New York, Jan. 24, 2024 (GLOBE NEWSWIRE) -- The global electric mobility market size is expected to expand at ~15% CAGR from 2023 to 2035. The market is anticipated to garner a revenue of USD 1.6 trillion by the end of 2035, up from a revenue of ~USD 110 billion in the year 2022.The growth can be attributed to the growing electric vehicle industry across the globe. The market for electric cars (EVs) has expanded quickly in recent years due to several factors, including quick changes in governmental regulations and the auto industry, and rising customer interest.
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For instance, the global electric vehicles industry is expected to increase by more than 10% between 2023 and 2028, reaching a value of around USD 905 billion by that year. Moreover, this will benefit the market for electric mobility which will help people live better lives and protect the environment.
Growing Sale of Low-Emission Vehicles to Boost Market Growth
To preserve public transportation requirements and enhance the nation's environmental condition, low-emission automobiles including electric vehicles are being introduced as they are the essential technology to decarbonize this industry. Due to their extremely low to zero carbon emissions, electric cars (EVs) are a practical technology for creating a sustainable transportation sector, which is a direct remedy for air pollution and will also help reduce oil imports. For instance, in the first half of 2022, EV sales made up around 12% of all passenger car sales worldwide. Particularly, in Japan the number of low-emission vehicles in operation increased from roughly 4 million in 2015 to over 11 million as of March 2023.
Electric Mobility Market: Regional Overview
The market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Growing Air Pollution to Drive the Growth in the Asia Pacific Region
The electric mobility market in Asia Pacific region is estimated to garner the largest revenue by the end of 2035. India, a nation that is expanding swiftly, is severely affected by air pollution driven by vehicles, burning biomass, construction and dust, and tarnished fuel. In Indian cities, automobiles are gradually the primary cause of air pollution owing to the presence of a lot of cars on the road. By 2030, it is expected that India's yearly car sales will have tripled from roughly 3 million to more than 10 million, increasing the country's exposure to vehicle exhaust emissions. Particularly, the transportation industry accounts for more than 6% of India's overall greenhouse gas (GHG) emissions. As a result, electric vehicles are undoubtedly the way of the future for transportation in the region and are extensively being adopted by more and more people because they not only help to minimize air pollution.
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Increasing Focus on Sustainability and Energy Efficiency to Drive Growth in the Europe Region
The Europe electric mobility market is estimated to garner the largest revenue by the end of 2035. To achieve climate neutrality by 2050, the European Green Deal which was introduced by the commission in 2019 seeks to promote resource efficiency through the transition to a clean, circular economy. Under the European Green Deal, several initiatives including Fit for 55 are included which consists of several recommendations to update laws about transportation, energy, and the climate. Moreover, the European Commission works to meet this goal in several ways, including encouraging the development of electric mobility mainly by pressuring automakers to produce low-emission vehicles. For instance, by the end of this decade, the European Commission wants more than 25 million electric vehicles to be on the road.
Electric Mobility Segmentation by Product
- Electric Car
- Electric Motorcycle
- Electric Scooter
- Electric Bike
The electric car segment is anticipated to hold the largest revenue by the end of 2035. This is largely due to the growing sales of electric cars across the globe impelled by improving technology and government support. This year, electric vehicle sales are expected to break yet another record globally, particularly as it is the most rapidly growing segment of electric mobility in China, Europe, and the US. For instance, the average percentage of electric cars sold in China, the EU, and the US is expected to reach over 55% by 2030. Currently, China is the country that sells over 57% of all new electric cars globally.
Electric Mobility Segmentation by Battery
- Sealed Lead Acid
- NiMH
- Li-ion
The Li-ion segment is anticipated to hold the largest revenue by the end of 2035. The growth can be attributed to the increasing need for Li-ion batteries for electric vehicles. By 2030, over 3 TWhr of Li-ion batteries will be needed annually worldwide for electric vehicles. Particularly, China is anticipated to account for more than 35% of the global demand for lithium-ion batteries by 2030. The majority of modern PHEVs and all-electric cars employ lithium-ion batteries, which have certain benefits of their own including excellent power-to-weight ratio, lasting up to ten times longer than lead-acid batteries, and can maintain a constant voltage.
Electric Mobility Segmentation by Voltage
- Less Than 24V
- 24V
- 36V
- Greater Than 48V
A few of the well-known indsutry leaders in the electric mobility market that are profiled by Research Nester are Tesla Inc., 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, and other key market players.
Recent Development in the Electric Mobility Market
- Tesla Inc. announced to enter into a deal to establish production of electric vehicles in India, following the establishment of production in the United States and China.
- Honda Motor Company Ltd. Introduced India's first widely available, powerful hybrid electric cars with three drive modes—engine, hybrid, and electric.
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