Electric Mobility Networks Market Competitive And Growth Analysis 2024 - Market Size, Growth Rate, Major Drivers And Key Trends

"The Business Research Company recently released a comprehensive report on the Global Electric Mobility Networks Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

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According to The Business Research Company's, The electric mobility networks market size has grown exponentially in recent years. It will grow from $281.14 billion in 2023 to $357.27 billion in 2024 at a compound annual growth rate (CAGR) of 27.1%. The growth in the historic period can be attributed to increasing government incentives and subsidies for EV adoption, rising environmental concerns and regulatory pressures, decreasing costs of battery technology, the expansion of EV charging infrastructure, growing investments from automotive manufacturers, increased consumer awareness and demand for sustainable transportation, improvements in energy efficiency and performance of electric vehicles, the development of smart grid technologies, and supportive policies and regulations for emission reduction.

The electric mobility networks market size is expected to reach exponential growth in the next few years. It will grow to $935.34 billion in 2028 at a compound annual growth rate (CAGR) of 27.2%. The growth in the forecast period can be attributed to the expansion of public and private EV charging networks, government mandates, and stricter emissions regulations. growing investments in renewable energy sources, rise in urbanization and need for efficient transportation solutions, increasing collaboration between governments and private companies, increase in the number of public and private charging stations. Major trends in the forecast period include advancements in fast-charging technologies and infrastructure, the integration of renewable energy sources into charging networks, the rise of vehicle-to-everything (V2X) communication technologies, the development of vehicle-to-grid (V2G), and grid-to-vehicle (G2V) technologies.

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Market Drivers and Trends:

The rising smart city projects are expected to propel the growth of the electric mobility network market going forward. A smart city employs digital technology and data-driven solutions to improve its performance and well-being and reduce costs and resource consumption. The surge in smart city development is driven by cities aiming to leverage technology to tackle urban challenges and establish urban environments that are more habitable, sustainable, and efficient. With cities evolving into smart cities, there is a growing focus on integrating electric mobility into urban planning, including developing EV-friendly public transport systems and infrastructure. For instance, in April 2023, according to the Smart City Index Report published by IMD Business School, a Switzerland-based business school, the number of smart cities increased by 16.3%, from 118 cities in 2021 to 141 in 2023. Therefore, rising smart city projects are driving the growth of the electric mobility network market.

Major companies operating in the electric mobility networks market are developing advancements in charging infrastructure with battery swap stations to significantly reduce downtime by enabling the quick exchange of depleted batteries with fully charged ones. Battery swap stations are facilities where electric vehicle (EV) batteries can be quickly exchanged for fully charged ones, eliminating the need for lengthy charging periods. For instance, in June 2024, Nio Inc., a China-based automobile manufacturer specializing in designing and developing electric vehicles, launched Power Swap Station 4.0, a significant upgrade in battery swapping technology that supports automated swaps for multiple vehicle brands and models. It features six ultrawide-FOV LiDARs and four Orin X chips, delivering a total computing power of 1,016 TOPS. Users can initiate an automatic battery swap with one tap or remotely, completing the swap in 144 seconds-22% faster than the previous generation. Additionally, NIO introduced a 640kW Liquid-Cooled Power Charger with a maximum current of 765A and voltage of 1,000V, equipped with a lightweight 2.4kg charging cable for easy one-hand operation.

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Major Key Players of the Market:

E.ON SE, ENGIE SA, Tesla Inc., Siemens AG, BYD Company Ltd., Schneider Electric SE, ABB Ltd., DiDi Global Inc., NIO Inc., Lyft Inc., Enel X S.p.A., Rivian Automotive Inc., Segway-Ninebot Group, Arrival Ltd., Lucid Group Inc., Ola Electric Mobility Pvt. Ltd., Canoo Inc., Proterra Inc., Fisker Inc., Bird Global Inc., ChargePoint Inc., The Mobility House GmbH, Zipcar Inc., EVBox Group, Faraday Future Intelligent Electric Inc., Blink Charging Co., Neutron Holdings Inc., Aptera Motors Corp., Citymapper Limited

Electric Mobility Networks Market 2024 Key Insights:

• The electric mobility networks market size is expected to reach exponential growth in the next few years. It will grow to $935.34 billion in 2028 at a compound annual growth rate (CAGR) of 27.2%.
• Smart City Initiatives Drive Electric Mobility Networks Market Growth
• Technological Advancements In Charging Infrastructure With Battery Swap Stations
• Asia-Pacific was the largest region in the electric mobility networks market in 2023

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