Electric Mobility Market Forecasts to 2028 – Global Analysis By Type (Battery Operated Electric Vehicle, Hybrid Electric Vehicle), Battery (Nickel Metal Hydride (NiMH), Sealed Lead Acid) and By Geography

Electric Mobility Market Forecasts to 2028 – Global Analysis By Type (Battery Operated Electric Vehicle, Hybrid Electric Vehicle), Battery (Nickel Metal Hydride (NiMH), Sealed Lead Acid) and By Geography

According to Stratistics MRC, the Global Electric Mobility Market is accounted for $188.35 billion in 2021 and is expected to reach $849.04 billion by 2028 growing at a CAGR of 24.0% during the forecast period. Electric mobility refers to all vehicles that are powered by an electric motor or those that receive power or energy primarily from the power grid. Electric mobility includes all-electric vehicles, which include battery-operated electric vehicles, plug-in hybrid electric vehicles, and hybrid electric vehicles. Electric mobility is majorly a low or zero-emission vehicle, which contributes significantly toward a greener environment through a reduction in carbon emission.

Market Dynamics:

Driver:

Rising Ratio of Greenhouse Gasses Deterring the Ecosystem

The consistent increase in the automotive and vehicle industries’ greenhouse gas and carbon footprint is further predicted to push the growth of the electric mobility demand. Besides, the increased attention to the lower operating and maintenance expenses of electric vehicle and their ability to decrease unhealthy emissions is further calculated to cushion the development of the market. Additionally, the advancement in the player penetration that is concentrated on developing the electric-based automotive industry will further drive the growth of the market in the coming years.

Restraint:

Shortage of Electric Mobility Charging Booths

There is a low number of Electric Vehicle charging stations in many nations worldwide. It makes the prospect of public EV charging less, decreasing the market for electric vehicles. Although many governments are working on developing EV charging infrastructure, most countries haven’t developed an appropriate number of Electric Vehicle charging stations except in some states. The demand for Electric Vehicles will increase once there is a well-developed EV charging network worldwide. Most nations are yet to create such charging grids across their province.

Opportunity:

Government Inventiveness about Electric Vehicles

Governments worldwide have set up marks of around 2050 to decrease vehicle emissions. They have started encouraging the development and sales of EVs and connected charging infrastructure. For example, the US government funded USD billions to promote electric vehicle infrastructure such as charging stations. Several governments provide different causes such as low or zero registration fees and exemptions from import tax, purchase tax, and road tax. Thus, due to the large incentives and subsidies in Europe, a high growth rate in electric vehicles is celebrated. It has led to the demand for components and equipment associated with EV charging operations, such as charging cables, connectors, adapters, and portable chargers. Stringent CO2 emission standards have improved the demand for electric vehicles. Governments invest significantly in delivering incentives and subsidies to encourage Electric automobile sales.

Threat:

Autonomy & Lack of Infrastructure

There are already numerous models with a range of just over 500 km, most of these units are not suitable for very long journeys and, in the case of cars, they are not yet recommended for driving outside cities. Moreover, considering the entire universe of vehicles, only a small fraction of the total, there are still not enough infrastructures to guarantee that the energy supply needs for these vehicles will be met. These are some of the threats to the market growth.

Lithium-Ion (Li-ion) segment is expected to be the largest during the forecast period

The Li-ion segment dominated the market in the forecast period. The cost of Li-ion battery packs for EVs has declined by over 70% in the past 7 years and is predicted to further reduce by around 50% by 2030, due to production scale economies and technological developments. The increasingly economical nature of these batteries, coupled with their higher energy densities as compared to sealed lead acid and NiMH batteries is expected to continue to drive their demand.

The Electric Car segment is expected to have the highest CAGR during the forecast period

Electric Car segment can be accredited to the higher rate of acceptance and high cost of battery EVs as compared to the cost of E-motorcycles, scooters, skateboards, wheelchairs, and bicycles. Furthermore, the increasing demands for EVs are spurred by policies that encourage fleet owners and municipalities to purchase an eco-friendly and low-maintenance vehicle.

Region with highest share:

The Asia Pacific is projected to hold the highest market share. The substantial growth of the province is primarily because of the increasing adoption of electric vehicles mostly electric scooters and electric bicycles in countries such as Japan, India, and China. This is mainly because of the rising prices of fuel along with the alarming rise in pollution prominently in developing nations in the region. Besides, China is expected to dominate the regional market over the forecast period as most of the EVs demand is fulfilled by China.

Region with highest CAGR:

Europe is projected to have the highest CAGR, owing to rapid development in the battery charging technology, particularly for electric vehicles. For instance, European countries such as France, Demark, Netherlands, and Ireland have taken the initiative to prohibit the sale of petrol and diesel-powered vehicles by the year 2030. Rising incentives and increasing government policies are expected to foster electric mobility adoption. Further, the presence of a well-established automotive industry in Europe is expected to bolster the adoption of such solutions.

Key players in the market:

Some of the key players profiled in the Electric Mobility Market include Accell Group, ALTA Motors, BMW Motorrad International, Gogoro Inc., Honda Motor Co. Ltd., KTM AG, Lightning Motorcycles, Mahindra Group, Ninebot Ltd., NYCeWheels, Suzuki Motor Corporation, Terra Motors Corporation, Tesla, Vmoto Limited, Yamaha Motor Company Limited, Zero Motorcycles, Ford Motors, Hyundai.

Key developments:

In April 2019: Ford Motors and Rivian signed partnership agreement in which both the companies will work together for developing the all new, next-generation battery electric vehicle for Ford with the help of Rivian's stakeboard platform.

In November 2020: BMW Motorrad International, as part of its NEXTGen future vehicles initiative, had launched a new electric scooter called Definition CE 04. The vehicle is designed for urban environments in typical European cities such as Paris, Milan, and Madrid where journeys are short and frequent.

In May-2019: Hyundai came into partnership with Rimac Automobili for strengthening its group efforts that help in leading the high-performance electrified vehicle market.

Products Covered:
• Electric Bicycle
• Electric Car
• Electric Motorcycle
• Electric Scooter
• Electric Skateboard
• Electric Wheelchair

Types Covered:
• Battery Operated Electric Vehicle
• Hybrid Electric Vehicle
• Plug-In Hybrid Electric Vehicle

Battery’s Covered:
• Nickel Metal Hydride (NiMH)
• Sealed Lead Acid
• Lithium-Ion (Li-ion)

Voltages Covered:
• Less than 24V
• 24V
• 36V
• 48V
• Greater than 48V

Vehicle Types Covered:
• Passenger Electric Vehicle
• Commercial Electric Vehicle

Regions Covered:
• North America
US
Canada
Mexico
• Europe
Germany
UK
Italy
France
Spain
Rest of Europe
• Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
• South America
Argentina
Brazil
Chile
Rest of South America
• Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025 and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements

Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
Comprehensive profiling of additional market players (up to 3)
SWOT Analysis of key players (up to 3)
• Regional Segmentation
Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances