Electric Mobility Market to Grow CAGR 8.71% Through 2029F
The global electric mobility market is driven by growing environmental awareness, advancements in battery technology, and government incentives for electric vehicle adoption..
According to TechSci Research report, “Electric Mobility Market-Global Industry Size, Share, Trends, Competition, Forecast & Opportunities, 2029F”, the Global Electric Mobility
Market was valued at USD 422.08 Billion in 2023 and is expected to reach USD 693.30
Billion by 2029 with a CAGR of 8.71% during the forecast period. The global electric mobility
market is experiencing robust growth driven by increasing environmental
awareness and stricter government regulations. Governments around the world are
implementing policies to reduce emissions, including subsidies and incentives
for electric vehicle (EV) purchases. These efforts are creating an attractive
landscape for EV adoption. Technological advancements in battery performance
and energy efficiency are lowering costs and improving the overall viability of
electric vehicles, making them a more appealing choice for consumers and
businesses alike. This shift toward electric mobility is also influenced by the
demand for cleaner and more sustainable transportation solutions.
The electric mobility market
faces challenges related to supply chain disruptions and raw material
availability, particularly for critical battery components like lithium,
cobalt, and nickel. The rising demand for these materials, driven by the shift
toward electric vehicles (EVs), has led to potential shortages and price
volatility. Environmental concerns around mining processes further complicate
the situation. Competition for these resources from other industries, such as
consumer electronics, adds additional strain. As the market expands, there is a
growing emphasis on sustainable and ethical sourcing of these materials.
Companies are investing in responsible sourcing practices and exploring
alternatives to reduce dependency on scarce resources. Battery recycling
technologies are emerging as a solution to recover critical materials,
minimizing the need for new mining. Automakers are also investigating
solid-state batteries for better efficiency and sustainability. The push for
sustainable battery sourcing is reshaping supply chain dynamics, contributing
to the long-term viability of electric mobility. Ensuring stable and ethical
material supply will be crucial as the market continues to grow.
Browse over XX market data
Figures spread through XX Pages and an in-depth TOC on the “Global Electric Mobility Market".
The Global Electric Mobility Market is segmented
into product type, voltage
type, battery type and region.
Based on battery type, Lithium-ion (Li-ion) batteries have emerged as the leading energy storage technology in the global electric mobility market due to their superior performance characteristics. With a high energy density, Li-ion batteries provide longer driving ranges, making them an ideal choice for electric vehicles (EVs), e-scooters, and e-bikes. Their lightweight design reduces overall vehicle weight, enhancing efficiency and performance. Additionally, their rapid charging capabilities and minimal energy loss during operation address key consumer demands for convenience and reliability.
The longevity and cost-effectiveness of Li-ion batteries further solidify their dominance. These batteries offer significantly longer lifespans compared to Sealed Lead Acid (SLA) and Nickel-Metal Hydride (NiMH) alternatives, reducing replacement costs over time. Moreover, advancements in battery technology have driven down production costs, making Li-ion batteries more accessible. Coupled with increasing environmental regulations and incentives for electric mobility, Li-ion batteries are poised to remain the cornerstone of the market's growth.
Based on region, Asia-Pacific region is the fastest-growing in the global electric mobility market, driven by rapid EV adoption, supportive government policies, and significant investments in infrastructure. China leads as the world's largest EV market, bolstered by subsidies, tax benefits, and an extensive charging network, while countries like India and South Korea are witnessing substantial growth due to urbanization and rising environmental awareness. The region's dominance in EV manufacturing and battery production, particularly in China and Japan, enhances cost efficiency and innovation. Growing concerns about air pollution and stringent emission regulations further accelerate the transition to electric mobility across Asia-Pacific.
Major market players
operating in Global Electric Mobility Market are:
- Tesla,
Inc.
- BMW
AG
- Nissan
Motor Co., Ltd.
- BYD Co., Ltd
- Rivian
Automotive, Inc.,
- Lucid
Group, Inc
- Ford
Motor Company
- Volkswagen
AG
- Honda
Motor Co., Ltd.
- AUDI
AG
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“The global electric mobility market is experiencing growth driven by
increasing consumer demand for sustainable transportation solutions,
technological advancements, and government incentives. Electric vehicles (EVs)
offer a practical and eco-friendly alternative to traditional gasoline-powered
vehicles, appealing to consumers seeking convenience and lower environmental
impact. The Europe & CIS region is seeing rapid growth, propelled by
factors such as stringent emission regulations, rising consumer adoption of
electric cars, and substantial investments in EV infrastructure. The increasing
demand for both passenger and commercial electric vehicles, along with the
growing focus on reducing air pollution, is further fueling the market’s
expansion” said
Mr. Karan Chechi, Research Director of TechSci Research, a research-based
global management consulting firm.
“Electric Mobility Market- Global
Industry Size,
Share, Trends, Opportunity, Segmented By Product Type (Electric Cars, Electric
Two Wheelers, Others), By Voltage Type (Less than 24V, 24V-48V, Greater than
48V), By Battery Type (Sealed Lead Acid, NiMH, Li-ion), By Region & Competition, 2019-2029F”, The report evaluates the future growth potential of
the Global Electric Mobility Market, offering insights into market size,
structure, and projected growth. It aims to provide comprehensive market
intelligence to support decision-makers in making informed investment
decisions. Additionally, the report identifies and analyzes emerging trends,
key drivers, challenges, and opportunities in the Global Electric Mobility
Market.
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