Press release
Electric Mobility Market is Anticipated to Expand upto $1152.54 Billion in 2029
Electric Mobility Market
What Is the Forecasted Market Growth Rate of the Electric Mobility Industry?
The size of the electric mobility market has seen incredible growth lately. It's predicted to expand from $402.05 billion in 2024 to $501.64 billion in 2025, reflecting a compound annual growth rate (CAGR) of 24.8%. The significant growth during the historic period is due to enhancements in magnetic materials, a surge in consumer electronics, increased automotive electrification, the use of energy-efficient appliances, and improved medical imaging devices.
How Will the Electric Mobility Market Size Evolve From 2025 to 2029?
Anticipations are high for an exponential enlargement in the electric mobility market over the coming years. The valuation of this market is predicted to reach $1152.54 billion by 2029, with a compound annual growth rate (CAGR) of 23.1%. This surge in the forecast period can be credited to various factors like the expansion of the electric vehicle (ev) market, IoT and smart home devices, enhancements in magnet manufacturing methods, the evolution of quantum computing, and the dwindling scale of electronic devices. Within the forecast period, key trends are expected to encompass renewable energy technologies, miniaturization coupled with amplified performance, efficiency-geared magnetization processes, magnetic resonance-driven wireless charging, as well as sustainability and recycling efforts.
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What Are the Main Growth Drivers in the Electric Mobility Market Today?
Expectations for the growth of the electric mobility market are being fuelled by the escalating demand for electric vehicles. Predominantly powered by rechargeable batteries, electric vehicles (EVs) are rapidly redefining the auto industry with their positive impacts on environmental sustainability. As a prime example, CITAevcharger, a UK-based firm offering smart solutions for electric vehicles, revealed in April 2024 that the UK's roads are now home to 1,000,000 EVs. This represents a considerable uptick of 18% in battery-electric vehicle registrations in 2023. The share of electric cars in new car registrations touched 15.2% in March 2024, demonstrating an impressive 40% jump compared to 2022, which saw only 265,000 battery-electric cars registered. Studies anticipate the UK will need nearly 2.3 million charging stations by 2030 to cater to this burgeoning demand. Consequently, the expanding demand for electric vehicles is the key factor propelling the growth of the electric mobility market.
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Which Electric Mobility Market Segment Is Expected to Lead Through 2029?
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
Which Market Trends Are Expected to Dominate Electric Mobility Industry Growth?
Leading firms in the electric mobility sector are prioritizing advancements in this technology to gain an upper hand in the market. An all-inclusive E-powertrain system merges the engine, power electronics, and energy storage parts to effectively power an electric vehicle. For instance, ZF Friedrichshafen AG, a German technology firm, unveiled their AXTrax 2 system in May 2023. This modular, unified, axle-based e-powertrain system facilitates the electrification of various commercial vehicles. In addition, it facilitates advanced digital and telematics systems to interact and exchange information regarding e-axle systems via the controller area network bus. AXTrax 2 is an axle-based system that supersedes the engine, transmission, driveshaft, differential, and traditional axle in order to electrify a commercial vehicle. This design optimizes the space available for batteries and expands the manufacturer's ability to alter designs for future electric mobility concepts.
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Which Companies Hold the Largest Market Share in the Electric Mobility Sector?
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.
Where Is the Electric Mobility Market Experiencing the Highest Growth?
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.
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