Electric Mobility Market size is estimated to cross USD 1.6 Trillion by the end of 2035, growing at a CAGR of 15% during the forecast period, i.e., 2023-2035. In the year 2022, the industry size of E-mobility was around USD 110 Billion. The growth of the market can be attributed to the rising popularity of electric mobility as well as the demand for services such as e-scooter sharing, e-bicycle, and e-motorcycle sharing is expected to propel the market. In 2021, more than 85,000 electric vehicles were registered in India.
There has been a growing demand for low-emission vehicles that are expected to boost the electric mobility market in the upcoming years. According to the United States Environmental Protection Agency, out of 100%, nearly 27% of greenhouse gas emissions in the U.S. are released from the transportation sector.
Growth Driver
Challenges
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Base Year |
2022 |
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Forecast Year |
2023 – 2035 |
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CAGR |
~15% |
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Base Year Market Size (2022) |
~USD 110 billion |
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Forecast Year Market Size (2035) |
~USD 1.6 trillion |
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Regional Scope |
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Product (Electric Car, Electric Motorcycle, Electric Scooter, Electric Bike)
The electric car segment is expected to account for 40% of the global e-mobility market by 2035. Owing to an upsurge in the huge utilization of vehicle telematics, there has been a significant factor that is estimated to provide lucrative opportunities for the growth of the segment over the coming years. Electric vehicles are more popular owing to their battery efficiency and prevention of combustion of fuel gas. The increasing adoption of self-driven vehicles is also estimated to have a positive impact on the growth of the market segment in the coming years.
Battery (Sealed Lead Acid, NiMH, Li-ion)
The Li-ion segment is expected to garner a significant share during the time period between 2023-2035. These are the smallest and high-capacity batteries with wireless charging support. The deterioration process during charging and discharging is less in these batteries compared to other lithium-ion batteries. These Li-ion batteries can even withstand the problem of self-discharge issues. The increasing use of smartphones and digitalized devices is estimated to boost the market segment growth during the forecast period. The global mobile sales in e-commerce in the year 2021 as per the estimations was approximately USD 4 trillion.
Our in-depth analysis of the global market includes the following segments:
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Product |
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Voltage |
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Battery |
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APAC Market Forecasts
The electric mobility market in the Asia Pacific region is set to hold the largest share of 33% by the end of 2035. The growth of the market can be attributed majorly to the large population in the region, the growing production of electric vehicles with the rising concern for global warming. Also, pollution has encouraged governments to promote the adoption of electric vehicles. According to the report of the World Bank in 2021, the population of East Asia and the Pacific was ~2.37 billion, and as per International Energy Agency, China is the top producer of electric vehicles. In addition to this, the proliferating adoption of electric bikes in some countries such as China, and Japan, and so on is also projected to boost market growth further over the forecast period in the region.
Europe Market Statistics
In Europe, the market is expected to grow substantially during the assessment time period. The growth of this market can be primarily driven by growing concerns regarding pollution generated by vehicles and government support for the decarbonization of transportation. For instance, the European Commission signed a contract in October 2022 guaranteeing that all newly registered cars and vans in Europe will be emission-free by 2035.
Author Credits: Harshita Srivastava, Saima Khursheed
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