Press release
Global Electric Mobility Market Size To Grow At A CAGR Of 20% In The Forecast Period Of 2022-2027
The report studies the latest updates in the market, along with their impact across the market. It also analysis the market demand, together with its price and demand indicators. The report also tracks the market on the bases of SWOT and Porter's Five Forces Models.
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Electric Mobility Market Share, Size, Industry Report, Key Player, Major Segments, and Forecast
The key highlights of the report include:
Market Overview (2017-2027)
• Forecast CAGR (2022-2027): 20%
The rapid transition from traditional fuel-based vehicles towards electric vehicles is driving the market for electric mobility which is reliable, fast, and environment-friendly. In addition, these high-performance vehicles are highly efficient and aesthetically appealing. Over the forecast period, the anticipated increase in the sale of passenger electric vehicles owing to the increasing disposable incomes is likely to bolster the global electric mobility market.
Stringent regulations of governments worldwide aimed towards curbing of the emission of greenhouse gases and reducing costs of lithium-ion batteries are further encouraging the sale of electric vehicles. Further, the increasing adoption of hybrid vehicles to travel long distances with minimal pollution and noise-free travel is further adding to the electric mobility market growth.
The Asia Pacific region represents a significant share in the market which is being driven by the increasing sale of e-cars and plug-in hybrids across growing economies such as China. The emergence of government policies in the region in the favour of electric vehicles due to the pollution caused by high traffic congestion is further aiding the market growth in the Asia Pacific.
Electric Mobility Industry Definition and Major Segments
Electric mobility is an umbrella term which incorporates all the vehicles which are partially or fully powered by electricity. These vehicles can be recharged through external sources such as power grids. E-bikes, e-buses, e-trucks, and e-cars, among others, are some of the examples of electric mobility. The rising preference for eco-friendly travel from the public in the modern era is escalating the electric mobility market growth.
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Based on type, the market can be segmented into:
• Battery Operated Electric Vehicle
• Plug-in Hybrid Electric Vehicle
• Hybrid Electric Vehicle
The vehicle types included in the market are as follows:
• Passenger Electric Vehicle
• Commercial Electric Vehicle
By component, the market has been divided into:
• Electric Motor
• Battery
• Others
On the basis of region, the market can be categorised into:
• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa
Electric Mobility Market Trends
The key trends in the electric mobility market include the increasing emphasis on climate change in universities which is shaping the perception of youth towards e-mobility. Rising fuel prices across the world are boosting investments in research and development activities to reduce the dependence on traditional fuels such as gasoline and petrol.
The increasing demand for commercial electric vehicles across various end use industries is another crucial trend in the market. Buses, vans, combine harvesters, and e-tractors, among others, are witnessing a heightened demand. For instance, electric wheel loaders and excavators are being used extensively in the construction industry, leading to increasing investments towards product innovations.
Major commercial electric vehicle manufacturers are developing myriad commercial electric vehicle technologies that are expected to debut across various continents which is a key market driving trend.
Key Market Players
The major players in the electric mobility market report are
Nissan Motor Co., Ltd
Tesla, Inc. (NASDAQ: TSLA)
Toyota Motor Corporation
Groupe Renault
General Motors
Ford Motor Company
Others
The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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