Electric Mobility Market Size, Share, Growth Analysis, By Product (Electric Bikes, Electric Scooters), By Drive (Belt Drive, Chain Drive), By Battery, By Voltage, By End Use, By Region - Industry Forecast 2024-2031

Global Electric Mobility Market size was valued at USD 108.9 billion in 2022 and is poised to grow from USD 124.8 billion in 2023 to USD 371.27 billion by 2031, growing at a CAGR of 14.6% during the forecast period (2024-2031).

The automobile industry is undergoing significant transformation driven by heightened consumer awareness regarding the cost-effectiveness and environmental benefits of electric vehicles (EVs). This shift is expected to fuel growth in the electric vehicle and e-mobility markets, propelled by government initiatives such as EV charging infrastructure investments and incentives for buyers. Countries, including India, are implementing policies aimed at phasing out internal combustion engines by 2031, further enhancing e-mobility prospects. Major automobile manufacturers are responding by launching new EV models and investing in electric mobility services such as car-sharing and ride-hailing. Notable players like Ford are actively pursuing acquisitions and capacity expansions to capture a larger share of the growing e-mobility market, despite varying regional implementation of these services.

Top-down and bottom-up approaches were used to estimate and validate the size of the Global Electric Mobility market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.

Global Electric Mobility Market Segmental Analysis

Global Electric Mobility Market is segmented by product, drive, battery, voltage, end use and region. Based on product, the market is segmented into electric bikes, electric scooters, electric motorized scooters and electric motorcycles. Based on drive, the market is segmented into belt drive, chain drive and hub drive. Based on battery, the market is segmented into lead acid, lithium ion and other. Based on voltage, the market is segmented into less than 24v, 24v, 36v, 48v and greater than 48v. Based on end use, the market is segmented into personal and commercial. Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa.

Driver of the Global Electric Mobility Market

The Global Electric Mobility market is expected to experience significant growth driven by the escalating levels of greenhouse gas emissions produced by the automotive sector. As awareness of environmental concerns rises, there is a growing demand for electric vehicles that offer lower operational and maintenance costs while effectively reducing harmful emissions. This increasing focus on sustainability is a key factor fueling market expansion. Additionally, the anticipated entry of more companies into the electric mobility landscape will create further opportunities for growth in this sector, as a shift toward electric-based transportation solutions becomes more pronounced in the coming years.

Restraints in the Global Electric Mobility Market

One significant restraint on the Global Electric Mobility market is the inadequate infrastructure for charging electric vehicles (EVs), as many countries still lack sufficient charging stations. This shortage diminishes the accessibility and appeal of EVs, which in turn hampers market growth. While governments in various regions are making efforts to build the necessary charging networks, progress remains limited. Furthermore, the high cost associated with electric mobility remains a considerable barrier, particularly in less developed nations that struggle with financial limitations and technological adoption. This reliance on resources and support from more advanced economies also poses challenges to expanding the global electric mobility market.

Market Trends of the Global Electric Mobility Market

The Global Electric Mobility market is witnessing significant growth driven by increasing environmental concerns, specifically around carbon emissions and greenhouse gases. Governments and consumers are shifting focus towards sustainable transportation options as traditional, fuel-based vehicles are linked to rising air pollution levels and health hazards. This transition is not only transforming the automotive industry but also creating opportunities for technological advancements in electric vehicle infrastructure, such as charging stations and battery innovations. As a result, the market is projected to expand substantially as stakeholders seek cleaner, eco-friendly alternatives, paving the way for a more sustainable future in global transportation.