption of electric vehicles in China. The market in Asia Pacific stood at USD 116.35 billion in 2020 and is expected to gain a huge portion of the global market share. Further, the rising penetration of electric vehicles in India, South Korea, Japan, and others is expected to foster market development.
In Europe, rising incentives and increasing government policies are expected to foster electric mobility adoption. Further, the presence of a well-established automotive industry in Europe is expected to bolster the adoption of such solutions. These factors may fuel market progress.
In North America, strong electric vehicle sales and several leading vehicle manufacturers are expected to boost such mobility solutions. These factors may propel market growth.
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COVID-19 Impact:
Strong Government Support Toward Electric Vehicle Infrastructure Development to Fuel Growth
This market is estimated to grow positively during the COVID-19 pandemic due to strong governmental support toward developing electric vehicle infrastructure. COVID-19 relaxations have resulted in the resumption of travel and transport, fueling the solution adoption. Furthermore, the rising awareness among people regarding environmental benefits of COVID-19 pandemic among people is expected to foster the adoption of such solutions. These factors may fuel industry growth during the pandemic.
Competitive Landscape
Companies Invest Heavily in Development of Effective Batteries to Boost Brand Image
Prominent companies operating in the market invest heavily in developing effective solutions to boost brand image. For example, Nissan invested nearly USD 18 billion in November 2021 to develop high-capacity and cost-effective batteries for electric vehicles. Furthermore, the deployment of research and development, product launches, mergers, partnerships, expansions, and advanced production machinery is expected to boost companies’ market position.
List of Key Players Profiled
- Tesla Inc. (California, U.S.)
- Nissan Motor Corporation (Yokohama, Japan)
- BMW MOTORRAD (Munich, Germany)
- General Motors Company (Michigan, U.S.)
- Honda Motor Company, Ltd. (Tokyo, Japan)
- BYD Company Ltd. (Shenzhen, China)
- Accell Group (Heerenveen, Netherlands)
- Volkswagen AG (Wolfsburg, Germany)
- Zero Motorcycles, Inc. (California, U.S.)
- Ford Motor Company (Michigan, U.S.)
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Major Table of Contents:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Porter’s Five Forces Analysis
- SWOT Analysis
- Technological Developments
- Distribution of Electric Mobility Market - In Value
- Impact of COVID-19
- Global Electric Mobility Market Analysis, Insights and Forecast, 2017-2028
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Product Type
- Electric Car
- Electric Motorcycle
- Electric Scooter
- Electric Bike
- Others
- Market Analysis, Insights and Forecast – By Voltage Type
- Less than 24V
- 24V
- 36V
- 48V
- Greater than 48V
- Market Analysis, Insights and Forecast – By Battery Type
- Sealed Lead Acid Battery
- Li-Ion Battery
- NiMH Battery
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia Pacific
- Rest of the World
- North America Electric Mobility Market Analysis, Insights and Forecast, 2017-2028
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Product Type
- Electric Car
- Electric Motorcycle
- Electric Scooter
- Electric Bike
- Others
- Market Analysis, Insights and Forecast – By Voltage Type
- Less than 24V
- 24V
- 36V
- 48V
- Greater than 48V
- Market Analysis, Insights and Forecast – By Battery Type
- Sealed Lead Acid Battery
- Li-Ion Battery
- NiMH Battery
- Market Analysis, Insights and Forecast – By Country
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