PUBLISHER: Allied Market Research | PRODUCT CODE: 1566915
PUBLISHER: Allied Market Research | PRODUCT CODE: 1566915
The global green automotive mobility market was valued at $10.8 billion in 2023, and is projected to reach $20.7 billion by 2033, growing at a CAGR of 6.9% from 2024 to 2033.
Green automotive mobility refers to the incorporation of sustainable and environmentally friendly solutions regarding transportation in the automotive industry. The green automotive mobility market involves the sector of the automotive industry that is focused on the development, production, and sale of vehicles and related technologies that reduce environmental impact. It includes different types of vehicles and mobility solutions that help in emphasizing the importance of sustainability, reduced carbon emissions, and energy efficiency.
The growth of the green automotive mobility market is driven by rise in concern for the environment, decrease in the price of electric vehicles, and rise in fuel costs. Emission regulations are being set by different associations and organizations in different regions to encourage automotive manufacturers to produce increasing units of electric vehicles. Moreover, rise in trend toward the adoption of AI technology drives the growth of the market. AI technology is heavily influencing the green automotive mobility market. Features such as autonomous driving, predictive maintenance, traffic management, digitally mapped streets, and AI driven traffic solutions are being integrated with electric vehicles (EVs).
However, lack of electricity power infrastructure to support electricity vehicle fuel requirement is a significant factor restricting the growth of the green automotive mobility market in the future. Government along with private sectors need to invest more heavily in the setting up of more electric vehicle (EV) stations and establishment of large power grids to meet the growing demand for electricity and to support the adoption of EVs. Contrarily, adoption of sustainable practices within operations presents lucrative opportunities to the players in the market. For instance, in February 2024, Uber launched flagship electric vehicle service called Uber Green in Delhi to enable people to book sustainable, eco-friendly rides in the application. The riders now identify uber green options to book a green eco-friendly ride. This service is expected to help in promoting the use of EVs, thus supporting sustainable travel means. This strategic move is anticipated to strengthen Uber's position in the green automotive mobility market.
Segmentation Overview
The global green automotive mobility market is segmented into type, vehicle type, and region. Depending on type, the market is divided into battery electric vehicles, hybrid electric vehicles, plug-in hybrid electric vehicles, fuel cell electric vehicles, and others. According to vehicle type, it is divided into 2-wheeler vehicles, 3-wheeler vehicles, 4-wheeler vehicles, and other commercial vehicles. Region wise, the market is analyzed across North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa.
Key Findings
By type, the battery electric vehicles segment held the largest share in the market in 2023.
Depending on vehicle type, the 2-wheeler vehicles segment accounted for the highest market share in 2023.
Region wise, Asia-Pacific dominated the green automotive mobility market in 2023.
Competitive Scenario
The major players operating in the green automotive mobility market include BMW, BYD, Tesla, Daimler AG, Nissan, Engie, Ford, Kia Motors, and Uber. These players have adopted several strategies, including product launch, service launch, and facility launch strategies to increase their market share in the global green automotive mobility market.
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