Policies implemented by governments has Propelled the Growth of the Electric Mobility Market in the North America Region!

Policies implemented by governments can have a significant impact on the electric mobility market by creating a favorable environment for the adoption of electric vehicles. Governments have offered financial incentives such as tax credits, rebates, and grants to consumers who purchase electric vehicles. For example, in the United States, the Internal Revenue Service (IRS) offers a tax credit of up to $7,500 for the purchase of a new electric vehicle. These incentives can help reduce the upfront cost of electric vehicles, making them more affordable for consumers. Governments have invested in the development of charging infrastructure to support the adoption of electric vehicles. For example, in the United States, the Department of Transportation has allocated $5 billion to build a national network of electric vehicle charging stations.

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Further,the North America Electric Mobility Market is expected to grow at a strong CAGR of 23.15% during the forecast period (2022-2030). Governments have invested in research and development to support the development of new technologies and innovations in the electric mobility industry. For example, the United States has invested over $120 billion in electric vehicle research and development through programs such as the Advanced Research Projects Agency-Energy (ARPA-E). In Europe, the European Union has invested over €1 billion in electric mobility research and development through programs such as the Fuel Cell and Hydrogen Joint Undertaking. These investments have helped drive down the cost of electric vehicles and improve their performance, making them more attractive to consumers.

Overall, government policies have helped boost the electric mobility market by providing financial incentives, investing in charging infrastructure, setting standards, investing in research and development, and promoting public transportation.

FIG. 1 North America Electric Mobility Market Revenue (2020-2030)- USD Mn

Based on vehicle type, the market is segmented into electric two-wheeler, electric three-wheeler, electric four-wheeler and others. Amongst these, the electric four-wheeler segment dominated the market in 2022. This is because electric four-wheelers allow consumers to travel for longer ranges as compared to electric two-wheelers which is one of the concerning factors of the consumers of electric vehicles. Additionally, electric four-wheelers allow multiple passengers making them a convenient option for families and groups of people travelling together. Moreover, a four-wheeler provides more safety and comfort in all weather conditions. Hence, considering these all-advantages electric four-wheelers have dominated the market.

By battery type, the market is segmented into lithium-ion, lead acid, nickel metal hydride, and others. Among these, the lithium-ion segment captured the majority share of the electric mobility market in 2022. The major share of lithium-ion can be attributed to the higher energy density due to which it can store large amounts of energy which is an essential feature for long-range electric vehicles. Currently, long-range electric vehicles are highly in demand. Additionally, lithium-ion batteries have the ability to give vehicles quick and high acceleration which is preferable to consumers. Moreover, lithium-ion batteries have additional features such as high charge and discharge efficiency and can be charged quickly as compared to other batteries. All these factors have contributed to the significant share of this segment.

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Global Electric Mobility Market Segmentation

Market Insight, by Vehicle Type

· Electric Two-Wheeler

· Electric Three-Wheeler

· Electric Four-Wheeler

· Others

Market Insights, by Battery Type

· Lithium Ion

· Lead Acid

· Nickel Metal Hydride

· Others

Market Insights, by Power Train

· Battery Electric Vehicle (BEV)

· Hybrid Electric Vehicle (HEV)

· Plug-in Hybrid Vehicle (PHEV)

· Fuel Cell Electric Vehicle (FCEV)

Market Insights, by Charging Type

· Low Power AC (Level 1)

· Mid-High Power AC (Level 2)

· DC Fast Charging (DCFC)

Market Insight, by Region

· North America

o U.S.

o Canada

o Rest of North America

· Europe

o Germany

o UK

o France

o Italy

o Spain

o Rest of Europe

· APAC

o China

o Japan

o India

o Rest of APAC

· Rest of the World

Top Company Profiles

· Tesla

· BYD Company Ltd.

· TOYOTA MOTOR CORPORATION.

· Volkswagen AG

· Nissan Motor Co., Ltd.

· Hyundai Motor Company

· BMW AG

· General Motors

· SAIC Motor Corporation Limited

· Ford Motor Company