Automotive

Global Electric Mobility Market

February 17, 2022
ID: SR/AU-46
Format:Pdf
Pages:220

Global Electric Mobility Market By Product Type (Electric Scooter, Electric Bicycle, Electric Motorcycle, Electric Skateboard, Electric Car and Electric Wheelchair), By Battery (Sealed Lead Acid, NiMH and Li-Ion), By Voltage (24V, Less than 24V, 36V, 48V and Greater than 48V), By Region (North America, Europe, Asia-Pacific, South America and The Middle East & Africa)-Global Forecast to 2028.

Description

The global electric mobility market was valued at USD 152.90 billion in 2021 and is projected to hit around USD 658 billion by 2028, expected to grow at a compound annual growth rate (CAGR) of 20% from 2022 to 2028. Problems regarding the constantly increasing greenhouse gas and carbon footprint of the automotive and transportation industries are promoting global and state-level regulatory bodies to deploy guidelines encouraging the adoption of energy-efficient vehicles, and the automotive industry has experienced a technological, economic, and social adaptation during the past few years. It is mostly because of the rising attention about the low keeping and operating cost of Electric Vehicles (EVs). In addition, EVs can decrease unhealthy emissions from automobiles that majorly donate to increasing global warming. It encourages the adoption of Electric mobility demand across various regions.

What is Electric Mobility?

Electric mobility refers to all automobiles powered by an electric motor or those that obtain power or energy, especially from the power grid. Electric mobility contains all-electric vehicles, including battery-operated, plug-in, hybrid, and electric vehicles. Electric mobility is majorly a common or zero-emission vehicle, contributing significantly toward a greener environment by lowering carbon emissions. The surge in emission levels, which are dangerous and harmful to human health and the environment, pushed by fossil fuel-powered vehicles has driven global and state regulatory bodies to suggest, design, and develop eco-friendly machinery and automobiles.

Growth Drivers

The growing ratio of greenhouse gasses deterring the ecosystem

The regular rise in the automotive and vehicle industries’ greenhouse gas and carbon footprint is further predicted to push the growth of the electric mobility demand. Moreover, the increased attention about 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 electric mobility market. In addition, the advancement in the player penetration that is concentrated upon developing the electric-based automotive industry will further provide opportunities for the growth of the electric mobility market in the coming years.

Decreasing the cost of EV batteries

Due to technical improvements and the production of EV batteries on a mass scale in large volumes, the price of EV batteries has been declining over the past decade. It has directed to a reduction in the price of electric vehicles as EV batteries are the most expensive components of an electric automobile. In 2010, the cost of an EV battery was about USD 1,100 per kWh. However, by 2020 their expense dropped to around USD 137 per kWh while the price is as low as USD 100 per kWh in China. It is because of reducing manufacturing costs of these batteries, reduced cathode material prices, greater production volumes, etc.

Opportunities

Government initiatives 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 EV’s and connected charging infrastructure. For example, the US government-funded USD 5 billion in 2017 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. Furthermore, countries like Norway and Germany are investing especially in announcing EV sales. 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 automobiles sales. These steps taken by governments worldwide will help increase demand for EVs in the coming decade.

Restraints

Lack 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 region.

Pre Covid-19 Impact on Global Electric Mobility Market

Before the covid-19 outbreak, increasing investments by governments across the globe to create Electric Vehicle charging stations and hydrogen fueling stations, along with motivations offered to buyers, will create opportunities for OEMs to develop their revenue stream and geographical presence. Due to the government initiatives and expanding high-performance Passenger vehicle component. However, the meager existence of Electric Vehicle charging stations and hydrogen fuel stations, higher costs concerned in initial investments, and implementation regulations could hinder the development of the global electric vehicle market.

Covid-19 Impact on Global Electric Mobility Market

Before the Covid-19 outbreak, rising global warming and pollution problems have prompted the governments of various provinces to facilitate the large-scale adoption of electric vehicles to meet climate change, local air quality, the dependence on oil to drive a vehicle, and the growth of the automotive industry. In support of this, the management of various countries is offering subsidies and tax benefits and huge investments towards developing electric vehicle charging infrastructure to increase the market for electric mobility.

Covid-19 Impact on Global Electric Mobility Market

During the covid-19 explosion, the production and deals of new vehicles had come to a break across the world, as had disrupted the whole ecosystem in the initial attack of COVID 19. the market had to remain until lockdowns were raised to continue production, which affected their businesses. Hence, vehicle manufacturers had to adjust the production volume. Thus, the production suspension during the initial months of the outbreak and lower demand had an exceptional crash on Electric Vehicle manufacturers in the initial months of the pandemic.

Post Covid-19 Impact on Global Electric Mobility Market

After the Covid-19 pandemic, post lockdowns, demand for EV’s surged as governments around the world increasingly encouraged changing to low emission fuel vehicles. Many countries also improved their EV charging stations and hydrogen fueling stations across their states. It showed a growing demand for BEVs, PHEV’s and FCEVs in the market from June to December 2020 and in the first few months of 2021. Overall, there wasn’t much of a loss for the electric vehicle market during the pandemic due to its increase in demand.

By Product Type Segment Analysis

Based on the Product segment, the market is categorized into electric scooters, Electric bicycles, Electric motorcycles, Electric Skateboard, Electric cars and Electric wheelchairs. The electric car segment recorded for around 68% of the market’s revenue share for electric mobility in 2018 and is calculated to retain its dominance over the forecast period. The increasing demand for Electric Vehicles prompted by policies that encourage fleet owners and municipalities to purchase an eco-friendly and low-maintenance vehicle increases the demand for electric cars.

By Battery Segment Analysis

Based on Battery Segment, the market is classified into Li-ion, NiMH and Sealed Lead Acid. The segment of Li-ion monopolized in 2018, recording a considerable share of the market. The segment will witness a major growth rate throughout the forecast period. Due to economies of production scale and technological developments, the cost of Li-ion battery packs for Electric Vehicles has reduced over the past years and is predicted to lower by 2030.

By Voltage Segment Analysis

Based on the Voltage segment, the market can be categorized by Voltage into less than 24V, 24V, 36V, 48V, and greater than 48V. The 24V segment calculated for over 25% of the electric mobility revenue share in 2018. These batteries deliver excellent power output and maintain high compatibility with Electric Vehicles. Their demand is possible to increase steadily, and the segment is possible to continue to account for a significant share in the market by the end of the forecast period as well.

By Region Segment Analysis

Based on region segment, the market is bifurcated into North America, Europe, Asia-Pacific, South America and The Middle East & Africa. The Asia Pacific showed the global electric mobility market with a significant income share in 2021 and is predicted to record prominent growth during the forecast period.

Competitors Analysis

The Companies includes Vmoto Limited ABN, Tesla, Terra Motors, Continental AG, ALTA MOTORS, Accell Group, Nissan Motors Corporation, Zero Motorcycles, Inc., Kinetic Green Energy & Power Solutions Ltd., Ford Motor Company, Honda Motor Co. Ltd and other prominent players in the electric mobility market.

Key Stakeholders

Recent Developments

In April 2021, Toyota established the new LS and Mirai models in japan, with progressive driving assist technology.
In April 2021, BYD projected four new electric vehicle models provided with Blade batteries in Chongqing. The latest vehicle models, Tang EV, Qin Plus EV, Song Plus EV and E2 2021, have developed battery protection components.
In April 2021, Volkswagen revealed the seven-seater EV ID.6 Crozz and ID.6 X created along with FAW and SAIC in China. Will market vehicles exclusively in China. It comes in two battery performances, 58 kWh and 77 kWh, and four powertrain arrangements.
In March 2021, Volvo showcased its unique C40 Recharge model. The vehicle is created as a refined electric automobile and has most characteristics similar to its XC60 model.
In December 2020, Nissan revealed the 2021 Leaf model in the US. The vehicle arrives with a selection of batteries between 40 kWh and 62 kWh. The mileage varies between 149 miles and 226 miles per charge.
In July 2020, BYD established its Han, which has a blade battery and is unrestricted in BEV and PHEV versions. It comes with two battery options, a 65 kWh option for 314 miles and a 77kWh option for 342 miles coverage. Its PHEV arrives with a 13 kWh battery, a 2.0 L gasoline motor, and a 180 kWh electric motor.

Scope of the Report

Report Attribute	Details
Market Size Value in 2021	USD 152.90 Billion
The revenue forecast in 2028	USD 658 Billion
Growth Rate	CAGR of 20% from 2022 to 2028.
Historical data	2018 – 2021
Forecast period	2022 – 2028
Region covered	North America, Europe, Asia-Pacific, South America, and Middle East & Africa
Key companies Profiled	The Companies include Vmoto Limited ABN, Tesla, Terra Motors, Continental AG, ALTA MOTORS, Accell Group, Nissan Motors Corporation, Zero Motorcycles, Inc., Kinetic Green Energy & Power Solutions Ltd., Ford Motor Company, and Honda Motor Co. Ltd. Are the key players.

Market Modelling

By Product Type

By Battery

Sealed Lead Acid
NiMH
Li-Ion

By Voltage

24 v
Less than 24V
36V
48V
Greater than 48V

By Region

North America
Europe
Asia-Pacific
South America
The Middle East & Africa

Table Of Contents

Methodology

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Frequently Asked Questions (FAQ):

What is Electric Mobility?

What is the growth rate of the global electric mobility market?

What are the growth elements of the global electric mobility market?

Problems regarding the constantly increasing greenhouse gas and carbon footprint of the automotive and transportation industries are promoting global and state-level regulatory bodies to deploy guidelines encouraging the adoption of energy-efficient vehicles.

Which region is expected to have the largest share in the global electric mobility market?

Asia-Pacific is expected to have the largest share in the global electric mobility market.

Who are the major players in the global electric mobility market?

The Companies includes Vmoto Limited ABN, Tesla, Terra Motors, Continental AG, ALTA MOTORS, Accell Group, Nissan Motors Corporation, Zero Motorcycles, Inc., Kinetic Green Energy & Power Solutions Ltd., Ford Motor Company and Honda Motor Co. Ltd. Are the key players in the global electric mobility market.

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Global Electric Mobility Market

What is Electric Mobility?

Growth Drivers

The growing ratio of greenhouse gasses deterring the ecosystem

Decreasing the cost of EV batteries

Opportunities

Government initiatives about Electric Vehicles

Restraints

Lack of Electric Mobility charging Booths

Pre Covid-19 Impact on Global Electric Mobility Market

Covid-19 Impact on Global Electric Mobility Market

Covid-19 Impact on Global Electric Mobility Market

Post Covid-19 Impact on Global Electric Mobility Market

By Product Type Segment Analysis

By Battery Segment Analysis

By Voltage Segment Analysis

By Region Segment Analysis

Competitors Analysis

Recent Developments

Scope of the Report

Market Modelling

Report Content

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