Electric Mobility Market Updates

Electric Mobility Market size was valued at USD 109.23 Billion in 2023 and is poised to grow from USD 125.18 Billion in 2024 to USD 426.75 Billion by 2032, growing at a CAGR of 14.6% during the forecast period (2025-2032).

The global electric mobility market is relatively fragmented, with a high level of competition. Few large players, Vmoto Limited ABN, Tesla, Terra Motors, Continental AG, ALTA MOTORS, Accell Group, Nissan Motors Corporation, Zero Motorcycles, Inc., Kinetic Green Energy & Power Solutions Ltd., Ford Motor Company, Honda Motor Co. Ltd now control the market in terms of market share. These industry leaders are extending their customer base across several areas, and many corporations are creating strategic and collaborative initiatives with other start-up enterprises to enhance their market share and profitability. 'BYD Co., Ltd. (China) ', 'Tesla, Inc. (USA) ', 'Zhejiang Geely Holding Group Co., Ltd. (China) ', 'Stellantis N.V. (Netherlands) ', 'GAC Motor Co., Ltd. (China) ', 'Dongfeng Motor Corporation Ltd. (China) ', 'Changan Automobile Co., Ltd. (China) ', 'Great Wall Motor Co., Ltd. (China) ', 'SAIC Motor Corp., Ltd. (China) ', 'Chery Automobile Co., Ltd. (China) ', 'Hyundai Motor Company (South Korea) ', 'Volkswagen AG (Germany) ', 'BMW AG (Germany) ', 'Mercedes-Benz (Germany) ', 'Ford Motor Company (USA) ', 'VinFast (Vietnam) ', 'Polestar (Sweden) ', 'Fisker Inc. (USA) ', 'Rivian (USA) ', 'NIO (China) '

The demand for electric mobility is expected to expand as a result of the consistent increase in the greenhouse gas and carbon footprint of the automotive and vehicle industries. The greater focus on electric vehicles' lower operating and maintenance costs and their capacity to reduce hazardous emissions is also intended to restrain the growth of the market for electric mobility. Further prospects for the expansion of the electric mobility market will be presented in the upcoming years by the increase in player penetration that is focusing on growing the electric-based automotive sector.

The escalating environmental issues, including carbon emissions and greenhouse gas emissions, are what is fueling the expansion of the worldwide electric mobility market. The global transportation and automotive sectors are both expanding as a result of this issue. The global market for electric mobility is expected to rise due to the hazardous emissions that conventional or fuel-based vehicles release. As a result of these hazardous chemicals, air pollution levels rise. This had stopped the global vehicle industry from growing.

Due to the adoption of electric vehicles, notably electric scooters, and electric bikes, in developing nations like India and China, the Asia-Pacific region has the largest market share (22.8%) and CAGR (53.89%) throughout the course of the forecast. Additionally, the rising cost of fuel and growing public concern over rising pollution will foster additional market expansion. China and Japan are among the top producers and distributors of electric vehicles in Asia. Furthermore, given that China accounts for the majority of EV demand, the country is anticipated to dominate the regional market throughout the projection period.