Electric Mobility Market Size to Hit USD 1,507.21 billion, at CAGR of 27.2% by 2028; Strong Government Support Toward Electric Vehicle Infrastructure Development to Fuel Growth
Pune, India, March 16, 2022 (GLOBE NEWSWIRE) — The international electrical mobility market dimension touched USD 230.12 billion in 2020. The market is anticipated to develop from USD 279.45 billion in 2021 to USD 1,507.21 billion in 2028, exhibiting a CAGR of 27.2% through the forecast interval. Rising automotive electrification and adoption of electrical micro-mobility are anticipated to foster market progress. Fortune Business Insights™ presents this data in its report titled “Electric Mobility Market, 2021-2028.”
Electric mobility is the adoption of e-bikes, vehicles, and motorbikes to scale back environmental impression. Rising automotive electrification is anticipated to spice up the adoption of electrical automobiles. This issue could increase such resolution adoption. Furthermore, rising consciousness relating to electrical automobiles advantages is anticipated to spice up the adoption of electrical micro-mobility options worldwide. In addition, the rising client preferences towards electrical automobiles from standard automobiles and rising gas costs could foster the business’s progress within the coming years.
Industry Development:
December 2021: Toyota engaged in a partnership with BYD to develop cost-effective electrical automobiles.
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Report Scope & Segmentation
Report Coverage |
Details |
Forecast Period |
2021 to 2028 |
Forecast Period 2021 to 2028 CAGR |
27.2% |
2028 Value Projection |
USD 1,507.21 Billion |
Base Year |
2020 |
Market Size in 2021 |
USD 279.45 Billion |
Historical Data for |
2017 to 2019 |
No. of Pages |
200 |
Segments lined |
Electric Car, Electric Motorcycle, Electric Scooter, Electric Bike, and Others |
Growth Drivers |
Governments globally impose strict emission norms for the employment of electrical automobiles and carbon footprint discount. |
The introduction of a number of scrapping insurance policies for fossil fuel-powered automobiles is anticipated to spice up the demand. |
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In addition, growing initiatives for electrical automobile manufacturing could foster such options. These components could drive the electrical mobility market progress. |
Segments
By product, the market is segmented into electrical automotive, electrical bike, electrical scooter, electrical motorbike, and others. As per voltage, it’s categorised into lower than 24V, 24V, 36V, 48V, and larger than 48V. Based on battery, it’s categorized into NiMH, Li-ion, and sealed lead acid. Geographically, it’s clubbed into North America, Europe, Asia Pacific, and the remainder of the world.
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Report Coverage
The report gives an in depth evaluation of the highest segments and the newest tendencies out there. It comprehensively discusses the driving and restraining components and the impression of COVID-19 in the marketplace. Additionally, it examines the regional developments and the methods undertaken by the market’s key gamers.
Drivers and Restraints
Robust Demand for Emission Free Vehicles to Boost Growth
Governments globally impose strict emission norms for the employment of electrical automobiles and carbon footprint discount. The introduction of a number of scrapping insurance policies for fossil fuel-powered automobiles is anticipated to spice up the demand. Further, technological developments in lithium-ion battery expertise and mass manufacturing of lithium-ion batteries are anticipated to foster business progress. Moreover, cheaper costs of lithium-ion batteries could gas the business’s improvement. In addition, growing initiatives for electrical automobile manufacturing could foster such options. These components could drive the electrical mobility market progress.
However, the prevalence of the worldwide semi-conductor scarcity drawback is anticipated to hinder the market’s progress.
Regional Insights
High Electric Vehicle Adoption to Foster Market Development in Asia Pacific
Asia Pacific is anticipated to dominate the electrical mobility market share as a result of rising adoption of electrical automobiles in China. The market in Asia Pacific stood at USD 116.35 billion in 2020 and is anticipated to achieve an enormous portion of the worldwide market share. Further, the rising penetration of electrical automobiles in India, South Korea, Japan, and others is anticipated to foster market improvement.
In Europe, rising incentives and growing authorities insurance policies are anticipated to foster electrical mobility adoption. Further, the presence of a well-established automotive business in Europe is anticipated to bolster the adoption of such options. These components could gas market progress.
In North America, sturdy electrical automobile gross sales and several other main automobile producers are anticipated to spice up such mobility options. These components could propel market progress.
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COVID-19 Impact:
Strong Government Support Toward Electric Vehicle Infrastructure Development to Fuel Growth
This market is estimated to develop positively through the COVID-19 pandemic on account of sturdy governmental assist towards growing electrical automobile infrastructure. COVID-19 relaxations have resulted within the resumption of journey and transport, fueling the answer adoption. Furthermore, the rising consciousness amongst folks relating to environmental advantages of COVID-19 pandemic amongst folks is anticipated to foster the adoption of such options. These components could gas business progress through the pandemic.
Competitive Landscape
Companies Invest Heavily in Development of Effective Batteries to Boost Brand Image
Prominent corporations working out there make investments closely in growing efficient options to spice up model picture. For instance, Nissan invested practically USD 18 billion in November 2021 to develop high-capacity and cost-effective batteries for electrical automobiles. Furthermore, the deployment of analysis and improvement, product launches, mergers, partnerships, expansions, and superior manufacturing equipment is anticipated to spice up corporations’ market place.
List of Key Players Profiled
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Tesla Inc. (California, U.S.)
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Nissan Motor Corporation (Yokohama, Japan)
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BMW MOTORRAD (Munich, Germany)
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General Motors Company (Michigan, U.S.)
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Honda Motor Company, Ltd. (Tokyo, Japan)
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BYD Company Ltd. (Shenzhen, China)
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Accell Group (Heerenveen, Netherlands)
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Volkswagen AG (Wolfsburg, Germany)
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Zero Motorcycles, Inc. (California, U.S.)
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Ford Motor Company (Michigan, U.S.)
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Major Table of Contents:
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Introduction
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Research Scope
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Market Segmentation
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Research Methodology
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Definitions and Assumptions
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Executive Summary
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Market Dynamics
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Market Drivers
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Market Restraints
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Market Opportunities
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Key Insights
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Porter’s Five Forces Analysis
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SWOT Analysis
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Technological Developments
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Distribution of Electric Mobility Market – In Value
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Impact of COVID-19
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Global Electric Mobility Market Analysis, Insights and Forecast, 2017-2028
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Key Findings / Summary
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Market Analysis, Insights and Forecast – By Product Type
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Electric Car
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Electric Motorcycle
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Electric Scooter
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Electric Bike
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Others
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Market Analysis, Insights and Forecast – By Voltage Type
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Less than 24V
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24V
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36V
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48V
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Greater than 48V
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Market Analysis, Insights and Forecast – By Battery Type
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Sealed Lead Acid Battery
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Li-Ion Battery
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NiMH Battery
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Market Analysis, Insights and Forecast – By Region
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North America
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Europe
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Asia Pacific
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Rest of the World
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North America Electric Mobility Market Analysis, Insights and Forecast, 2017-2028
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Key Findings / Summary
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Market Analysis, Insights and Forecast – By Product Type
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Electric Car
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Electric Motorcycle
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Electric Scooter
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Electric Bike
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Others
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Market Analysis, Insights and Forecast – By Voltage Type
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Less than 24V
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24V
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36V
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48V
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Greater than 48V
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Market Analysis, Insights and Forecast – By Battery Type
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Sealed Lead Acid Battery
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Li-Ion Battery
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NiMH Battery
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Market Analysis, Insights and Forecast – By Country
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