The global electric mobility market size is anticipated to touch USD 489,315.6 million by 2025, according to a new report by Million Insights. The market is estimated to register the CAGR of 21.6% over the forecast period, 2019 to 2025. E-mobility is gaining traction across the world owing to changing mobility norms aimed at reducing the carbon footprint. Further, governments worldwide are emphasizing on increasing the adoption of EVs to reduce dependence on alternate fuel and to reach the goal of a green climate.
Further, technical advancements in e-mobility and emergence of ride-sharing, e-bikes, car-sharing and shared taxi are proliferating the market growth. However, lack of awareness regarding the maintenance of EVs is adversely affecting their adoption. Though upfront cost exceeds that of internal combustion engine vehicles, low running cost is positively affecting the adoption of e-vehicles.
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Asia Pacific led the market with more than 53% of share in 2018. Presence of leading manufactures in the region is driving the regional growth. Japan and China are among major producers of electric vehicles in the region. Moreover, various countries are framing regulation that bars the production of IC engine vehicles by 2030, which, in turn, is estimated to positively drive the adoption of EVs.
For example, the government of India intended to provide the financial support of USD 1.3 billion to increase the adoption of EVs. Leading players in the market are General Motors, BYD Company Ltd, Mahindra Electric Mobility Limited, Tesla, Nissan Motor Corporation, Accell Group, Terra Motors and Zero Motorcycles, Inc. among others. Electric mobility market offers a lucrative opportunity for both established and new entrants. Major players are emphasizing on expansion of their portfolio by acquiring regional players.
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Further key findings from the report suggest:
• By battery, Li-ion is projected to register the maximum CAGR of 23.8% over the forecast duration.
• By product, the electric car category accounted for the highest share in 2018 and the segment is estimated to continue its steady growth over the next few years.
• In 2018, based on voltage, 24V segment held the largest share in the market and this segment is anticipated to continue to be in demand over the forecast period.
• Asia Pacific held the largest share in the market in 2018 and the region is projected to reach 274,200.2 million by 2025.
Million Insights has segmented the global electric mobility market on the basis of product, battery, voltage, and region:
Electric Mobility Product Outlook (Revenue, USD Million, 2015 – 2025)
• Electric Scooter
• Electric Bicycle
• Electric Skateboard
• Electric Motorcycle
• Electric Car
• Electric Wheelchair
Electric Mobility Electric Scooter by Product Outlook (Revenue, USD Million, 2015 – 2025)
Electric Mobility Battery Outlook (Revenue, USD Million, 2015 – 2025)
• Sealed Lead Acid
Electric Mobility Voltage Outlook (Revenue, USD Million, 2015 – 2025)
• Less than 24V
• Greater than 48V
Electric Mobility Regional Outlook (Revenue, USD Million, 2015 – 2025)
• North America
• Asia Pacific
• Latin America
• Middle East & Africa
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