Press release
Strong Growth Ahead: Electric Mobility Market Size To Grow At Arecord 23.6% Cagr By 2029
Electric Mobility Market
How Big Is the Electric Mobility Market Size Expected to Be by 2034?
The scale of the electric mobility sector has expanded dramatically in the past few years. Forecast predictions indicate an increase from $402.05 billion in 2024, surging to $507.26 billion in 2025 with a compound annual growth rate (CAGR) of 26.2%. This notable expansion during the historic period is largely due to progress in magnetic materials, the surge in consumer electronics, the transition to electric vehicles, the rise of energy-efficient appliances, and innovations in medical imaging devices.
In the coming years, the electric mobility market is anticipated to witness rapid expansion. By 2029, it's projected to reach a market value of $1182.45 billion, growing at a compound annual growth rate (CAGR) of 23.6%. The projected growth in the forecasted period can be linked to the expansion of the electric vehicle (EV) market, the proliferation of IoT and smart home devices, improvements in magnet manufacturing methods, advancements in quantum computing, and the miniaturization of electronic gadgets. The anticipated trends for the forecast period encompass renewable energy technologies, efficient magnetization techniques, miniaturization, and high performance, magnetic resonance wireless charging, along with sustainability and recycling.
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What Are the Emerging Segments Within the Electric Mobility Market?
The electric mobility market covered in this report is segmented -
1) By Product: Electric Bikes, Electric Scooters, Electric Motorized Scooters, Electric Motorcycles
2) By Drive: Belt Drive, Chain Drive, Hub Drive
3) By Battery: Lead Acid Battery, Li-Ion Battery, Other Batteries
4) By End-User: Personal, Commercial
Subsegments:
1) By Electric Bikes: Pedal-Assist Electric Bikes, Throttle-Control Electric Bikes
2) By Electric Scooters: Stand-Up Electric Scooters, Sit-Down Electric Scooters
3) By Electric Motorized Scooters: Folding Electric Scooters, Off-Road Electric Scooters
4) By Electric Motorcycles: City Electric Motorcycles, Sports Electric Motorcycles
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What Long-Term Drivers Are Shaping Electric Mobility Market Trends?
The escalating appetency for electric vehicles is predicted to accelerate the advancement of the electric mobility market. Electric Vehicles (EVs) are motor vehicles primarily or wholly driven by electricity, stored in rechargeable batteries. They significantly decrease greenhouse emissions, air contamination, and reliance on fossil fuels, thus promoting a sustainable and ecologically benign transport system, reinforcing electric mobility. For example, CITAevcharger, a UK-based intellectual electric vehicle solution firm announced in April 2024 that the UK has registered 1,000,000 fully electric vehicles on its roads marking a significant increase of 18% in battery-electric car registrations during 2023. Electric cars constituted 15.2% of new car registrations in March 2024, recording a substantial surge of 40% in comparison to 2022, when only 265,000 battery-electric cars were registered. Further data forecasts that around 2.3 million charging points would be required by 2030 in the UK to accommodate this expanding market. Consequently, the rising demand for electric vehicles is fuelling the electric mobility market's expansion. Heading towards the increasing prevalence of charging stations, they are foreseen to boost the progress of the electric mobility market. A charging station is an electrical setup invented to plug in electric vehicles or other electric devices for recharging their batteries. Charging stations enhance electric mobility by advancing infrastructure, reducing charging duration, and fostering widespread acceptance of electric vehicles. To illustrate, as per the Alternative Fuels Data Center (AFDC), a US-based energy department, EV charging ports in the US saw a consistent growth of 3.2% in Q1 2023, followed by a considerable rise of 4.0% in Q2 2023. Moreover, the public ports grew by 4.1% and private ports by 3.4%, exhibiting a continuous expansion in the electric vehicle charging infrastructure. Thus, the escalating number of charging stations is propelling the electric mobility market's surge.
Who Are the Top Competitors in Key Electric Mobility Market Segments?
Major companies operating in the electric mobility market report are Volkswagen AG, Toyota Motor Corporation, Mercedes-Benz Group AG, Ford Motor Company, General Motors Company, Bayerische Motoren Werke AG, Honda Motor Co. Ltd., SAIC Motor Corp. Ltd., Robert Bosch GmbH, Hyundai Motor Company, Hitachi Ltd., Tesla Inc., Siemens AG, Nissan Motor Co. Ltd., Panasonic Corporation, BYD Company Ltd., AB Volvo, Renault Group, Contemporary Amper*ex Technology Co. Limited, ZF Friedrichshafen AG, Continental AG, Tata Motors Limited, Magna International Inc., Denso Corporation, Mitsubishi Electric Corporation, ABB Ltd., Beijing Automotive Group Co. Ltd., Valeo SA, LG Energy Solution Ltd., BorgWarner Inc.
What Electric Mobility Market Trends Are Gaining Traction Across Different Segments?
One significant trend among the leading companies within the electric mobility industry is a focus on improving and advancing their electric mobility technologies to maintain their competitive advantage in the market. Integrated E-powertrain systems are holistic electric powertrain solutions that amalgamate the vehicle's motor, power electronics, and energy storage components to enhance the efficiency of electric vehicle propulsion. For example, in May 2023, ZF Friedrichshafen AG, a technological firm based in Germany, rolled out the AXTrax 2. This device is an innovative, modular and integrated e-powertrain system fixed on the axle that provides a platform for electrifying varying kinds of commercial vehicles. This system enables advanced digital and telematics systems to share and exchange e-axle system data via the controller area network bus. The AxTrax 2, being an axle-centric system, supplants the conventional vehicle engine, transmission, driveshaft, differential and axle to electrify a commercial vehicle. This specific design aids in optimizing the space available for batteries and increases the manufacturing design flexibility for future electric mobility concepts.
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Which Regions Are Becoming Hubs for Electric Mobility Market Innovation?
Asia-Pacific was the largest region in the electric mobility market in 2024. Europe is expected to be the fastest-growing region in the forecast period. The regions covered in the electric mobility market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Electric Mobility Market?
2. What is the CAGR expected in the Electric Mobility Market?
3. What Are the Key Innovations Transforming the Electric Mobility Industry?
4. Which Region Is Leading the Electric Mobility Market?
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