Ottawa, Sept. 07, 2021 (GLOBE NEWSWIRE) -- According to Precedence Research, the global electric mobility (e-mobility) market size was valued at USD 151.90 billion in 2020. 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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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.
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Report Highlights
- The Asia Pacific dominated the global electric mobility market owing to rising demand for electric vehicles in the region
- European market for global electric mobility is the other significant market and register prominent growth during the forecast time period
- By product, electric cars segment led the global electric mobility market with a revenue share of nearly 70% in the year 2020 because of higher rate of adoption in the developed as well as developing nations
- Based on battery, NiMH register the fastest growth over the forecast time period owing to prominent demand in HEVs
- The greater than 48V voltage segment witness significant growth during the analysis period because of increasing research & development for higher speed and distance coverage of EVs
Related Reports
- Electric Scooters (E-Scooters) Market - The global market size was valued at US$ 18.5 billion in 2020 and expected to hit US$ 33.5 billion by 2030, anticipated to grow at a compound annual growth rate (CAGR) of 8.1% from 2021 to 2030.
- Electric Vehicle Supply Equipment Market - The global market size was valued at USD 25.7 billion in 2020 and is expected to be valued at USD 212 billion by 2030, growing at a CAGR of 36% between 2021 and 2030
- Electric Vehicle Charging Station Market - The global market size is expected to surpass over USD 39.2 billion by the end of 2027 and witness a compound annual growth rate (CAGR) of 40.7% from 2020 to 2027
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.
Market Segmentation
Product Type
- Electric Bicycle
- Electric Skateboard
- Electric Car
- Electric Motorcycle
- Electric Wheelchair
- Electric Scooter
- Standing/Self-Balancing
- Retro
- Folding
Battery Type
- NiMH
- Sealed Lead Acid
- Li-ion
Voltage Type
- Less than 24V
- 24V
- 36V
- 48V
- Greater than 48V
Regional Scope
- North America
- U.S.
- Canada
- Europe
- U.K.
- Germany
- France
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of the World
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