E-mobility Market Size Worth USD 3,219 Billion in 2032

Due to the growing need for clean energy and the growing concern over climate change, the e-mobility market has been growing quickly over the past ten years. E-mobility is the usage of electric cars (EVs) and other battery- or fuel-powered transportation methods. According to a study by Grand View Research, the e-mobility market would expand at a compound annual growth rate (CAGR) of 25% between 2021 and 2028. Environmental issues, technology improvements, governmental regulations, and financial advantages are the primary forces driving the e-mobility sector. Due to their lack of emissions and higher fuel efficiency, electric vehicles are becoming more and more popular among consumers who are becoming more aware of the negative environmental effects of fossil fuels. The range and accessibility of EVs have also risen thanks to technological developments in battery technology and charging infrastructure, making them a more sensible and viable option for consumers.

Government initiatives, which offer incentives and subsidies for EV purchases and encourage the construction of charging infrastructure, have been essential in advancing the e-mobility market. For instance, since 2010, the American government has provided tax credits for electric vehicle purchases up to $7,500. Similar to Norway and China, these nations have put rules into place that have led to a sharp rise in EV sales. However, there are some obstacles preventing the e-mobility market from expanding. Some of the biggest issues facing the industry are the high price of EVs, their short range, and the lack of a charging infrastructure. Due to the high cost of producing batteries, the price of EVs continues to be greater than that of conventional vehicles. Additionally, EVs may be less useful for long-distance travel due to their limited range and a lack of charging infrastructure.

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Despite these obstacles, the e-mobility market is anticipated to maintain its upward trend due to a number of factors. A few of the major drivers that will propel the e-mobility industry include the rising demand for environmentally friendly transportation, falling battery prices, and the development of quick charging technologies. The number of electric cars, vans, and trucks on the road might increase from 11 million in 2020 to 145 million by 2030, according to the International Energy Agency (IEA). The e-mobility sector will be further fueled by governments' efforts to promote sustainable transportation and cut carbon emissions. By 2030, the European Union wants to cut greenhouse gas emissions by 55%, while the UK wants to phase out the sale of new petrol and diesel vehicles. To achieve these goals, a considerable transition towards electric cars and other electric modes of transportation is necessary.
The US Department of Energy estimates that by 2030, there will be 18.7 million electric vehicles on the road in the US, up from over 1 million in 2020. Similar to this, the Chinese government hopes that by 2025, 25% of all vehicle sales will be electric vehicles, which will significantly expand the e-mobility market.

Major Companies and Competitive Landscape:
Some of the key players in the e-mobility market include ABB Ltd, Siemens AG, Delta Electronics, Inc., ChargePoint Holdings, Inc., Compleo Charging Solutions AG, Schneider Electric SE, Eaton Corporation Plc, Blink Charging Co., Enphase Energy, Inc., STMicroelectronics NV, BOSCH Automotive Services Solutions Inc., Tesla, Inc., Toyota Motor Corporation, BYD Company Ltd., Nissan Motor Corporation, Volkswagen AG, General Motors, Ford Motor Company, and others.

The competitive landscape for the e-mobility market is dynamic, with several established players and new entrants vying for market share. The market is highly fragmented and competitive, with various players offering different types of electric vehicles, charging infrastructure, and related services. Tesla is one of the leading players in the e-mobility market, with a strong focus on innovation and technology. The company offers a range of electric vehicles, including the Model S, Model X, Model 3, and Model Y, along with its Supercharger network of fast-charging stations. Tesla's success in the e-mobility market has prompted other major automakers to increase their investments in electric vehicles and related technologies.

Nissan, another leading player in the e-mobility market, has been offering electric vehicles since 2010. The company's electric vehicle, the Nissan LEAF, is one of the most popular electric vehicles in the world, with over 500,000 units sold globally. Nissan also offers a range of electric commercial vehicles, including the e-NV200 van and the new Ariya SUV. BMW is another major player in the e-mobility market, offering a range of electric vehicles under its BMW i sub-brand. The company's electric vehicles include the BMW i3 and the BMW iX3, along with a range of plug-in hybrid vehicles. BMW has also invested heavily in charging infrastructure, with its ChargeNow network of charging stations.
General Motors is one of the oldest automakers in the world, but the company has also made significant investments in electric vehicles and related technologies. The company's electric vehicles include the Chevrolet Bolt and the Cadillac Lyriq, and it plans to introduce 30 new electric vehicles globally by 2025. Chinese automaker BYD Auto is another major player in the e-mobility market, with a focus on electric buses and commercial vehicles. The company's electric buses are used in several cities worldwide, and it also offers a range of electric trucks and vans. Other players in the e-mobility market include Toyota, Volkswagen, Ford, and Hyundai, all of which have made significant investments in electric vehicles and related technologies.

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Segmentation Insights for E-mobility:
The e-mobility market can be segmented based on type, charging infrastructure, end-use, battery, component, and region. Based on type, the market is segmented into battery electric vehicles (BEVs), hybrid electric vehicles (HEVs), plug-in hybrid electric vehicles (PHEVs), and fuel cell electric vehicles (FCEVs). The BEV segment is expected to witness significant growth, owing to the increasing focus on reducing carbon emissions and the development of advanced battery technologies.
The charging infrastructure market can be segmented into solution providers and charging operators. The solution provider segment is expected to witness significant growth, owing to the increasing demand for advanced charging solutions that can support fast charging and high power output.

Based on end-use, the e-mobility market is segmented into commercial and personal. The personal segment is expected to witness significant growth, owing to the increasing adoption of electric vehicles by consumers, as they seek to reduce their carbon footprint and save on fuel costs. The battery market can be segmented into lithium-ion, solid-state, lead-acid, and nickel-cadmium batteries. The lithium-ion battery segment is expected to witness significant growth, owing to the increasing adoption of electric vehicles and the development of advanced lithium-ion battery technologies that offer higher energy density and longer cycle life.
The component market can be segmented into hardware and software. The hardware segment is expected to witness significant growth, owing to the increasing demand for advanced components such as electric motors, power electronics, and battery management systems, that can support higher power output and efficiency.

Geographically, the e-mobility market can be segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. North America is expected to witness significant growth, owing to the increasing adoption of electric vehicles and the development of advanced charging infrastructure in the region. Europe is also expected to witness significant growth, owing to the stringent emission regulations and the increasing focus on reducing carbon emissions in the region. The Asia Pacific region is expected to witness significant growth, owing to the increasing adoption of electric vehicles in countries such as China, Japan, and South Korea, and the development of advanced battery technologies in the region.

The e-mobility market is expected to witness significant growth in the coming years, owing to the increasing focus on reducing carbon emissions and the development of advanced battery technologies and charging infrastructure. The market can be segmented based on type, charging infrastructure, end-use, battery, component, and region, and key players in the market include Tesla, Nissan, BMW, General Motors, BYD Auto, Toyota, Volkswagen, Ford, and Hyundai, among others.

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