Electric Mobility Market to Hit $325.64 Billion by 2030: Grand View Research, Inc.

SAN FRANCISCO, March 16, 2023 /PRNewswire/ -- The global electric mobility market size is expected to reach USD 325.64 billion by 2030, growing at a CAGR of 14.6% over the forecast period, as per the study conducted by Grand View Research, Inc. Rise in substantial operating and maintenance cost savings is expected to significantly increase the demand for electric mobility thereby supporting the market growth. Furthermore, growing concerns about the rapidly rising carbon footprint and greenhouse gases from the transportation and automotive industries are encouraging state and country-level regulatory bodies to set up policies that promote the adoption of energy-efficient vehicles.

Key Industry Insights & Findings from the report:

• Based on product, the electric bike segment is expected to dominate the global market owing to the factors such as the expansion of cycling infrastructure in developing countries such as India and the rise of financial incentives for e-bike sales.

• Based on drive, the chain drive segment dominated the market with 46% of the revenue share in 2022. The growing amount of construction activities driven by rapid industrialization is driving the segment's growth.

• Based on battery, the Li-ion battery segment accounted for 82% of the revenue share in 2022 owing to the benefits such as a decrease in the amount of toxic oil waste generated, the need for engine maintenance, and the pollution caused by fuel combustion engines.

• Based on end-use, the personal segment accounted for 76% of the revenue share in 2022. The segment's growth can be attributed to the rising sales of electric two-wheelers as more customers choose electric transportation for both commuting and relaxation.

• Prominent industry participants include BMW Motorrad International; Gogoro, Inc.; Honda Motor Co. Ltd.; KTM AG; Mahindra Group; Ninebot Ltd.; Suzuki Motor Corporation; Terra Motors Corporation; Vmoto Limited ABN; Yamaha Motor Company Limited.

Read 164-page market research report, "Electric Mobility Market Size, Share & Trends Analysis Report By Product (Electric Bikes, Electric Scooter, Electric Motorized Scooters, Electric Motorcycle), By Drive, By Battery, By End-use, By Region, And Segment Forecasts, 2023 - 2030", published by Grand View Research.

Electric Mobility Market Growth & Trends

The rise in government investments along with stringent regulations, objectives, and policies for electric vehicle deployment, signaling OEMs and other industry stakeholders who actively participate in the industry and building confidence based on mobilizing investments and policy frameworks is fueling the growth of the electric mobility industry.

For instance, in December 2022, the Uttar Pradesh government in India targeted to invest 300 million in electric transportation. The state's UP Electric Vehicle Manufacturing and Mobility Policy 2022 aims to attract new investment and create 1 million new jobs in the sector. Meanwhile, the new strategy has attempted to address the three key issues: stimulating the manufacture of e-vehicles and their components, such as batteries, and creating a solid network of charging stations and battery swap locations.

Electric vehicles depend on electricity to replenish their batteries rather than using fossil fuels such as petrol or diesel. With the increasing number of EV battery charging stations emerging, it is now more convenient for consumers to charge their batteries at a local station rather than stand in line at a CNG station or a gas station. For instance, In May 2022, Energica Motor Company, a manufacturing company, launched a new e-bike named Energica Experia. The e-bike featured the company's no-emission EV technology. These factors are expected to drive the electric mobility market growth over the forecast period

Some dominant players in the U.S. electric mobility industry are BMW Motorrad International; Gogoro, Inc.; Honda Motor Co. Ltd.; KTM AG; Mahindra Group; Ninebot Ltd.; Suzuki Motor Corporation; Terra Motors Corporation; Vmoto Limited ABN; Yamaha Motor Company Limited. These players focus on new product launches and partnerships & collaboration to enhance their offerings and geographic presence. For instance, In June 2022, iFood, an online food ordering and delivery platform based in Brazil, launched the EVS Work iFood electric motorcycle in collaboration with Voltz Motors, a startup manufacturer of e-scooters and e-motorcycles based in Brazil, for USD 2,099.9.

Electric Mobility Market Segmentation

Grand View Research has segmented the global electric mobility market based on product, drive, battery, end-use, and region

Electric Mobility Market - Product Outlook (Revenue, USD Million, 2018 - 2030)

• Electric Bikes
• Electric Scooter
• Electric Motorized Scooter
• Electric Motorcycle

Electric Mobility Market - Drive Type Outlook (Revenue, USD Million, 2018 - 2030)

• Belt Drive
• Chain Drive
• Hub Drive

Electric Mobility Market - Battery Outlook (Revenue, USD Million, 2018 - 2030)

• Lead Acid Battery
• Li-ion Battery
• Others

Electric Mobility Market - End-use Outlook (Revenue, USD Million, 2018 - 2030)

• Personal
• Commercial

Electric Mobility Market - Regional Outlook (Revenue, USD Million, 2018 - 2030)

• North America
• U.S.
• Canada

• Europe
• U.K.
• Germany
• France

• Asia Pacific
• China
• Japan
• India

• Latin America
• Brazil
• Mexico

• Middle East & Africa

List of Key Players of Electric Mobility Market

• BMW Motorrad International
• Gogoro, Inc.
• Honda Motor Co. Ltd.
• KTM AG
• Mahindra Group
• Ninebot Ltd.
• Suzuki Motor Corporation
• Terra Motors Corporation
• Vmoto Limited ABN
• Yamaha Motor Company Limited

Check out more related studies published by Grand View Research:

• Micro-mobility Market - The global micro-mobility market size is expected to reach USD 69.32 billion by 2028, registering a CAGR of 13.7%, from 2021 to 2028, according to a study conducted by Grand View Research, Inc. The growing carbon emission by traditional fuel-based vehicles has been a key concern for government authorities. The sustainability move toward smart cities is one of the key factors responsible for the adoption of eco-friendly and cost-effective transportation. Since the electric kick scooters, electric bicycles, and electric skateboards run on batteries, there are no carbon or gaseous emissions from these vehicles. This mode of transportation is gaining popularity amongst environmentally conscious commuters. Adopting such eco-friendly vehicles not only reduces the carbon and sulfur emissions in the atmosphere but also decreases fuel consumption. Furthermore, these vehicles use ultra-quiet chains for operating the electric motor, thereby facilitating noise-free rides.
• Shared Mobility Market - The global shared mobility market size is expected to reach USD 731.5 billion by 2030, according to a new report by Grand View Research, Inc. The market is anticipated to register a CAGR of 16.9% from 2022 to 2030. Rising Internet penetration and increased investment in shared mobility applications are the major factors driving the market. With a rise in smart mobility, which is a revolutionary way of figuring out ways to commute in safe, clean, and efficient mode, basically find out a way of Zero-emission, Zero ownership, and Zero accidents. Furthermore, due to the continued development in the use of AI, the market has risen significantly over the last two decades and will continue to grow in the coming years.
• Micro-mobility Charging Infrastructure Market - The global micro-mobility charging infrastructure market size is expected to reach USD 27.70 billion by 2030, growing at a CAGR of 25.2% from 2022 to 2030, according to a new report by Grand View Research, Inc. Increasing awareness about green transportation modes is expected to drive the adoption of micro-mobility vehicles across the globe. An increasing number of people are preferring e-scooters for traveling over shorter distances as these vehicles take less parking space and can recharge within a shorter time.

Browse through Grand View Research's Automotive & Transportation Industry Research Reports.

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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SOURCE Grand View Research, Inc.