Global Electric Mobility Market to Reach USD 813.7 billion by 2028

According to the latest research by SkyQuest Technology, the global electric mobility market was valued at USD 166.2 billion in 2021, and it is expected to reach USD 813.7 billion by 2028, with a CAGR of 18.2% during the forecast period of 2022 - 2028. The research provides up-to-date electric mobility market analysis of the current market landscape, latest trends, drivers, and overall market environment.

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Significant increases in greenhouse gas (GHG) emissions and carbon footprint from the transportation sector, notably from the automobile sector, have prompted several regulatory authorities to develop rules and laws that encourage the use of energy-efficient vehicles. The electric mobility market will continue to develop in the future years as a result of rising MaaS usage as well as the ongoing decline in Li-ion battery prices.

Moreover, over the past few years, the automotive sector has undergone significant technological, economic, and societal changes. This is primarily due to people becoming more aware of how inexpensive it is to maintain and operate electric vehicles (EVs). Additionally, EVs can lessen hazardous emissions from vehicles, which contribute significantly to the rise in global warming. This encourages the adoption of EVs throughout diverse locations.

Read Market Research Report, "Global Electric Mobility Market By Product (Electric Scooters, Electric Bicycles, Electric Wheelchairs, Electric Motorcycles, Electric Cars, And Electric Skateboards), Battery (Sealed Lead Acid, NiMH, and Li-ion), Voltage (Less than 24V, 24V, 36V, 48V, Greater Than 48V), and Region -Forecast and Analysis 2022-2028" by SkyQuest

Automakers are Shifting to Produce Electric Vehicles
Major automakers including General Motors, Ford, and Volkswagen are shifting their focus to the EV market. This is a result of tighter government controls on carbon emissions and higher restrictions on internal combustion engines. 74% of newly registered passenger cars in 2040 will be electrified.

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In terms of revenue, the electric car category accounted for approximately 70% of the market for electric mobility in 2020, and it is anticipated that this trend would continue in the years to come. As opposed to e-scooters, motorbikes, wheelchairs, skateboards, and bicycles, battery-powered electric vehicles are more expensive, which is mostly to blame. However, due to supportive government measures encouraging the adoption of electric two-wheelers, such as tax concessions and many others, the electric motorbike segment experiences significant growth of about 35% during the analyzed timeframe.

With more than half of the market share in 2020, lithium-ion batteries held the market leader position in the world for electric mobility, and they are expected to continue to rise significantly over the coming years. The falling cost of Li-ion battery packs used in electric vehicles is mostly to blame for this. Due to technological advancements and economies of scale in production, the cost of Li-ion batteries for EVs has decreased by 70% over the last seven years and is expected to drop even more by over 50% by 2030.

In the global electric mobility market in 2020, the 24V category accounted for over 25% of the market revenue share and was predicted to continue to gain substantial market share during the analysis period. This is mostly due to the increased compatibility with electric vehicles and greater power output. Additionally, the greater than 48V segment is anticipated to experience significant growth over the ensuing years with a CAGR of almost 25%. Due to increased research and development efforts to increase the speed and range of EVs, there is a growing demand for batteries with a voltage greater than 48V.

The prominent market players are constantly adopting various innovation and growth strategies to capture more market share. The key market players are Vmoto Limited ABN, Tesla, Terra Motors, Continental AG, ALTA MOTORS, Accell Group, Nissan Motors Corporation, Zero Motorcycles, Inc., Kinetic Green Energy & Power Solutions Ltd., Ford Motor Company, Honda Motor Co. Ltd among others.
The report published by SkyQuest Technology Consulting provides in-depth qualitative insights, historical data, and verifiable projections about Electric mobility Market Revenue. The projections featured in the report have been derived using proven research methodologies and assumptions.

Report Findings
Drivers- Over the past ten years, the cost of EV batteries has decreased as a result of technological advancements and the mass production of EV batteries in huge quantities. As EV batteries are the most expensive part of an electric car, it has led to a decrease in the price of electric vehicles. An EV battery cost roughly USD 1,100 per kWh in 2010. However, by 2020, their cost per kWh had decreased to about USD 137, compared to USD 100 in China. It is a result of these batteries' lower manufacturing costs, lower cathode material costs, higher production volumes, etc.

• Restraint- The high cost of electric mobility is one of the main reasons limiting the growth and expansion of the global electric mobility market. Some nations are not as developed as others. Resources like financial resources are lacking in some nations. Additionally, these countries lag behind in adopting cutting-edge technology. These countries occasionally borrow money and resources from more developed countries to develop electric mobility. This serves as a roadblock to the expansion of the global market for electric transportation.

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What does this Report Deliver?
• Market Estimation for 20+ Countries
• Electric mobility Market demand by Region, Sub-Region, and Country
• Customization on Segments, Regions, and Company Profiles
• 100+ tables, 150+ Figures
• Global, Regional and Country specific Electric mobility Market Trends
• Comprehensive Mapping of Electric mobility Industry Parameters
• Attractive Investment Proposition in the Global Electric mobility Industry
• Competitive Strategies Adopted by Electric mobility Market Key Players
• Drivers, Restraints, Opportunities, Challenges and the impact on the Electric mobility Market Size
• Market growth rate till 2028
• Regulatory scenario, regional dynamics, and electric mobility market insights of leading countries in each region
• In-depth Market insights by Region and Country
• Market Segmentation Trend Analysis, Opportunities and Growth
• Porter's five force analysis to know the market's condition
• Pricing Analysis and Electric mobility Market Sales
• Parent market analysis
• Product portfolio benchmarking

SkyQuest has segmented the Global Electric Mobility Market based on Product, Battery, Voltage, and Region:
● Global Electric Mobility Market by Product (Revenue, USD Billion, 2022 - 2028)
o Electric Scooters
o Electric Bicycles
o Electric Wheelchairs
o Electric Cars
o Electric Motorcycles
o Electric Skateboards
● Global Electric Mobility Market by Voltage (Revenue, USD Billion, 2022 - 2028)
o Less than 24V
o 24V
o 36V
o 48V
o Greater than 48V
● Global Electric Mobility Market by Battery (Revenue, USD Billion, 2022 - 2028)
o Sealed Lead Acid
o NiMH
o Li-ion
● Global Electric Mobility Market by Region (Revenue, USD Billion, 2022 - 2028)
o North America
▪ US
▪ Canada
o Europe
▪ Germany
▪ France
▪ UK
▪ Italy
▪ Spain
▪ Rest of Europe
o Asia Pacific
▪ China
▪ India
▪ Japan
▪ Rest of Asia Pacific
o Central & South America
▪ Brazil
▪ Rest of CSA
o Middle East & Africa
▪ South Africa
▪ Rest of MEA

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Key Players in the Global Electric Mobility Market
● Tesla Inc. (U.S.)
● Nissan Motor Corporation (Japan)
● BMW MOTORRAD (Germany)
● General Motors Company (U.S.)
● Honda Motor Company, Ltd. (Japan)
● BYD Company Ltd. (China)
● Accell Group (Netherlands)
● Volkswagen AG (Germany)
● Zero Motorcycles, Inc. (U.S.)
● Ford Motor Company (U.S.)

About Us-
SkyQuest Technology Group is a Global Market Intelligence, Innovation Management & Commercialization organization that connects innovation to new markets, networks & collaborators for achieving Sustainable Development Goals.

Contact Us-
SkyQuest Technology Consulting Pvt. Ltd.
1 Apache Way,
Westford,
Massachusetts 01886
USA (+1) 617-230-0741
Email- info@skyquestt.com
Website: https://www.skyquestt.com/

This release was published on openPR.