Electric Mobility market Size & Share, by Product (Electric Car, Electric Motorcycle, Electric Scooter, Electric Bike); Voltage (Less than 24V, 24V, 36V, 48V, Greater than 48V); Battery (Sealed Lead Acid, NiMH, Li-ion) - Global Supply & Demand Analysis, Growth Forecasts, Statistics Report 2023-2035

  • Report ID: 4626
  • Published Date: Feb 27, 2023
  • Report Format: PDF, PPT

Global Market Size, Forecast, and Trend Highlights Over 2023-2035

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.


Electric Mobility Market
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Electric Mobility Sector: Growth Driver and Challenges

Growth Driver

  • Rising Price of Fossil Fuels with Growing Number of Fuel Vehicles - The increasing price of oil including diesel and petrol is anticipated to propel the demand for electric vehicles. As per the report by the International Energy Agency, in 2021, ~16.5 million electric cars were on the road across the world.
  • Increasing Sales of Electric Two-Wheelers Owing to Rising Disposable Income – Due to urbanization and industrialization, more jobs have come for people as a result of this the disposable income of people has also risen leading to the increasing sale of electric two-wheeler across the globe. In India, the count of electric two-wheelers was found to be more than 2,30,000 units in 2021 as against ~1,00,000 units that were sold in 2020.

Challenges

  • Low Number of Electric Vehicle (EV) Charging Stations – Developing and underdeveloped countries still lack the basic infrastructure that back electromobility in key cities and along important routes. There are serious barriers to the low uptake of EV vehicles in these countries, such as insufficient access to charging stations and long charging times.
  • Slow Adoption of Electric Vehicles
  • Absence of Standardization among Nations

Electric Mobility Market: Key Insights
 

Base Year

2022

Forecast Year

2023 – 2035

CAGR

~15%

Base Year Market Size (2022)

~USD 110 billion

Forecast Year Market Size (2035)

~USD 1.6 trillion

Regional Scope

  • North America (U.S., and Canada)
  • Latin America (Mexico, Argentina, Rest of Latin America)
  • Asia-Pacific (Japan, China, India, Indonesia, Malaysia, Australia, Rest of Asia-Pacific)
  • Europe (U.K., Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe)
  • Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of the Middle East and Africa)
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Electric Mobility Segmentation

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:

        Product

  • Electric Car
  • Electric Motorcycle
  • Electric Scooter
  • Electric Bike

       Voltage

  • Less than 24V
  • 24V
  • 36V
  • Greater than 48V

        Battery

  • Sealed Lead Acid
  • NiMH
  • Li-ion

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Electricity Mobility Industry- Regional Synopsis

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.

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Companies Dominating the E-mobility Market

top-features-companies
    • Tesla Inc.
      • Company Overview
      • Business Strategy
      • Key Product Offerings
      • Financial Performance
      • Key Performance Indicators
      • Risk Analysis
      • Recent Development
      • Regional Presence
      • SWOT Analysis
    • Honda Motor Company Ltd.
    • Bayerische Motoren Werke Aktiengesellschaft
    • General Motor Company
    • BYD Limited
    • Accell Group
    • Volkswagen AG
    • Zero Motorcycles Inc.
    • Ford Motor Company
    • Vmoto Limited

In-the-news

In The News

  • Tesla Inc. is closing in on an agreement to make electric vehicles in India for the first time, after setting up production in the U.S. and China.
  • Honda Motor Company Ltd. launches India’s first mainstream strong hybrid electric vehicles with EV drive mode, Hybrid drive mode, and engine drive mode.

Author Credits:  Harshita Srivastava, Saima Khursheed


  • Report ID: 4626
  • Published Date: Feb 27, 2023
  • Report Format: PDF, PPT

Frequently Asked Questions (FAQ)

The growing concern about carbon emission & global warming and the growing price of fuel are some of the major factors anticipated to drive the growth of the electric mobility market.

The market is anticipated to attain a CAGR of ~15% over the forecast period, i.e., 2023-2035.

The major players in the market are Honda Motor Company Ltd., Bayerische Motoren Werke Aktiengesellschaft, General Motor Company, BYD Limited, Accell Group, Volkswagen AG, Zero Motorcycles Inc., Ford Motor Company, and others.

The electric car segment is anticipated to garner the largest market size by the end of 2035 and display significant growth opportunities.

The market in Asia Pacific is projected to hold the largest market share by the end of 2035 and provide more business opportunities in the future.
Electric Mobility Market Report Scope
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