What is the global market size of Electric Mobility Networks Market?

Electric Mobility Networks Market size was valued at USD 279.45 billion in 2021 and is poised to grow from USD 355.46 billion in 2022 to USD 2436.06 billion by 2030, growing at a CAGR of 27.2% in the forecast period (2023-2030).

What is the key driver of Global Electric Mobility Networks Market?

Commitment of Automakers to Become Carbon Neutral to Drive Market Growth

Electric Mobility Networks Market Size

Electric Mobility Networks Market Insights

Global Electric Mobility Networks Market size was valued at USD 342.1 billion in 2023 and is poised to grow from USD 435.15 billion in 2024 to USD 2982.2 billion by 2032, growing at a CAGR of 27.2% during the forecast period (2025-2032).

As more consumers choose to buy electric vehicles, there is a greater demand for charging infrastructure and other components of electric mobility networks. This trend is expected to continue as EVs become more affordable and more charging stations are built.

The global automotive industry is experiencing a once-in-a-century revolution. Electric vehicle economics are rapidly changing, and automotive electrification is increasing, resulting in an exponential increase in electric vehicle sales. Furthermore, the expansion of the electric vehicle required to charge service network and infrastructure development are driving the growth of the electric mobility market.

According to the International Energy Agency (IEA), global EV sales will surpass 3 million units by 2031. Government initiatives to provide subsidies and tax breaks for electric vehicle purchases contributed significantly to sales growth. Incentives offered in Europe on EV purchases in 2019, for example, have fueled EV sales in the region and increased the global e-mobility market. Furthermore, shifting consumer preferences from conventional to electric vehicle purchases due to environmental concerns and tightening emission norms globally has influenced market growth.

US Electric Mobility Networks Market is poised to grow at a sustainable CAGR for the next forecast year.

FAQs

The market for electric mobility networks is extremely competitive. Due to the presence of numerous small and large players, the market. The competitive landscape of the market is rapidly evolving as new companies enter the market and existing players expand their offerings. ChargePoint, EVBox, and ABB are well-established players in the electric vehicle charging infrastructure market, offering a variety of charging solutions for both public and private use. These businesses are expanding their product lines to include more advanced charging technologies, such as high-power chargers and battery swapping solutions. Furthermore, partnerships and collaborations have been formed by companies in the electric mobility networks market in order to accelerate the development of new technologies and expand their reach. Some charging infrastructure providers, for example, have collaborated with utilities to integrate their charging stations with the power grid, while others have collaborated with automakers to provide charging solutions to their customers. 'ChargePoint Holdings, Inc. (USA) ', 'EVgo Services LLC (USA) ', 'Blink Charging Co. (USA) ', 'ABB Ltd (Switzerland) ', 'Siemens AG (Germany) ', 'Schneider Electric SE (France) ', 'Tritium DCFC Limited (Australia) ', 'Wallbox Chargers SL (Spain) ', 'Greenlots (USA) ', 'FLO (Canada) ', 'Electrify America (USA) ', 'IONITY (Germany) ', 'Tesla, Inc. (USA) ', 'BP p.l.c. (UK) ', 'Shell plc (UK) ', 'TotalEnergies SE (France) ', 'Allego Holding B.V. (Netherlands) ', 'Fastned B.V. (Netherlands) ', 'EVBox (Netherlands) ', 'Virta Ltd (Finland)'

Almost all of the major automakers have already stated their intention to become carbon neutral throughout the near future. They intend to discontinue the production of fossil-fuel-powered vehicles and transform their entire product portfolio. For example, Ford Motor Company announced in February 2021 that its European division would soon phase out the production of fossil fuel-powered vehicles, and by 2026, Ford will only offer charging stations and plug-in hybrid electric vehicles. Furthermore, by 2030, all passenger cars will be powered solely by batteries. As a result, automakers' emphasis on rapid electrification is expected to boost market growth during the forecast period.

Many governments around the world have put in place policies and initiatives to encourage the use of electric vehicles and the advancement of electric mobility networks. Some countries, for example, provide monetary incentives for purchasing EVs or implementing charging stations, whereas others have set targets for charging infrastructure deployment.

Asia Pacific dominated the global electric mobility networks market in 2021, with a market size of USD 9.53 billion, and this position is expected to be maintained throughout the forecast period. The widespread use of electric vehicles in China fueled market expansion. According to the International Energy Agency (IEA), EV sales in China increased over the previous year. Furthermore, increasing penetration of electric vehicles in APAC emerging markets such as India, South Korea, Japan, and others is expected to boost market growth in the future.