Electric Mobility Market to Grow 6.07% CAGR Through to 2029

Technological Advancements in Battery Technology, Changing Consumer Preferences and Increased Awareness are factors driving the Global Electric Mobility market in the forecast period 2025-2029.

According to TechSci Research report, “Global Electric Mobility Market - Industry Size, Share, Trends, Competition Forecast & Opportunities, 2029”, the Global Electric Mobility Market stood at USD 230.12 billion in 2023 and is anticipated to grow with a CAGR of 6.07% in the forecast period, 2025-2029. The global  electric mobility market has experienced rapid growth in recent years, driven by a combination of technological advancements, environmental concerns, and shifting consumer preferences. This market encompasses a wide range of electric vehicles (EVs) and related infrastructure, including electric cars, electric bikes, electric scooters, and charging stations.

One of the primary drivers of the electric mobility market is the increasing focus on reducing greenhouse gas emissions and combating climate change. Governments around the world are implementing stringent regulations and offering incentives to promote the adoption of electric vehicles as part of broader efforts to transition to cleaner transportation alternatives. This has led to a surge in demand for electric cars and other electric vehicles across various markets.

Technological advancements in battery technology and electric vehicle components have significantly improved the performance, range, and affordability of electric vehicles. Battery costs have declined steadily, making electric vehicles more accessible to a broader range of consumers. Additionally, advancements in charging infrastructure, including fast-charging stations and wireless charging technology, have alleviated concerns about range anxiety and facilitated the widespread adoption of electric vehicles.

Furthermore, changing consumer preferences and lifestyle trends have contributed to the growing popularity of electric mobility solutions. Consumers are increasingly prioritizing sustainability and are attracted to the lower operating costs and environmental benefits of electric vehicles. The convenience of charging electric vehicles at home or at public charging stations also appeals to many consumers, particularly in urban areas where access to public transportation and charging infrastructure is readily available.

Moreover, the COVID-19 pandemic has accelerated the transition to electric mobility as governments and businesses prioritize sustainable recovery efforts. Stimulus packages and investment initiatives aimed at rebuilding economies post-pandemic often include funding for electric vehicle infrastructure and incentives for electric vehicle adoption.

In conclusion, the electric mobility market is witnessing rapid growth driven by environmental concerns, technological advancements, changing consumer preferences, and supportive government policies. As the world moves towards a more sustainable and low-carbon future, electric vehicles are expected to play a significant role in shaping the transportation landscape. Continued innovation and investment in electric mobility infrastructure will further drive market growth and adoption rates in the coming years.

Browse over market data Figures spread through XX Pages and an in-depth TOC on "Global Electric Mobility Market.”

The global  electric mobility market is witnessing rapid growth across various regions, including Asia Pacific, North America, Europe & CIS, South America, and the Middle East & Africa. Electric mobility encompasses a wide range of vehicles, including electric cars, electric bikes, electric scooters, and electric buses, among others. The shift towards electric mobility is driven by factors such as environmental concerns, government regulations, technological advancements, and the need to reduce reliance on fossil fuels.

In the Asia Pacific region, which includes countries like China, Japan, India, and South Korea, the electric mobility market is experiencing exponential growth. Asia Pacific is home to some of the largest and most densely populated cities in the world, where air pollution and traffic congestion are significant challenges. Governments in the region are implementing policies and incentives to promote the adoption of electric vehicles, including subsidies, tax breaks, and investments in charging infrastructure.

North America is also witnessing significant growth in the electric mobility market, driven by factors such as stringent emission regulations, consumer demand for eco-friendly vehicles, and government support for electric vehicle adoption. The United States and Canada are leading the market, with electric cars, electric bikes, and electric scooters becoming increasingly popular among urban commuters and environmentally conscious consumers.

In Europe & CIS, countries like Germany, France, the United Kingdom, and Russia are leading the adoption of electric mobility. The European Union has set ambitious targets to reduce greenhouse gas emissions and promote the adoption of electric vehicles, leading to investments in charging infrastructure and incentives for electric vehicle buyers. In addition to electric cars, electric bikes, and electric scooters, electric buses are also gaining traction in urban transportation networks across Europe.

South America and the Middle East & Africa regions are also witnessing growth in the electric mobility market, albeit at a slower pace compared to other regions. In South America, countries like Brazil, Argentina, and Chile are investing in electric mobility initiatives to reduce air pollution and combat climate change. In the Middle East & Africa region, countries like the United Arab Emirates, South Africa, and Morocco are exploring the use of electric vehicles as part of efforts to diversify their energy sources and reduce dependence on oil.

Overall, the global electric mobility market is experiencing robust growth across different regions, driven by a combination of environmental concerns, government policies, technological advancements, and shifting consumer preferences. As governments continue to promote sustainable transportation solutions and technology continues to improve, the electric mobility market is expected to expand further in the coming years, reshaping the automotive and transportation industries worldwide.

Major companies operating in Global Electric Mobility Market are:

• Tesla Inc
• Nissan Motor Corporation
• Bmw Motorrad
• General Motors Company
• Honda Motor Company Ltd.
• BYD Company Ltd.
• Accell Group
• Volkswagen AG
• Zero Motorcycles, Inc

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“The global electric mobility market is rapidly advancing as a catalyst for sustainable transportation. Fueled by technological innovation, government initiatives, and shifting consumer preferences, electric vehicles are gaining prominence. Advancements in battery technology are mitigating range concerns, while charging infrastructure development is expanding. Government support, through incentives and regulatory frameworks, propels market growth, fostering a cleaner and more efficient transportation ecosystem. Despite challenges such as charging infrastructure limitations and economic considerations, the electric mobility market's trajectory remains upward. As awareness grows and collaborative efforts intensify, electric mobility is poised to redefine the automotive landscape, offering a cleaner, greener, and more sustainable future for global transportation.” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based management consulting firm.

“Electric Mobility Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, Segmented By Product (Electric Cars, Electric Two Wheelers, Others), By Voltage (Less than 24V, 24V-48V, and Greater than 48V), By Battery (Sealed Lead Acid, NiMH, Li-ion), By Region, Competition, 2019-2029”, has evaluated the future growth potential of Global Electric Mobility Market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in Global Electric Mobility Market.

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