PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1565722
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1565722
The Green Automotive Mobility Market was estimated at USD 11,541.2 million in 2023, growing at a CAGR of 7.20% between 2024 and 2032.
The green automotive mobility industry refers to the segment of the automotive industry that focuses on the development, manufacturing, and marketing of automobiles and related technologies that have a low environmental effect. The market also contains a variety of vehicles and mobility solutions that help to highlight the importance of sustainability, low carbon emissions, and energy efficiency.
Green Automotive Mobility Market- Market Dynamics
Supportive Government Initiatives
Supportive government initiatives drive the growth of the market for Green Automotive Mobility. Many governments introduce policies that encourage consumer adoption of electric vehicles and other green transportation solutions. The government also offers tax incentives, rebates, and subsidies when buying electric vehicles. This consequently brings down electric vehicle prices for consumers, thus being used more. Investments in renewable sources and investments in charging infrastructure make electric vehicles practical enough to be used. More stringent regulations on emissions require manufacturers to innovate so that products are cleaner. All these and other initiatives create a fertile environment for both consumers and manufacturers, stimulate demand, and ensure a speedy transition toward sustainable mobility solutions within the region.
Green Automotive Mobility Market- Key Insights
Our research analyst forecasts that the global market will increase at a CAGR of around 7.20% between 2024 and 2032.
According to the Types sector, the hybrid electric vehicle market is expected to grow the most quickly in 2023.
Two-wheeler vehicles are the most common segmentation according to Vehicle Type.
Asia-Pacific generated the most income in 2023.
The Global Green Automotive Mobility Market is divided into two segments: Type, Vehicle Type, and region.
The market is divided into five divisions based on Types: Battery Electric Vehicles, Hybrid Electric Vehicles, Fuel Cell Electric Vehicles, Plug-In Hybrid Electric Vehicles, and Others. The hybrid electric vehicle category is expected to have the most rapid market growth. Globally, the popularity and adoption of hybrid vehicles have increased dramatically. Hybrid vehicles combine the benefits of electric power and traditional internal combustion engines, making them a more environmentally friendly option that uses less gasoline and emits less emissions. This is a huge step toward sustainable mobility options.
The market is segmented into four segments according to Vehicle Type: 3 Wheeler Vehicles, 4 Wheeler Vehicles, 2 Wheeler Vehicles, and Other Commercial Vehicles. The two-wheeler vehicles segment is normally the most dominant. This is mainly because of the growing demand for electric scooters and motorcycles, particularly in urbanized areas where traffic congestion and pollution are major issues. Two-wheelers are more affordable, easier to maneuver, and consume less parking space than those larger vehicles.
Green Automotive Mobility Market- Geographical Insights
Geographically, this market is distributed over Asia Pacific, North America, Europe, Latin America, the Middle East, and Africa. These regions are further segmented according to the countries bringing commerce.
The Asia Pacific market is likely to dominate the green automotive mobility sector. The demand for e-scooters in India is projected to increase as firms develop shared mobility services and e-commerce companies use them for last-mile delivery. India's ambitious objective of 30% vehicle electrification by 2030, as well as the implementation of EV-friendly infrastructure that includes solar-powered chargers, demonstrate the worldwide commitment to sustainable mobility. Green automobility will only grow in popularity as it promises cleaner air, lower emissions, and a transportation landscape that prioritizes environmental responsibility.
North America would dominate the Green Automotive Mobility Market in terms of revenue CAGR over the forecast period. This growth is fueled by a couple of factors, such as rising environmental concerns, increased government incentives for electric vehicles, and advancements in charging infrastructure. Besides that, the region is witnessing an increased focus on sustainability and innovation in terms of automotive technology.
The competitive landscape of the Green Automotive Mobility Market is rapidly changing, with various companies targeting their goals for sustainable transportation solutions. Such key firms include Tesla, which is highly innovative in electric vehicles, and Toyota, which relies on the source of hybrid technology, as well as Toyota is committed to sustainability. Other prominent companies include Ford, which is expanding its electric vehicle options, while General Motors continues to invest largely in electric and autonomous vehicles. Another even more emerging trend in the green automotive market is its partnerships between automobile firms and technological companies, boosting research in smart transport that is environmental-friendly. At the same time, companies like Rivian and Lucid Motors-a new wave of electric mobility startups-make the technology exciting.
In February 2024, Uber introduced Uber Green, its flagship electric car service, in Delhi, allowing users to book sustainable, eco-friendly rides using the app. Riders can now choose uber-green options and book a green, eco-friendly transport. The service will aid in the promotion of the usage of electric vehicles, thereby boosting sustainable modes of transportation. This strategic initiative will improve Uber's position in the green vehicle mobility sector.