How Has the Electric Mobility Market Size Evolved in Recent Years?
The electric mobility market has seen considerable growth due to a variety of factors.
• The size of the electric mobility market has experienced significant expansion in the past years. It is predicted to increase from $402.05 billion in 2024 to $507.26 billion in 2025, with a compound annual growth rate (CAGR) of 26.2%.
Factors such as advancements in magnetic materials, the rise in consumer electronics, the electrification of the automotive industry, the development of energy-efficient appliances, and medical imaging devices have contributed to the growth seen in the historic period.
What Are The Predictions for The Electric Mobility Market in the Coming Years?
The electric mobility market is expected to maintain its strong growth trajectory in upcoming years.
• In the coming years, the electric mobility market is predicted to surge massively, escalating to a size of $1182.45 billion by 2029, with a compound annual growth rate (CAGR) of 23.6%.
This expansion during the forecast period is due to several factors, such as an increase in the electric vehicle market, the emergence of IoT and smart home devices, progress in magnet manufacturing technologies, breakthroughs in quantum computing, and the shrinking size of electronic devices. Key trends for the projected period encompass renewable energy technologies, downsizing yet enhancing performance, techniques for magnetization efficiency, wireless charging via magnetic resonance, along with sustainability and recycling.
Which Drivers Are Accelerating Growth In The Electric Mobility Market?
The electric mobility market is expected to witness substantial growth due to the surge in demand for electric vehicles. Electric Vehicles (EVs), which use electricity stored in rechargeable batteries as their primary source of power, contribute to a sustainable and eco-friendly transport system, thereby promoting electric mobility. Reducing greenhouse gas emissions, lowering air pollution, and minimizing reliance on fossil fuels are some key advantages offered by EVs. One such example is offered by UK-based EV solution provider, CITAevcharger, which reported in April 2024 that there are now 1,000,000 fully electric cars plying on the UK roads, showing an 18% increase in battery-electric car registrations in 2023. In March 2024, new electric car registrations represented 15.2% of total new car registrations, marking an impressive 40% rise compared to 2022 when only 265,000 battery-electric cars were registered. Due to this growing market, the UK is expected to need approximately 2.3 million charging stations by 2030. The rising demand for electric vehicles is hence fueling the growth of the electric mobility market.
Electric Mobility Market Driver: The Upsurge In Charging Stations Steers The Electric Mobility Market
What Are The Core Segments Of The Global 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 Emerging Trends Are Influencing The Growth Of The Electric Mobility Market?
Major firms in the electric mobility sector are pursuing technological advancements in the industry to maintain their competitive advantage. The integrated E-powertrain system—a comprehensive combination of the motor, power electronics, and components for energy storage—enables efficient propulsion of electric vehicles. To demonstrate, in May 2023, the German tech firm ZF Friedrichshafen AG introduced its modular, integrated, axle-based e-powertrain system dubbed the AXTrax 2. This system plays a pivotal role in the electrification of various commercial vehicles by facilitating robust digital and telematics systems to exchange data about e-axle systems via a controller area network bus. The AxTrax 2 substitutes conventional vehicle elements such as the engine, transmission, driveshaft, differential, and axle, thus transforming a commercial vehicle to electric. This design innovation effectively utilizes space for battery placement and affords manufacturers greater design adaptability for new electric mobility concepts.
Who Are the Key Players In The Electric Mobility Market?
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 Amperex 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 Are The Regional Insights Into The Electric Mobility Market?
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.
