Report Details:
15 Companies Covered
128 Pages
Market Research Future (MRFR) has published on the “Global Electric Mobility Market”.
The Electric mobility market is estimated to register a CAGR of 15.30% during the forecast period of 2023 to 2032.
MRFR recognizes the following companies as the key players in the global Electric mobility market— BMW Motorrad International; Gogoro, Inc.; Honda Motor Co. Ltd.; KTM AG; Mahindra Group; Ninebot Ltd.; Suzuki Motor Corporation; Terra Motors Corporation; Vmoto Limited ABN; Yamaha Motor Company Limited.
Electric Mobility Highlights
The global Electric mobility market is accounted to register a CAGR of 15.30 % during the forecast period and is estimated to reach USD 387.50 billion by 2032.
Electric vehicles are more environmentally beneficial, according to numerous studies. They emit little to no air pollution or greenhouse gases when compared to gasoline or diesel vehicles. This also takes into account the energy required to keep them running while they are being manufactured. The market will expand as a result of the growing global demand for ecologically friendly transportation solutions. Some battery-electric vehicles also provide cutting-edge driver aid systems. BEVs are therefore far more expensive than traditional cars. Such investment cost-related constraints limit the market's ability to expand..
Segment Analysis
The global Electric mobility market has been segmented based product, drive, battery and end-uses.
On the basis of product, the market is segmented into Electric Bikes, Electric Scooters, Electric Motorized Scooters and Electric Motorcycles. The electric motorcycles segment was attributed to holding the largest market share in 2022 due to disrupted public transport and the low cost of electric motorcycles compared to electric cars and significant travel.
Based on drive, the global Electric mobility market has been segmented into Belt Drive, Chain Drive and Hub Drive. The chain drive segment was expected to hold the largest market share in 2022 because these are are compatible with most bikes, regardless of the motor or frame type.
On the basis of battery, the market is segmented into Lead Acid Battery, Li-Ion Battery and Others. The li-Ion battery segment was attributed to holding the largest market share in 2022 because of their, lightweight, and high capacity, lithium-ion batteries are becoming increasingly popular in electric vehicles.
Based on end-uses, the global Electric mobility market has been segmented into Personal and Commercial. The personal segment was expected to hold the largest market share in 2022 BECAUSE more people prefer electric mobility for both commuting and recreation.
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Regional Analysis
The global Electric mobility market, based on region, has been divided into the North America, Europe, Asia-Pacific, and Rest of the World. North America consists of US and Canada. The Europe Electric mobility market comprises of Germany, France, the UK, Italy, Spain, and the rest of Europe. The Electric mobility market in Asia-Pacific has been segmented into China, India, Japan, Australia, South Korea, and the rest of Asia-Pacific. The Rest of the World Electric mobility market comprises of Middle East, Africa, and Latin America.
The largest market share for Electric mobility was maintained by the North American regional sector. Anticipated to experience a strong growth rate during the predicted period is North America. The expansion of the market is being driven by sizable EV sales in the U.S. Additionally, it is anticipated that North American technological development and the presence of top EV producers like General Motors, Tesla Inc., and others will drive the market for electric vehicles there and accelerate the uptake of electric mobility. Demand for eco-friendly mobility options is rising as a result of growing environmental concerns.
Moreover, the Europe market has been persistently growing over the forecast period. The demand for Electric mobility is driven by rising environmental consciousness and the establishment of strict environmental legislation. Growing concerns about vehicular pollution, as well as supportive government policies to decarbonize transportation, are likely to drive regional electric mobility sector growth over the projection period.
Additionally, due to the increasing e-commerce companies are choosing e-scooters to ensure last-mile delivery services, and the demand for e-scooters is expected to rise as more businesses introduce shared mobility services., announced a partnership with Readily Mobility, a provider of after-sales services for electric vehicles, including insurance (renewals & claims and sales), roadside assistance, and doorstep/hub-based preventive & periodic maintenance. The cost difference between buying a bike and an electric vehicle when compared to a fuel-powered model.
Furthermore, the rest of the world's Electric mobility market is divided into the Middle East, Africa, and Latin America. This growth is attributed to the region's rising use of Electric mobility production research and development. Government support, a rise in investor interest, and the viability of the technology in the sector are all contributing factors to the market expansion.
Key Findings of the Study
- The global Electric mobility market is expected to reach USD 387.50 billion by 2032, at a CAGR of 15.30% during the forecast period.
- The Asia-Pacific region accounted for the fastest-growing global market due to the increasing emphasis placed on e-commerce companies by government bodies through policies and initiatives.
- Based on drive, the chain drive segment was expected to hold the largest market share in 2022.
- BMW Motorrad International; Gogoro, Inc.; Honda Motor Co. Ltd.; KTM AG; Mahindra Group; Ninebot Ltd.; Suzuki Motor Corporation; Terra Motors Corporation; Vmoto Limited ABN; Yamaha Motor Company Limited.