Electric Mobility Market: Current Analysis and Forecast (2022-2030)
$3999 – $6999
Emphasis on Vehicle Type (Electric Two-Wheeler, Electric Three-Wheeler, Electric Four-Wheeler and Others); and Battery Type (Lithium-Ion, Lead Acid, Nickel Metal Hydride, And Others); Power Train (Battery Electric Vehicle (BEV), Hybrid Electric Vehicle (HEV), Plug-In Hybrid Vehicle (PHEV), And Fuel Cell Electric Vehicle (FCEV) and Charging Type (low-power AC (Level 1), mid-high power AC (Level 2), and DC fast charging (DCFC)); and Region/Country
The Electric Mobility Market was valued at USD 291.8 billion in 2022 & is expected to grow at a CAGR of 23.15 % from 2022-2030.The global scenario for electric mobility is rapidly evolving, driven by a range of factors such as environmental concerns, energy security, and technological advancements. One of the key drivers of this shift is environmental concerns, as climate change and air pollution are major concerns worldwide. Governments and individuals are increasingly looking for ways to reduce their carbon footprint, and electric vehicles (EVs) are seen as a solution. EVs produce zero tailpipe emissions, which means they do not release harmful pollutants into the air. Additionally, EVs can help reduce dependence on fossil fuels, which are becoming increasingly scarce and expensive. As a result, countries are looking for alternative sources of energy to power their transportation systems, and EVs are an attractive option.
Technological advancements are also driving the growth of electric mobility. The cost of batteries has been declining rapidly in recent years, making EVs more affordable and increasing their range. Advances in electric motors, power electronics, and charging infrastructure are also improving the efficiency and convenience of EVs. This has made them more attractive to consumers and has led to an increase in investment and policies in support of electric mobility. Investment in EV manufacturing and charging infrastructure is a key driver of the growth of electric mobility. Companies such as Tesla, Volkswagen, and Nissan have announced billion-dollar investments in EV manufacturing and charging infrastructure. Governments around the world are also investing in EV infrastructure, with initiatives such as the European Union’s Alternative Fuels Infrastructure Regulation and the US Department of Energy’s Vehicle Technologies Office.
Policies to encourage the adoption of electric vehicles are also a key driver of the growth of electric mobility. Many countries have implemented policies to encourage the adoption of electric vehicles, such as tax incentives, subsidies, and mandates for manufacturers to produce a certain percentage of EVs. For example, the European Union has set a target of achieving 30% of new car sales to be electric by 2030, and China has announced plans to phase out internal combustion engine vehicles by 2035. These policies are designed to increase the adoption of electric vehicles and to support the growth of the electric mobility industry.
Some of the major players operating in the market include BYD Company Ltd., TOYOTA MOTOR CORPORATION., Volkswagen AG, Nissan Motor Co., Ltd., Hyundai Motor Company, BMW AG, General Motors, SAIC Motor Corporation Limited, and Ford Motor Company. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.
Insights Presented in the Report
“Amongst power train, the plug-in hybrid vehicle (PHEV) segment held significant growth in the market in 2021.”
On the basis of power train, the market is segmented battery electric vehicle (BEV), hybrid electric vehicle (HEV), plug-in hybrid vehicle (PHEV), and fuel cell electric vehicle (FCEV). Amongst these, the plug-in hybrid vehicle (PHEV) segment held significant growth because PHEV offers the benefits of both electric and internal combustion engines. Additionally, PHEVs offer flexibility which addresses the range limitation of electric vehicles and provide an extra range with an ICE engine powertrain. Moreover, advancements in battery technology have evolved making them offer more range as compared to electric vehicles, which may them an attractive option to consumers.
“Amongst charging type, the DCFC segment held the significant growth of the market in 2021.”
Based on charging type, the market is low-power AC (Level 1), mid-high-power AC (Level 2), and DC fast charging (DCFC). Among these, DCFC held significant growth in the electric mobility market in 2021. The significant growth of DCFC can be attributed to the DCFC providing a quick and efficient way to recharge EVs, making it an attractive option for drivers who want to travel long distances. Governments and private companies are investing in the development of DCFC infrastructure, which is driving growth in this segment. As more DCFC stations are built, more EV drivers will have access to this convenient and efficient charging solution.
“Europe is experiencing significant growth in the electric mobility market in 2021.”
Europe’s electric mobility market is growing at a high rate, driven by concerns about the environment, fuel costs, and the desire for more innovative and sustainable transportation options. For instance, in 2021, BMW announced plans to invest €10 billion in the development of electric and autonomous vehicles over the next five years. The company also announced that it will launch 25 new electric models by 2025, with the aim of producing only electric vehicles by 2030. Several countries in Europe introduced new incentives to encourage the adoption of electric vehicles, including tax breaks and subsidies.
Electric Mobility Market Report Coverage
Reasons to buy this report:
- The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
- The report presents a quick review of overall industry performance at one glance.
- The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolios, expansion strategies, and recent developments.
- Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
- The study comprehensively covers the market across different segments.
- Deep dive regional level analysis of the industry.
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|2.1.||Research Process of the Electric Mobility Market|
|2.2.||Research Methodology of the Electric Mobility Market|
|3||MARKET KEY INSIGHTS|
|5||GLOBAL ELECTRIC MOBILITY MARKET COVID-19 IMPACT|
|6||GLOBAL ELECTRIC MOBILITY MARKET REVENUE, 2020-2030F|
|8.3.||Nickel Metal Hydride|
|9.1.||Battery Electric Vehicle (BEV)|
|9.2.||Hybrid Electric Vehicle (HEV)|
|9.3.||Plug-in Hybrid Vehicle (PHEV)|
|9.4.||Fuel Cell Electric Vehicle (FCEV)|
|10.1.||Low Power AC (Level 1)|
|10.2.||Mid-High Power AC (Level 2)|
|10.3.||DC Fast Charging (DCFC)|
|11.1.3.||Rest of North America|
|11.2.6.||Rest of Europe|
|11.3.4.||Rest of APAC|
|11.4.||Rest of the World|
|13||ELECTRIC MOBILITY MARKET OPPORTUNITIES|
|14||ELECTRIC MOBILITY MARKET TRENDS|
|15.1.||Demand Side Analysis|
|15.2.||Supply Side Analysis|
|16||VALUE CHAIN ANALYSIS|
|18.1.||Porter’s Five Forces Analysis|
|19.2.||BYD Company Ltd.|
|19.3.||TOYOTA MOTOR CORPORATION.|
|19.5.||Nissan Motor Co., Ltd.|
|19.6.||Hyundai Motor Company|
|19.9.||SAIC Motor Corporation Limited|
|19.10.||Ford Motor Company|
Research Methodology for the Electric Mobility Market Analysis (2022-2030)
Analyzing the historical market, estimating the current market, and forecasting the future market of the global electric mobility market were the three major steps undertaken to create and analyze the adoption of electric mobility in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global electric mobility market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:
Analysis of Historical Market Size
Step 1: In-Depth Study of Secondary Sources:
Detail secondary study was conducted to obtain the historical market size of the electric mobility market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.
Step 2: Market Segmentation:
After obtaining the historical market size of the electric mobility market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as vehicle type, battery type, power train and charging type. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.
Step 3: Factor Analysis:
After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the electric mobility market. Further, we conducted factor analysis using dependent and independent variables such as vehicle type, battery type, power train and charging type of the electric mobility market. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the electric mobility market sector across the globe
Current Market Size Estimate & Forecast
Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global electric mobility market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.
Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2028 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:
- The industry’s market size, in terms of revenue (USD) and the adoption rate of the electric mobility market across the major markets domestically
- All percentage shares, splits, and breakdowns of market segments and sub-segments
- Key players in the global electric mobility market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market
Market Size and Share Validation
Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.
Split of Primary Participants in Different Regions
The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global electric mobility market. data was split into several segments & sub-segments post studying various parameters and trends in the areas of the vehicle type, battery type, power train and charging type in the global electric mobility market.
The main Objective of the Global Electric Mobility Market Study
The current & future market trends of the global electric mobility market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:
- Analyze the current and forecast market size of the electric mobility market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments.
- Segments in the study include areas of the vehicle type, battery type, power train and charging type.
- Define and analysis of the regulatory framework for the electric mobility
- Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry.
- Analyze the current and forecast market size of the electric mobility market for the major region.
- Major countries of regions studied in the report include Asia Pacific, Europe, North America, and the Rest of the World
- Company profiles of the electric mobility market and the growth strategies adopted by the market players to sustain in the fast-growing market.
- Deep dive regional level analysis of the industry