Global Electric Mobility Market to Reach US$3.0 Trillion by 2030
The global market for Electric Mobility estimated at US$752.8 Billion in the year 2023, is expected to reach US$3.0 Trillion by 2030, growing at a CAGR of 21.8% over the analysis period 2023-2030. Electric Cars, one of the segments analyzed in the report, is expected to record a 21.4% CAGR and reach US$2.2 Trillion by the end of the analysis period. Growth in the Electric Bikes segment is estimated at 24.1% CAGR over the analysis period.
The U.S. Market is Estimated at US$202.3 Billion While China is Forecast to Grow at 20.7% CAGR
The Electric Mobility market in the U.S. is estimated at US$202.3 Billion in the year 2023. China, the world`s second largest economy, is forecast to reach a projected market size of US$452.3 Billion by the year 2030 trailing a CAGR of 20.7% over the analysis period 2023-2030. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at a CAGR of 19.4% and 18.3% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 14.6% CAGR.
Global Electric Mobility Market - Key Trends & Drivers Summarized
Electric mobility is rapidly transforming the transportation landscape, offering a sustainable alternative to traditional internal combustion engine vehicles. Electric vehicles (EVs), including cars, buses, bikes, and scooters, utilize electric powertrains to reduce carbon emissions and dependence on fossil fuels. Advances in battery technology, particularly lithium-ion batteries, have significantly enhanced the range, efficiency, and affordability of EVs. Governments worldwide are promoting electric mobility through incentives, subsidies, and stringent emission regulations, encouraging both consumers and manufacturers to transition to cleaner modes of transportation. This shift is also supported by the development of extensive charging infrastructure, making EVs more convenient and accessible for everyday use.
Recent trends in electric mobility highlight a surge in EV adoption and innovation. The automotive industry is witnessing a flurry of new EV models, ranging from compact city cars to luxury sedans and SUVs, catering to diverse consumer preferences. Additionally, advancements in battery technology, such as solid-state batteries and ultra-fast charging systems, are addressing key challenges related to range anxiety and charging time. The integration of smart technologies, including autonomous driving capabilities and connected car features, is further enhancing the appeal of electric vehicles. Moreover, there is a growing focus on the lifecycle sustainability of EVs, with increased efforts in recycling and reusing batteries to minimize environmental impact.
The growth in the electric mobility market is driven by several factors. One of the primary drivers is the escalating environmental concerns and the global push for reducing greenhouse gas emissions, prompting regulatory bodies to enforce stricter emission standards. Technological advancements, particularly in battery performance and charging infrastructure, are making electric vehicles more practical and appealing to consumers. Additionally, the declining cost of batteries and the increasing availability of various EV models are making electric mobility more economically viable for a broader audience. Consumer behavior is also shifting, with greater awareness and preference for sustainable and eco-friendly transportation options. Furthermore, significant investments from automotive manufacturers and tech companies in R&D and production facilities are accelerating the market expansion. These factors collectively underscore the dynamic growth and future potential of the electric mobility market.
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