Pune, July 05, 2023 (GLOBE NEWSWIRE) -- A global Electronics business-consulting firm, Maximize Market Research, has published a market intelligence and competitive landscape report on the “Electric Mobility Market”. The report is a combination of primary data and secondary data and domain expert has analyzed the Electric Mobility Market from a local, regional and global point of view. Over the forecast period, Maximize Market Research expects the Electric Mobility market growth from USD 482.83 Bn in 2022 to USD 963.55 Bn in 2029 at a CAGR of 10.37 percent.
Electric Mobility Market Report Scope and Research Methodology
| Market Size in 2022 | USD 482.83 Bn. |
| Market Size in 2029 | USD 963.55 Bn. |
| CAGR | 10.37 percent (2022-2029) |
| Forecast Period | 2023-2029 |
| Base Year | 2022 |
| Number of Pages | 276 |
| No. of Tables | 114 |
| No. of Charts and Figures | 112 |
| Segment Covered | Vehicle Type, Technology, Infrastructure, End-User, Power Output and Component |
| Regional Scope | North America, Europe, Asia Pacific, Middle East and Africa, South America |
| Report Coverage | Market Share, Size & Forecast by Revenue | 2022−2029, Market Dynamics, Growth Drivers, Restraints, Investment Opportunities, and Key Trends, Competitive Landscape, Key Players Benchmarking, Competitive Analysis, MMR Competition Matrix, Competitive Leadership Mapping, Global Key Players’ Market Ranking Analysis. |
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Electric Mobility Market Report Scope and Research Methodology
A thorough report includes the drivers, restraints, opportunities, and challenges of the Electric Mobility market. To understand the Electric Mobility market estimations and growth rates, a bottom-up approach was used in the report. Regional analysis of the Electric Mobility market was conducted at a local, regional and global level to understand the Electric Mobility market penetration, price and demand analysis and competitive landscape. The report offers fundamental information on the Electric Mobility market, including stakeholders, investors and new entrants used to develop marketing plans and investments. The technology adoption, financial standing, portfolio, merger and acquisition, joint ventures and strategic alliances are covered in the competitive environment for the Electric Mobility market.
The primary and secondary data methods were used for the data collection for Electric Mobility Market. Segment-wise analysis of the market is divided into Vehicle Type, Technology, Infrastructure, End User, Power Output and Component. The bottom-up approach was used to estimate the Electric Mobility market size by various segments. Product Type and Application are the segments used to analyze Electric Mobility to determine the favorable and unfavorable aspects that affect market growth.
SWOT analysis was conducted to provide the strengths and weaknesses of the Electric Mobility Market while PESTLE was employed to understand the potential impact of the micro-economic factors affecting the Electric Mobility Market.
Electric Mobility Market Overview
Electric mobility refers to electric vehicles (EVs) for transportation purposes. Electric mobility has traction worldwide as a sustainable and environmentally friendly alternative to traditional internal combustion engine vehicles. Electric vehicles are powered by electricity stored in batteries and these are charged by connecting to an electrical power source. Technological advancements and the implementation of government policies boost the Electric Mobility Market growth.
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Electric Mobility Market Dynamics
Advancements in battery technology and charging infrastructure are major growth drivers of the electric mobility market. As battery costs reduce and battery ranges increase, electric vehicles are becoming more competitive with traditional gas-powered vehicles. The improvements in charging infrastructure including faster charging times and rising availability of charging stations increase the use of electric vehicles. As a result, technological advancements drive the Electric Mobility Market growth. The increasing demand from consumers is also a significant driver for the market growth.
The increasing awareness about the benefits of electric vehicles, such as lower operating costs and reduced environmental impact resulted in an increase in demand. The increasing government policies, the rising environmental concerns and climate goals, infrastructure development and shifting consumer preferences are also the boosting factors for market growth. Easier integration and component control is the upcoming trend of market growth. The lack of infrastructure and high up-front costs are the restraining factors for market growth.
Electric Mobility Market Regional Insights
North America held the largest Electric Mobility Market in 2022. The increasing government regulations and policies to promote the adoption of electric vehicles is the key driver of regional market growth. The technological innovation in the electric mobility industry, growing charging infrastructure and increasing consumer interest in electric vehicles are also the growth contributors to the regional market. Europe is the largest market for Electric Mobility. Strong government support, robust charging infrastructure, stringent emissions standards and increasing demand for electric vehicles are the boosting factors for the market growth.
The Asia Pacific is expected to dominate the Electric Mobility Market over the forecast period. Developing economies including India and China have increasing implementation of supportive policies and regulations to raise the adoption of electric vehicles (EVs). These involve financial incentives, tax benefits and subsidies to promote EV manufacturing and infrastructure development. As a result, the increasing government policies and support drive regional market growth. Rapid urbanization, technological advancements, environmental concerns and climate goals are also the driving factors for the growth of the market in the region.
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Electric Mobility Market Segmentation
By Vehicle Type
- Electric Passenger Cars
- Electric Buses
- Electric Trucks
- Electric Motorcycles and Scooters
On the basis of the Vehicle type, the market is segmented into Electric Passenger Cars, Electric Buses, Electric Trucks and Electric Motorcycles and Scooters. Electric Passenger Cars held the largest Electric Mobility Market share and are expected to maintain their dominance over the forecast period. Electric passenger cars are useful for personal transportation, commuting, and general-purpose mobility. They have been providing environmental benefits, lower operating costs, and are suitable for urban and suburban areas where charging infrastructure is relatively accessible.
By Technology
- Battery Electric Vehicles (BEVs)
- Plug-in Hybrid Electric Vehicles (PHEVs)
- Fuel Cell Electric Vehicles (FCEVs)
Based on the technology, the Electric Mobility market is divided into Battery Electric Vehicles (BEVs), Plug-in Hybrid Electric Vehicles (PHEVs) and Fuel Cell Electric Vehicles (FCEVs). Battery Electric Vehicles (BEVs) are expected to grow significantly in the Electric Mobility Market during the forecast period. BEVs becoming more popular due to advancements in battery technology, which have improved their driving range and overall performance. The development of lithium-ion batteries has significantly enhanced the feasibility and appeal of BEVs for consumers. The many key automakers have been increasing their investment in research and development of BEVs and thus it is a more dominant technology for the Electric Mobility Market.
By Infrastructure
- EV Charging Stations
- Level 1
- Level 2
- DC Fast Charging
- Battery Swapping Stations
- Wireless Charging
By End-User
- Personal Mobility
- Passenger Cars
- Two-Wheelers
- Public Transport
- Buses
- Trains
- Commercial Fleets
- Delivery Vans
- Trucks
By Power Output
• Low-Power Electric Mobility
- Electric Two-Wheelers
- Low-Power Passenger Cars
• Medium-Power Electric Mobility
- Electric Passenger Cars
- Light Commercial Vehicles
• High-Power Electric Mobility
- Electric Buses
- Heavy-Duty Commercial Vehicles
By Component
- Electric Motors
- Lithium-ion Batteries
- Power Electronics
- On-board Chargers
Electric Mobility Market Key Players Include:
- Tesla - USA
- General Motors - USA
- Ford Motor Company - USA
- Rivian - USA
- Fisker Inc. - USA
- Lucid Motors - USA
- Proterra - USA
- NIO – Canada
- Volkswagen Group - Germany
- BMW Group - Germany
- Daimler AG - Germany
- Renault-Nissan-Mitsubishi Alliance - France/Japan
- Volvo Cars - Sweden
- Polestar - Sweden
- Jaguar Land Rover - UK
- Aston Martin - UK
- Rimac Automobili – Croatia
- BYD - China
- SAIC Motor - China
- Geely - China
- Tesla - China
- Toyota - Japan
- Honda - Japan
- Hyundai-Kia - South Korea
- Mahindra & Mahindra – India
- Mobius Motors - Kenya
- Kiira Motors - Uganda
- Laraki Motors - Morocco
- Electricite de France (EDF) - Egypt/Morocco/Senegal/South Africa
- FMS Tech - United Arab Emirates
- Careem - United Arab Emirates
- Tesla - United Arab Emirates/Saudi Arabia
- EKar - Saudi Arabia
- Emaar Properties - Saudi Arabia
- WEG - Brazil
- Ambev - Brazil
- Itaipu Binacional - Brazil/Paraguay
- BYD - Brazil/Argentina/Chile
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Key questions answered in the Electric Mobility Market are:
- What is Electric Mobility?
- What was the Electric Mobility market size in 2022?
- What is the growth rate of the Electric Mobility Market?
- Which are the factors expected to drive the Electric Mobility market growth?
- What are the different segments of the Electric Mobility Market?
- What are the factors restraining the growth of the Electric Mobility Market?
- What is the demand pattern of the Electric Mobility Market?
- What major challenges could the Electric Mobility Market face in the future?
- What segments are covered in the Electric Mobility Market?
- Who are the key players in the Global Electric Mobility market?
- What are the upcoming industry applications and trends for the Electric Mobility Market?
Key Offerings:
- Past Market Size and Competitive Landscape (2018 to 2022)
- Past Pricing and price curve by region (2018 to 2022)
- Market Size, Share, Size & Forecast by different segment | 2023−2029
- Market Dynamics – Growth Drivers, Restraints, Opportunities, and Key Trends by Region
- Market Segmentation – A detailed analysis of the Vehicle Type, Technology, Infrastructure, Power Output and Component and Region
- Competitive Landscape – Profiles of selected key players by region from a strategic perspective
- Competitive landscape – Market Leaders, Market Followers, Regional player
- Competitive benchmarking of key players by region
- PESTLE Analysis
- PORTER’s analysis
- Value chain and supply chain analysis
- Legal Aspects of Business by Region
- Recommendations
Maximize Market Research is leading Automotive and Transportation research firm, has also published the following reports:
Electric commercial vehicle Market – The market size is expected to reach USD 1308.57 Bn by 2029 at a CAGR of 20.97 percent during the forecast period. The market is driven by the rising price of fossil fuels and the development of wireless EV charging technology for on-the-go charging.
Electric Vehicle Traction Motor Market – The market size is expected to reach USD 41.93 Bn by 2029 at a CAGR of 29.14 percent during the forecast period. The market is driven by technological advancements and innovations in EV traction motors and the increasing adoption of electric vehicles.
Electric Tuk-tuks Market – The market size is expected to reach USD 746.09 Mn by 2029 at a CAGR of 6.2 percent during the forecast period. The market is driven by the growing trend of shared mobility and increasing environmental concerns.
Electric Tricycle Market – The market size is expected to reach USD 40.83 Bn by 2029 at a CAGR of 16.3 percent during the forecast period. The market is driven by increasing environmental concerns, government Support and Incentives and technological Advancements.
Electric Kick Scooter Market – The market size is expected to reach USD 10.69 Bn by 2029 at a CAGR of 13.9 percent during the forecast period. The market is driven by increasing demand for eco-friendly transportation and efficient urban mobility and technological advancements.
About Maximize Market Research:
Maximize Market Research is a multifaceted market research and consulting company with professionals from several industries. Some of the industries we cover include medical devices, pharmaceutical manufacturers, science and engineering, electronic components, industrial equipment, technology and communication, cars and automobiles, chemical products and substances, general merchandise, beverages, personal care, and automated systems. To mention a few, we provide market-verified industry estimations, technical trend analysis, crucial market research, strategic advice, competition analysis, production and demand analysis, and client impact studies.
