Categories: Automotive

Electric Mobility Market to Surpassing US$ 2,784.76 Billion By the end of 2032

The global electric mobility market size reached USD 310 billion in 2022 and it is predicted to expand around USD 2,784.76 billion by 2032, expected to grow at a CAGR of 24.6% from 2023 to 2032

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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Electric Mobility Market Growth Factors

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.

Regional Snapshots

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.

Key Players & Strategies

Prominent market players in the global electric mobility market are largely focused to garner the upcoming opportunities in the developing nations. For the same, some of the market players are investing significantly on various designs of EVs.

Some of the key players in the global electric mobility marketare 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, and Tesla among others.