Electric Mobility Market Size, COVID19 Impact Analysis, Regional Outlook, Application Development Potential, Price Trend, Competitive Market Share & Forecast, 2021 – 2027
Report ID: GMI4555
Electric Mobility Market size is rapidly gaining momentum through 2027 with increasing concerns regarding the continuously rising greenhouse emissions and carbon footprint of the automotive & transportation sector. To minimize the impact of vehicles on the environment, the auto industry has been increasingly shifting towards sustainable, zero emission technologies. Regulators and policymakers worldwide are also undertaking necessary measures to boost electric vehicle adoption and accelerate the development of charging infrastructure needed to power these vehicles.
In many regions, the adoption of electric vehicles is growing owing to the lower operational and maintenance costs associated with this means of transport combined with their capability of minimizing harmful emissions contributing to global warming. The electric mobility industry includes all types of EVs, including battery electric vehicles (BEVs), plug-in hybrid electric vehicles (PHEVs), and hybrid electric vehicles (HEVs).
Europe is fast emerging as a global hotspot for growth in the electric mobility market. Electric vehicle sales in European countries have been booming over the past few years, even during the COVID-19 situation. In 2020, EV sales in Western Europe, which includes all the big markets like Germany, Italy, France, Spain, and Britain, nearly doubled and could reach more than 1.36 million by the year 2024.
Respective governments in Europe are introducing favorable incentives to support the adoption of electric cars. In Germany, for example, EV buyers can receive a subsidy of US$10,800 for a vehicle with a list price of US$48,000 or less. Similar policies in other European countries will certainly boost the transition to battery powered vehicles in the near future. Besides tax benefits or subsidies offered to buyers and automakers, governments are also working towards making electric vehicle adoption easier by investing in the development of the necessary charging infrastructure.
Currently, BMW Motorrad International, Tesla, Honda Motor Co. Ltd, Nissan Motor Corporation, Yamaha Motor Company Limited, Suzuki Motor Corporation, Mahindra Group, Accell Group, KTM AG, Kinetic Green Energy & Power Solutions Ltd., Zero Motorcycles, and Gogoro, Inc. are among the top players in the electric mobility market.
As regulations grow stricter and the popularity of electric vehicles surges, these companies are continuously innovating to design and roll out new electric variants of vehicles of all types, including two wheelers.
In November 2020, for instance, BMW Motorrad International, as part of its NEXTGen future vehicles initiative, had launched a new electric scooter called Definition CE 04. The vehicle is designed for urban environments in typical European cities such as Paris, Milan, and Madrid where journeys are short and frequent.
Many of these companies are also adopting other strategies such as partnerships, mergers, and acquisitions to strengthen their market position. For instance, in February 2021, Japan’s Nissan Motor Corporation had partnered with Spanish oil giant Repsol to accelerate the acceleration of electric mobility.
As part of the deal, the companies will work on expanding fast-charging capacity for electric cars through Repsol’s service station network in Spain. Nissan EV owners will also be eligible for a 50% discount in Repsol’s charging infrastructure.
COVID-19 pandemic and its impact on electric mobility market forecast
The COVID-19 pandemic has had a severe impact on the electric mobility industry trends, posing major roadblocks for EV makers worldwide. Besides shaking up supply chains and shutting down factories, the global economic slowdown negatively impacted the industry, leading to reduced EV sales in some parts of the world, while in other regions sales remained considerably resilient.
Despite the economic headwinds caused due to the COVID-19 crisis, global sales of EVs and PHEVs exceeded 3 million for the first time in 2020. These trends indicate a positive growth trend for the electric mobility market in the forthcoming years.
This electric mobility market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD from 2017 to 2027, 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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