The growth of global electric mobility market is being driven by the growing problems for the environment such as carbon emissions and greenhouse gases emissions. This factor is also driving the growth of global transportation and automotive sectors.
Concerns over the automotive and transportation industries' ever-increasing greenhouse gas and carbon footprint have prompted international and state-level regulatory agencies to enact legislation encouraging the use of energy-efficient automobiles. Furthermore, the growing acceptance of electric vehicles is spurred by the expanding usage of electric mobility as well as the continually decreasing costs of high-capacity Li-Ion batteries, which decreases overall vehicle costs. Governments all around the world are supporting the widespread use of electric vehicles in order to address climate change, local air quality, vehicle dependence on oil, and the automotive industry's growth. Subsidies and tax breaks are being provided by governments in a number of countries to encourage this. The electric mobility market is being driven by this aspect. Electric mobility has set a new milestone in 2020. According to the International Energy Agency (IEA), the global electric vehicles sales had exceeded by 3 million units in 2020. Thus, the rapid adoption of electric vehicles is creating lucrative opportunities for the growth and development of global electric mobility market.
According to Precedence Research, the global electric mobility market size was estimated at USD 181.11 billion in 2021 and expected to reach US$ 718 billion by 2030, growing at a CAGR of 22% from 2021 to 2030.
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What are the key trends in the electric mobility market?
The growth of global electric mobility market is being driven by the growing problems for the environment such as carbon emissions and greenhouse gases emissions. This factor is also driving the growth of global transportation and automotive sectors. The toxic gases emitted by traditional vehicles or fuel-based vehicles are resulting for positive outlook for the growth of global electric mobility market. These toxic gases results into increase in air pollution level. This had declined the expansion of the global automobile industry. The government all around the world is enacting stringent regulations against carbon emission and greenhouse gases emissions. This is boosting the development of global electric mobility market. The growth and development of electric vehicle charging infrastructure and construction of electric vehicle charging station is propelling the growth of global electric mobility market. One of the key trends boosting the growth of global electric mobility market is shift in consumer behavior. This factor has increased adoption of electric vehicle on a large scale. In addition, growing awareness regarding electric mobility among people is resulting into the growth of global electric mobility market. The technologies such as vehicle electrification and vehicle to grid technology are providing growth prospects for the development of global electric mobility market. The leading countries across the world are heavily investing in the growth of global electric mobility market.
What are the challenges in the electric mobility market?
One of the biggest factors that is restricting the growth and expansion of global electric mobility market is the high cost of electric mobility. There are some countries which are not so developed. These countries lack in the resources such as financial resources. These nations also lack in the adoption of latest technologies. Sometimes, to develop electric mobility, these nations take loans and funds from developed nations. This acts as the barrier for the growth of global electric mobility market. During the manufacturing of electric vehicles, some kind of chip is required. It is called as semiconductor chip. There is a shortage of semiconductor chips in the global market. This has resulted in the drop of sales and production of electric mobility in the market. Thus, this has also declined the adoption of electric mobility among end users in the global market.
Which regions are driving the electric mobility trend?
Asia-Pacific is the top leading region in the global electric mobility market. The rapid growth of electric mobility market can be seen in China, Japan, and India. This region is expected to have largest market share for electric mobility market. The growth of electric mobility market in Asia-Pacific region is attributed to the rapid adoption of electric vehicles, electric bikes, and electric scooters. The growing concerns regarding environment is resulting into expansion of electric mobility market in Asia-Pacific region. The global pollution levels are increasing due to fossil fuel-based vehicles and automobiles. The people are avoiding the usage of these kind of vehicles. This factor is driving the demand of electric mobility market in Asia-Pacific region. In addition, the operational and maintenance cost of electric mobility is quite low as compared to traditional electric vehicles. This factor has surged the demand for electric mobility on a large scale.
Another region dominating the global electric mobility market is Europe. The countries such as Italy, Spain, France, and Germany are dominating the Europe electric mobility market. The market for electric mobility is being driven by the rapid adoption of plug-in electric vehicles, battery electric vehicles, and hybrid electric vehicles. The European Union and government of Europe region is implementing favorable government regulations and guidelines for the adoption of electric vehicles. All of these factors are driving the growth of electric mobility market in Europe region.
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