Global electric mobility market

Global Electric Mobility Market Size, Share, Growth Analysis, By Product(Electric scooter, electric bicycle), By Battery(Sealed lead acid, NiMH), By Voltage(Less than 24V, 24V) - Industry Forecast 2024-2031


Report ID: SQSG45I2033 | Region: Global | Published Date: February, 2024
Pages: 165 | Tables: 95 | Figures: 76

Global Electric Mobility Market News

  • In February 2022, MG Motors showcased its upcoming EV, the MG 4, which is expected to launch in India later in 2022. The EV will come with a 61.1 kWh battery pack and is expected to run around 400 km.
  • In January 2022, Volkswagen announced the development of its ID.5 model based on the Skoda Enayaq iV model. The vehicle is expected to have a range of around 300 miles on 1 charge.
  • In December 2021, BYD launched its new second-generation e6 EV for the Indian market. The deliveries for this model were started by February 2022. This MPV comes with a 71.7 kWh battery pack and a range of around 250+ miles per charge.
  • In November 2021, BMW launched its new i4 electric sedan with a range of approximately 300-367 miles. The vehicle can reach 100 km/hour in just four seconds. It comes with automatic transmission and connected vehicle features.
  • In June 2021, Opel/Vauxhall, a subsidiary of Stellantis, launched its Mokka EV, which comes with a max range of 209 miles and a 50kWh battery. The car is FWD and comes with connected vehicle features.
  • In April 2021, BYD launched four new electric vehicle models equipped with Blade batteries in Chongqing. The new vehicle models, Tang EV, Qin Plus EV, Song Plus EV, and E2 2021 come with advanced battery safety features.
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Global Electric Mobility Market size was valued at USD 95.31 billion in 2019 and is poised to grow from USD 109.23 billion in 2023 to USD 372.38 billion by 2031, growing at a CAGR of 14.6% in the forecast period (2024-2031).

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. 'Tesla Inc.', 'Nissan Motor Corporation', 'BMW MOTORRAD', 'General Motors Company ', 'BYD Auto Co. Ltd.', 'Daimler AG', 'Ford Motor Company', 'Volkswagen AG', 'Toyota Motor Corporation', 'Honda Motor Co., Ltd.', 'Hyundai Motor Company', 'Kia Corporation', 'Renault SA', 'Mahindra & Mahindra Ltd.', 'Tata Motors Limited', 'Bajaj Auto Limited', 'Hero Electric Vehicles Pvt. Ltd.', 'Piaggio & C. SpA', 'Zero Motorcycles Inc.', 'Brammo Inc.'

Rising Level of Greenhouse Gases to Boost Market Growth

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.

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Global electric mobility market

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