Electric Mobility Market Size, Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, Italy, France, Germany, Russia, China, India, Japan, South Korea, Brazil, Mexico, South Africa, Saudi Arabia, UAE), Application Development Potential, Price Trend, Competitive Market Share & Forecast, 2021 – 2027
Report ID: GMI4555
Electric Mobility Market size is poised to register substantial CAGR between 2020 and 2026 impelled by supportive government initiatives and rising awareness for electric vehicles globally. Government authorities are planning programs, campaigns, and declarations, such as [email protected] campaign, EV Pilot City Programme, Government Fleet Declaration, Paris Declaration on Electro-Mobility, and Climate Change, to accelerate the deployment of electric vehicles. For the adoption of electric vehicles, government authorities are creating awareness, offering tax exemptions, etc., which will drive the electric mobility market.
According to Federal Ministry for Economic Affairs and Energy, the European government has exempted taxes on electric vehicles registered between 1 January 2016 and 31 December 2020. Increasing government & private investments in R&D activities for the development of cheap & affordable electric cars & motorcycles are driving market growth.
Growing demand for electric vehicles equipped with smart and automated technologies is driving the electric mobility market. Companies are investing in development of vehicles networking, infotainment systems, head-up displays, etc., to enhance vehicle operability.
For instance, in January 2019, Visteon Corporation announced the launch of advanced instrument cluster to power cockpit technology. Rising adoption of electric automobiles by sharing and rental organizations is increasing global demand for electric vehicles. Car manufacturers are launching EVs for rental purposes to make electric transportation more feasible and accessible. For instance, in June 2019, Volkswagen announced the launch of WeShare, an electric car sharing service in Berlin. The company offered around 1,500 e-Golf cars for rental purpose.
Lack of EV charging infrastructure coupled with high operating costs is the major concern, hampering the industry. Due to limited charging stations, consumers are facing charging issues and are not able to cope up with conventional fuel vehicles. Companies are switching from electric vehicles to conventional fuel-powered vehicles owing to charging concerns.
For instance, in March 2016, owing to limited charging stations in San Diego a car sharing company, Car2goHigh announced the replacement of its electric cars with gas-powered cars. The high initial cost is impacting the net sales of electric vehicles. Expensive battery components increase the overall vehicle cost, as a result, customers are preferring public transportation that will hamper the market.
The consumption of electric cars is growing rapidly on account of consumer awareness and concerns related to depleting conventional fuels. Limited availability of fuels coupled with surging oil prices is supporting the adoption of electric cars.
According to the Intergovernmental Panel on Climate Change (IPCC), in 2018, the U.S. sold approximately 20,000 electric vehicles among which California accounted for the maximum share of electric car holders. Continuous innovations, such as bidirectional chargers and wireless charging technology, in electric automobiles will support the market demand.
Due to rise in global warming, consumers are shifting to more sustainable transportation options such as electric bicycles, electric scooters, etc. Changing corporate culture toward sustainable transportation and shared mobility services by them are major factors supporting the electric mobility market growth.
For instance, AEON Mall, a shopping mall developer in collaboration with Japan-CLP is supporting the usage of EVs by its consumers and has installed over 1,000 charging points across Japan. Universities are also promoting the application of electric mobility in their campuses by using electric vehicles for transportation and installation of EV chargers. For instance, Lewis & Clark institute has installed EV charging infrastructure to promote sustainable usage of energy.
48V battery vehicles in the market will grow due to rising government initiatives for replacement of fuel engines with battery-packed engines. The public and private organizations are focusing on production of 48V battery-equipped cars for better fuel economy and performance.
For instance, companies, such as Bosch, Continental, and Delphi, are working on the development of 48V engine for efficient and optimal performance of vehicles. According to the U.S. Department of Transportation, electric vehicle manufacturers must comply with safety regulations to enhance the functioning of vehicles such as performance standards, internal combustion engines, pedestrian identification, and engine sound rates. These regulations will strengthen the demand for electric vehicles led by its operational efficiency.
Asia Pacific will witness a major electric mobility market share propelled by improved electric vehicle infrastructure and charging stations. China will dominate the EV market over the forecast timeline due to rising domestic manufacturing activities, presence of OEMs, subsidies, and better regulation parameters.
Government authorities are introducing green license plates for new energy vehicles across the country for the promotion of electric automobiles. Green number plates are the new trend in China that is increasing the adoption of zero-emission vehicles. Consumers in cities, such as Shanghai, Nanjing, and Shenzhen, are buying EV vehicles because of the easy availability of green plates compared to gasoline-powered vehicles.
Key players in the electric mobility market include BMW Motorrad International, Gogoro, Inc., Honda Motor Co. Ltd, KTM AG, Mahindra Group, Suzuki Motor Corporation, Yamaha Motor Company Limited, Zero Motorcycles, Accell Group, Tesla, Nissan Motor Corporation, GF Health Products, Inc., and Kinetic Green Energy & Power Solutions Ltd.
The industry players along with value chain entities including component & raw material providers have adopted partnership and collaboration strategies to integrate technically advanced and eco-friendly vehicle parts.
For instance, in October 2019, Dana Incorporated and Valeo announced their collaboration for the development of 48V battery integrated electric vehicles. In May 2019, Triumph announced its collaboration with Williams Advanced Engineering for accelerating the development of electric motorcycles.
The electric mobility market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD from 2015 to 2025, for the following segments:
Market by Product
- Electric Scooter
- Electric Bicycle
- Electric Skateboard
- Electric Motorcycle
- Electric Car
Market by Battery
- Less than 24V
- Greater than 48V
The above information is provided for the following regions and countries:
- North America
- Asia Pacific
- South Korea
- Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa
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