The
global Electric Mobility Market size is expected to reach
USD 325.64 billion by 2030, growing at a CAGR of 14.6% over the forecast
period, as per the study conducted by Grand View Research, Inc. Rise in
substantial operating and maintenance cost savings is expected to significantly
increase the demand for electric mobility thereby supporting the market growth.
Furthermore, growing concerns about the rapidly rising carbon footprint and
greenhouse gases from the transportation and automotive industries are
encouraging state and country-level regulatory bodies to set up policies that
promote the adoption of energy-efficient vehicles.
The
rise in government investments along with stringent regulations, objectives,
and policies for electric vehicle deployment, signaling OEMs and other industry
stakeholders who actively participate in the industry and building confidence
based on mobilizing investments and policy frameworks is fueling the growth of
the electric mobility industry.
For
instance, in December 2022, the Uttar Pradesh government in India
targeted to invest 300 million in electric transportation. The
state's UP Electric Vehicle Manufacturing and Mobility Policy 2022 aims to
attract new investment and create 1 million new jobs in the sector.
Meanwhile, the new strategy has attempted to address the three key issues:
stimulating the manufacture of e-vehicles and their components, such as
batteries, and creating a solid network of charging stations and battery swap
locations.
Electric
vehicles depend on electricity to replenish their batteries rather than
using fossil fuels such as petrol or diesel. With the increasing number of EV
battery charging stations emerging, it is now more convenient for consumers to
charge their batteries at a local station rather than stand in line at a CNG
station or a gas station. For instance, In May 2022, Energica Motor Company, a
manufacturing company, launched a new e-bike named Energica Experia. The e-bike
featured the company’s no-emission EV technology. These factors are expected to
drive the electric mobility market growth over the forecast period
Some
dominant players in the U.S. electric mobility industry are BMW Motorrad
International; Gogoro, Inc.; Honda Motor Co. Ltd.; KTM AG; Mahindra Group;
Ninebot Ltd.; Suzuki Motor Corporation; Terra Motors Corporation; Vmoto Limited
ABN; Yamaha Motor Company Limited. These players focus on new product launches
and partnerships & collaboration to enhance their offerings and geographic
presence. For instance, In June 2022, iFood, an online food ordering and
delivery platform based in Brazil, launched the EVS Work iFood electric
motorcycle in collaboration with Voltz Motors, a startup manufacturer of
e-scooters and e-motorcycles based in Brazil, for USD 2,099.9.
Related Press
Release@ Electric Mobility Market Report
Electric Mobility Market Report Highlights
- Based on
product, the electric bike segment is expected to dominate the global
market owing to the factors such as the expansion of cycling
infrastructure in developing countries such as India and the rise of
financial incentives for e-bike sales
- Based on
drive, the chain drive segment dominated the market with 46% of the
revenue share in 2022. The growing amount of construction activities
driven by rapid industrialization is driving the segment’s growth
- Based on battery,
the Li-ion battery segment accounted for 82% of the revenue share in 2022
owing to the benefits such as a decrease in the amount of toxic oil waste
generated, the need for engine maintenance, and the pollution caused by
fuel combustion engines
- Based on
end-use, the personal segment accounted for 76% of the revenue share in
2022. The segment’s growth can be attributed to the rising sales of
electric two-wheelers as more customers choose electric
transportation for both commuting and relaxation
- Prominent
industry participants include BMW Motorrad International; Gogoro, Inc.;
Honda Motor Co. Ltd.; KTM AG; Mahindra Group; Ninebot Ltd.; Suzuki Motor
Corporation; Terra Motors Corporation; Vmoto Limited ABN; Yamaha Motor
Company Limited.
About Us:
Grand
View Research, Inc. is a U.S. based market research and consulting company,
registered in the State of California and headquartered in San Francisco. The
company provides syndicated research reports, customized research reports, and
consulting services. To help clients make informed business decisions, the
company offers market intelligence studies ensuring relevant and fact-based
research across a range of industries including technology, chemicals,
materials, healthcare and energy.
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Grand View Research, Inc
Phone: 1-415- 349-0058
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Email: sales@grandviewresearch.com
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