Global E-Mobility Market Set to Hit $869.67 Billion, Growing at 14.8% CAGR, Fueled by Expanding Charging Infrastructure, Project Kings Research

DUBAI, UAE, Feb. 1, 2024 /PRNewswire/ -- As per the recent report released by Kings Research, the global E-Mobility Market is anticipated to grow from USD 328.98 billion in 2022 to USD 869.67 billion by 2030, depicting a CAGR of 14.8% through the forecast period of 2023-2030. The primary drivers of market expansion include the increasing global focus on sustainability and environmental issues, as well as rising fuel costs.

Electric mobility, or e-mobility, is a dynamically growing sector within the automotive and transportation industries. It includes the utilization of electric-powered vehicles and various other electric modes of transportation as a viable alternative to conventional fossil fuel-powered vehicles. The market presents substantial opportunities, particularly with the proliferation of charging infrastructure. This expansion represents a noteworthy avenue for growth, effectively addressing the critical concern of range anxiety among electric vehicle (EV) users. Simultaneously, the continuous reduction in battery costs is rendering electric vehicles more economically accessible, thereby broadening the market appeal to a larger consumer base.

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Trending Now: Kenya's E-Mobility Market is Thriving with Solutions Africa's Electric 'tuk-tuks'

Kenya's e-mobility sector is thriving with electric motorcycles, buses, and three-wheelers. The Kenyan government has introduced a special electricity tariff for EVs, and companies like Solutions Africa are driving the transition to electric tuk-tuks. The company imports and assembles electric tuk-tuks using Kenya's tax exemptions. They are exploring a battery swap model to facilitate faster charging using lighter lithium-ion batteries. Solutions Africa is collaborating with key financing players to provide flexible payment terms, aiming to lower barriers to adoption and empower more individuals to switch to electric vehicles.

Competitive Landscape

Prominent leaders in the e-mobility market prioritize several pivotal business approaches, such as collaborations, mergers and acquisitions, innovations in batteries, and joint ventures. These endeavors aim to augment their product portfolios and bolster market shares in diverse regions. The scope of expansion and investments includes strategic initiatives such as investments in research and development (R&D) activities, establishing new manufacturing facilities, and optimizing supply chain processes.

For example, the BMW Group, a leading automaker, is experiencing a shift with the introduction of the Neue Klasse, its all electric models. This shift involves every aspect of the company, including design, production, development, and distribution.

Key manufacturers in the e-mobility market include:

•  Tesla, Inc.

•  Nissan Motor Co., Ltd.

•  BMW Group

•  Volkswagen Group

•  Hyundai Motor Company

•  Ford Motor Company

•  General Motors Company

•  Toyota Motor Corporation

•  Mercedes-Benz AG

•  Rivian

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Growing Awareness of Environmentally Friendly Batteries to Boost E-Mobility Market Progress

Based on batteries, the market for e-mobility is divided into lead acid, lithium-ion, and others.

The lithium-ion segment contributed to a notable share of the market revenue in 2022 and is likely to grow at a steady pace through the review period, propelled by the growing awareness of environmentally friendly batteries and substantial investments in lithium-ion battery packs. Neuron Energy Private Limited, a prominent manufacturer of lithium-ion battery packs tailored for electric two and three-wheelers, announced its plans to invest INR 50 crore (USD 6 million) in this market in December 2022. As per the projections of the International Energy Agency (IEA), the demand for lead-acid (Li-ion) batteries is anticipated to observe prominent growth, rising by approximately 65% to reach 550 GWh in 2022, up from the recorded 330 GWh in 2021.

Extensive Adoption of Electric Cars to Augment Market Progress

Based on product, the e-mobility market is segregated into electric cars, electric scooters, electric motorcycles, electric bikes, and others.

The electric car segment garnered the largest market share in 2022, attributed to various factors such as governmental policies incentivizing the adoption of plug-in hybrid and electric vehicles, escalating fuel costs, stringent regulations on automotive emissions, and the decreasing costs of electric vehicles due to technological advancements. Additionally, mounting electric car sales in major regions such as the U.S., China, Europe, and others, in contrast to electric two-wheelers, are anticipated to further aid the expansion of this segment.

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Growing Emphasis on Sustainability to Propel E-Mobility Market Growth

Environmental sustainability is a pivotal driver for the e-mobility industry in light of rising concerns about climate change and air pollution, and it aims to curtail carbon emissions from transportation. In the e-mobility sector, growing charging infrastructure represents a significant market opportunity. As the market proliferates, there is a critical need for affordable and accessible charging stations.

Moreover, advancements in fast-charging technologies and wireless charging, introducing compelling prospects to enhance user experiences, are supporting market development. Several factors are currently facilitating the growth of the electric vehicle market, such as high initial costs, range anxiety, insufficient charging infrastructure, and prolonged charging times. Addressing these hurdles has become paramount to unlocking the full potential of the market.

Supportive Government Initiatives in Asia Pacific to Bolster E-Mobility Market Growth

Government initiatives and policies in the APAC region play an integral role in promoting the expansion of the regional e-mobility market. Notably, China has established enterprising targets for electric vehicle adoption and provides influential subsidies and incentives for manufacturers and consumers. Furthermore, while the region is home to several leading players in EVs and batteries, it is substantially impelling the progress of the e-mobility industry in the APAC region.

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Key Points from TOC:

1 Introduction of The Global E-Mobility Market 

1.1 Market Definition

1.2 Market Segmentation

1.3 Research Timelines

1.4 Limitations

1.5 Assumptions

2 Executive Summary

3 Research Methodology

3.1 Data Collection

3.1.1 Secondary Sources

3.1.2 Primary Sources

3.1.3 Research Flow

3.2 Subject Matter Expert Advice

3.3 Quality Check

3.4 Final Review

3.5 Bottom-Up Approach

3.6 Top-down Approach

4 Global E-Mobility Market Outlook

4.1 Market Evolution

4.2 Overview

4.3 Market Dynamics

4.3.1 Drivers

4.3.2 Restraints

4.3.3 Opportunities

4.3.4 Challenges

4.4 Pricing Analysis

4.5 Porter's Five Forces Analysis

4.6 Value Chain Analysis

4.7 Macroeconomic Analysis

5 Impact of Russia-Ukraine War

6 Global E-Mobility Market, By Battery

7 Global E-Mobility Market, By Product

8 Global E-Mobility Market, By Voltage

9 Global E-Mobility Market, By Application

10 Global E-Mobility Market, By Geography

11 North America 

12 Europe 

13 Asia Pacific 

14 Middle East & Africa 

15 Latin America 

16 Global E-Mobility Market Competitive Landscape

16.1 Overview

16.2 Key Developments

16.3 Key Strategic Developments

16.4 Company Market Ranking

16.5 Regional Footprint

16.6 Industry Footprint

17 COMPANY PROFILES

17.1 Tesla, Inc.

17.1.1 Key Facts

17.1.2 Financial Overview

17.1.3 Product Benchmarking

17.1.4 Recent Developments

17.1.5 Winning Imperatives

17.1.6 Current Focus & Strategies

17.1.7 Threat from competition

17.1.8 SWOT Analysis

17.2 Nissan Motor Co., Ltd.

17.2.1 Key Facts

17.2.2 Financial Overview

17.2.3 Product Benchmarking

17.2.4 Recent Developments

17.2.5 Winning Imperatives

17.2.6 Current Focus & Strategies

17.2.7 Threat from competition

17.2.8 SWOT Analysis

17.3 BMW Group

17.3.1 Key Facts

17.3.2 Financial Overview

17.3.3 Product Benchmarking

17.3.4 Recent Developments

17.3.5 Winning Imperatives

17.3.6 Current Focus & Strategies

17.3.7 Threat from competition

17.3.8 SWOT Analysis

17.4 Volkswagen Group

17.4.1 Key Facts

17.4.2 Financial Overview

17.4.3 Product Benchmarking

17.4.4 Recent Developments

17.4.5 Winning Imperatives

17.4.6 Current Focus & Strategies

17.4.7 Threat from competition

17.4.8 SWOT Analysis

17.5 Hyundai Motor Company

17.5.1 Key Facts

17.5.2 Financial Overview

17.5.3 Product Benchmarking

17.5.4 Recent Developments

17.5.5 Winning Imperatives

17.5.6 Current Focus & Strategies

17.5.7 Threat from competition

17.5.8 SWOT Analysis

Continued………

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