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Written by varun » Updated on: December 27th, 2024
According to the TechSci Research report, “Electric Mobility Market – Global Industry Size, Share, Trends, Competition Forecast & Opportunities, 2029F,” the global electric mobility market was valued at USD 422.08 billion in 2023 and is projected to reach USD 693.30 billion by 2029, with a compound annual growth rate (CAGR) of 8.71%.
The market’s robust growth is driven by increasing environmental awareness, stricter government regulations, and advancements in electric vehicle (EV) technology.
Governments worldwide are implementing policies aimed at reducing carbon emissions, including subsidies, tax incentives, and stricter emission standards. These initiatives are driving EV adoption by making electric mobility a more attractive option for consumers and businesses.
Improvements in battery performance and energy efficiency are reducing costs and enhancing the viability of EVs. This has resulted in electric vehicles becoming a more appealing choice for consumers seeking sustainable transportation solutions.
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The growing awareness of environmental issues has spurred consumer demand for cleaner and more sustainable modes of transportation. EVs offer a practical and eco-friendly alternative to traditional gasoline-powered vehicles.
The supply chain for critical battery components, including lithium, cobalt, and nickel, faces significant challenges. Rising demand for these materials has led to potential shortages and price volatility. Additionally, mining processes raise environmental concerns, further complicating the supply chain.
Industries such as consumer electronics are competing for the same raw materials required for EV production. This added strain underscores the need for sustainable and ethical sourcing practices to ensure a stable supply of essential resources.
Battery recycling technologies are emerging as a solution to recover critical materials, reducing dependence on new mining operations. Automakers are also exploring innovative technologies such as solid-state batteries to improve efficiency and sustainability.
Electric Cars
Electric cars are the most prominent segment in the electric mobility market, driven by advancements in battery technology and a focus on reducing carbon emissions. These vehicles cater to individual consumers and commercial fleets, offering an eco-friendly alternative to traditional gasoline-powered cars.
Electric Two-Wheelers
Electric scooters and motorcycles are gaining popularity, especially in urban areas with high traffic congestion. These vehicles are cost-effective, eco-friendly, and efficient for short-distance commutes, supported by government incentives and rising environmental awareness.
Other Electric Vehicles
The "others" category includes electric buses, trucks, and bicycles. Electric buses play a significant role in public transportation by offering a sustainable alternative to diesel-powered buses. Electric trucks are increasingly used in the freight sector, while electric bicycles are popular for commuting and recreation.
The market is segmented by voltage type to cater to varying performance requirements:
Low voltage (for small vehicles like e-bikes and scooters)
Medium voltage (for passenger cars)
High voltage (for commercial and high-performance EVs)
Different battery types used in EVs include:
Lithium-ion batteries
Nickel-metal hydride batteries
Solid-state batteries
Lead-acid batteries
In 2023, Europe and the Commonwealth of Independent States (CIS) emerged as one of the fastest-growing regions in the global electric mobility market. Government policies, including subsidies, tax incentives, and stringent emission standards, have significantly boosted EV adoption. The region’s commitment to the Paris Agreement and various national sustainability goals further reinforces the push towards electrification.
Infrastructure Development: Heavy investments in EV charging infrastructure have alleviated range anxiety, making EVs a more viable option for consumers.
Urban Mobility Solutions: The adoption of electric two-wheelers and electric buses has surged in urban areas to combat air pollution and traffic congestion.
In September 2024, Volvo Cars unveiled its Superset tech stack for future electric models during its Capital Markets Day in Gothenburg, Sweden. This unified system of software and hardware aims to enhance EV performance, reduce production costs, and enable continuous improvements through software updates. The launch reflects Volvo’s commitment to streamlining EV development and delivering cutting-edge solutions.
The industry is placing a growing emphasis on sustainable practices, such as battery recycling to recover critical materials. These efforts aim to minimize environmental impacts and reduce dependence on scarce resources.
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Major players in the global electric mobility market include:
Tesla, Inc.
BMW AG
Nissan Motor Co., Ltd.
BYD Auto Co., Ltd.
Rivian Automotive, Inc.
Lucid Group, Inc.
Ford Motor Company
Volkswagen AG
Honda Motor Co., Ltd.
AUDI AG
The global electric mobility market is set to continue its upward trajectory, driven by:
Increasing consumer demand for sustainable transportation solutions
Advancements in EV technology
Expanding EV infrastructure
The Europe & CIS region is expected to remain a key growth area, supported by stringent emission regulations and rising consumer adoption of electric vehicles. Collaboration between the public and private sectors will be critical in developing green transport solutions.
The global electric mobility market is experiencing significant growth, fueled by technological advancements, government incentives, and increasing environmental awareness.
Despite challenges such as supply chain disruptions and raw material scarcity, the market is making strides toward sustainable solutions, such as battery recycling and solid-state battery technology.
As the industry evolves, a focus on innovation and collaboration will be crucial to achieving a cleaner, more sustainable future for transportation.
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