Press release
Sustainable Mobility on the Rise: Green Automotive Market to Touch $20.7 Billion by 2033
Green Automotive Mobility Market
Allied Market Research published a report, titled, "Green Automotive Mobility Market by Type (Battery Electric Vehicles, Hybrid Electric Vehicles, Plug-In Hybrid Electric Vehicles, Fuel Cell Electric Vehicles and Others), and Vehicle Type (2 Wheeler Vehicles, 3 Wheeler Vehicles, 4 Wheeler Vehicles and Other Commercial Vehicles): Global Opportunity Analysis and Industry Forecast, 2024-2033". According to the report, the green automotive mobility market was valued at $10.8 billion in 2023, and is estimated to reach $20.7 billion by 2033, growing at a CAGR of 6.9% from 2024 to 2033.
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Increasing concern for the environment, decrease in price of electric vehicles, and rise in fuel cost are the primary factors driving the growth of global green automotive mobility market. Emission regulations are being set by different associations and organizations in different regions to encourage automotive manufacturers to produce increasing units of electric vehicles.
Furthermore, governments are offering incentives such as tax credits, rebates, and subsidies for the purchase of EVs, thus making it a more affordable alternative for users. Lack of electricity power infrastructure to support electricity vehicle fuel requirements is a significant factor that can hold the growth of the green automotive mobility market in the future.
The government along with private sectors need to invest more heavily in the setting up of more electric vehicle (EV) stations and establishment of large power girds to meet the growing demand for electricity and to support the adoption of EVs. Utilization of renewable energy sources, to generate electricity and integration of smart features in electric vehicles are the significant factors that will drive the growth of green automotive mobility market opportunity.
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Key Market Players
General Motors, Daimler AG, Volvo Car Corporation, Hyundai Motor Company, Nissan, Tata Motors Limited, Kia Motors, Toyota, Engie, Volkswagen, BYD, Ford, Tesla, Uber, Maruti Suzuki India Limited, BMW
The global green automotive mobility market is segmented into type, vehicle type, and region. Depending on type, the global green automotive mobility market is divided into battery electric vehicles, hybrid electric vehicles, plug-in hybrid electric vehicles, fuel cell electric vehicles, and others. On the basis of vehicle type, the global green automotive mobility market is divided into 2-wheeler vehicles, 3-wheeler vehicles, 4-wheeler vehicles, and other commercial vehicles. Region wise, the global green automotive mobility market is analyzed across North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa.
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Depending on the type, the battery electric vehicle segment dominated the green automotive mobility market in 2023, due to improvements in battery technology and initiatives by the government. Meanwhile, the plug-in hybrid electric vehicles segment is expected to grow at an increasing rate due to the flexibility of electric driving for short distances and internal combustion engine (ICE) driving for long distances offered by the vehicles.
On the basis of vehicle type, two-wheeler vehicles dominated the green automotive mobility market in 2023, due to the affordable price of two-wheeler EVs as compared to four-wheeler EVs and low expenditure on petrol. Meanwhile, four-wheeler vehicles are expected to grow at an increasing rate due to technological advancements, supportive government policies, growing consumer demand, increasing infrastructure development, and a growing economy.
Regional Outlook
Region wise, Asia-Pacific will be dominated the global green automotive mobility market in 2023. This is because China is the largest player in the EV market contributing to more than 50% of the global sales. Furthermore, the Japanese and South Korean companies such as Toyota, Nissan, and Hyundai are the major contributors to the growth of EV market. Moreover, India is growing significantly in the EV market. Players such as OLA and Ether are releasing their EV products in the Indian market. Furthermore, North American is expected to grow at an increasing rate due to the expansion of charging infrastructure by companies such as Tesla, ChargePoint, and Electrify America. In addition, federal and state tax incentives, grants, and rebates support for EV adoption granted by the American government are significantly contributing towards the growth of the green automotive mobility market.
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Recent Developments
👉In April 2024, Ather energy, an Indian EV Automotive manufacturer and provider, launched family scooter Ritza. The scooter price starts at 1.09 lakh rupees. The scooter will be available in two models, Rizta S and Rizta Z. The vehicles are equipped with the battery capacity of 2.9 kWH (kilowatt hours), as the most expensive variant of the EV model coming with a battery of 3.7 kWH. The 2.9 kWh variants will deliver a predicted Indian driving conditions (IDC) range of 123 km, while the 3.7 kWh vehicle will deliver 160 km.
👉The Future Mobility Development Center (FMDC), a new test facility for completely automated development and test drives, was launched by the BMW Group in July 2023. The FMDE is located in Sokolov, Czechia (Czech Republic) . The BMW Group invested €300 million in, the building of FMDC facility in central Europe. The new test establishment follows a sustainable environmental protocol and provides a platform for the testing of advance technology. This strategic move will strengthen the position of BMW in the green automotive mobility sector and will also boost the growth of green automotive mobility market.
👉In February 2024, Uber launched flagship electric vehicle service called Uber Green in Delhi to enable people to book sustainable, eco-friendly rides in the application. The riders can now identify Uber green option to book a green eco-friendly ride. The service will help in promoting the use of EVs and support sustainable travel means. This strategic move will strengthen Uber's position in the green automotive mobility market.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
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