Global E-Mobility Market Size & Trends, Electric Mobility Industry, 2025 (Includes Business Impact of COVID-19)

  • TBI824170
  • November 28, 2020
  • Global
  • 132 pages
  • Lucintel

Industry Insights, Market Size, CAGR, High-Level Analysis: Global E-Mobility Market

The global electric mobility market size was valued at USD 125,057.3 million in 2018 and is expected to register a CAGR of 21.6% from 2019 to 2025. Concerns regarding the continuously rising greenhouse gas and carbon footprint of the automotive and transportation industries are encouraging global and state-level regulatory bodies to deploy policies promoting the adoption of energy-efficient vehicles. Moreover, the growing adoption of Mobility-as-a-Service (MaaS) and the continuously declining costs of high capacity Li-Ion batteries, which, in turn, brings down the overall vehicle cost, are also driving the increased adoption of electric vehicle (EV). The automotive industry is undergoing an economic, technological, and social transformation. This is chiefly driven by the increased awareness about the lower operational and maintenance costs of EVs, combined with their capability of reducing harmful emissions that contribute to global warming. These favorable trends are likely to work well for the market for EVs over the coming years, thus driving the market for electric mobility or E-mobility. In addition to subsidies or tax benefits offered to buyers and vehicle manufacturers, governments of various countries are working toward making the adoption of EVs easier by investing in the development of EV charging infrastructure. The government of India, for instance, recently announced e-vehicle purchase tax benefits to increase the e-vehicle adoption in the country. Similar to many countries globally, the Indian government is also in the process of deploying regulations aimed at phasing out internal combustion engine vehicles and significantly reduce the production volume of such vehicles by 2030, hence improving the growth potential of the market for E-mobility. Other countries such as South Korea, Portugal, Germany, and Spain have also set targets for the inclusion of EVs in their public and private vehicle fleets. By 2020, South Korea is aiming to have 200,000 EVs on the road, Portugal is aiming for 750,000 EVs, and Germany is aiming for 1 million EVs. Some countries such as Malaysia, Finland, and South Africa have set their respective e-vehicle targets for 2030. These factors are expected to aid the growth prospects of the market for electric mobility over the forecast period. Automobile companies are actively working on launching E-car models. For instance, General Motors is aiming to introduce 100 different E-car models by 2020. Furthermore, the rising popularity of services such as car sharing, ride hailing, E-scooter sharing, E-bicycle, and E-motorcycle sharing is expected to work well for the market for electric mobility. However, the launch of these services varies significantly at both city and country level depending on local transportation policies, existing charging infrastructure, and degree of urbanization. Nevertheless, companies offering electric mobility sharing services are receiving significant investments from companies including prominent automotive OEMs such as Ford Motor Company. The companies are also focusing on capacity expansions as well as acquisitions to tap a larger share of the market for electric mobility. For instance, in September 2018, Govecs AG signed a letter of intent to supply 6,000 e-scooters to a U.K.-based company, which is operating on a shared mobility business model, by 2020. This deal has helped Govecs AG enter into the U.K. market. Similarly, in June 2019, Bird Rides, Inc. acquired Scoot Rides, Inc. to expand their vehicle fleet.

Product Insights of Global E-Mobility Market

In terms of product, the electric car segment accounted for over 68% of the revenue share of the market for electric mobility in 2018 and is estimated to retain its dominance over the forecast period. This can be attributed to the higher rate of adoption and high cost of battery EVs as compared to the cost of E-motorcycles, scooters, skateboards, wheelchairs, and bicycles. Moreover, the increasing demand for EVs spurred by policies that encourage fleet owners and municipalities to purchase eco-friendly and low-maintenance vehicle. The electric motorcycle segment is expected to register a considerable CAGR of 34.6% from 2019 to 2025. Government regulatory bodies are encouraging the adoption of electric two-wheelers by offering tax concession, which is expected to contribute to the promising growth prospects of the global market for electric mobility. Several companies have also started investing in the e-motorcycle industry, which is likely to further contribute toward creating a competitive business environment for e-motorcycles in the near future. For instance, Bharat Forge has recently acquired a 45% stake in Tork Motors, an E-motorcycle manufacturing company. Similarly, TVS Motors Company Ltd. acquired a 25.76% stake in an E-motorcycle manufacturer Ultraviolette Automotive Pvt. Ltd. in August 2018.

Battery Insights

In terms of battery, the market for E-mobility is segmented into sealed lead acid, Nickel Metal Hydride (NiMH), and lithium-ion (Li-ion). The Li-ion segment dominated in 2018 and accounted for over 49% of the market. The segment is expected to register a promising CAGR of 23.8% over the forecast period. The cost of Li-ion battery packs for EVs has declined by over 70% in the past 7 years and is predicted to further reduce by around 50% till 2030 owing to production scale economies and technological developments. The increasingly economical nature of these batteries, coupled with their higher energy densities as compared to sealed lead acid and NiMH batteries, is expected to continue to drive their demand. Moreover, remarkable growth prospects exist in the Li-ion market as battery suppliers and manufacturers invest in R&D activities in a bid to offer safe, reliable, and cheap battery solutions with improved energy densities. The nickel-metal hydride (NiMH) segment is expected to witness considerable growth as consumers demand high-performance and more environmentally conducive batteries. NiMH batteries continue to be the technology of choice for powering hybrid electric vehicles (HEVs) and are expected to continue to account for a notable share in the market for electric mobility over the forecast period. This is majorly due to some of the benefits offered by these batteries, such as light weight, high charge density, and high charging-discharging efficiency. With increased investment in R&D activities, battery manufacturers are rolling out improved NiMH batteries in terms of life, efficiency, and costs, thus making them a more viable option for EVs.

Voltage Insights

The electric mobility market can be categorized by voltage into less than 24V, 24V, 36V, 48V, and greater than 48V. The 24V segment accounted for over 25% of the electric mobility revenue share in 2018. These batteries provide superior power output and possess high compatibility with EVs. Their demand is likely to steadily rise and the segment is likely to continue to account for a notable share in the market by the end of the forecast period as well. The greater than 48V segment is expected to witness significant growth over the forecast period, registering a CAGR of 24.5%. The overall demand for EVs equipped with batteries greater than 48 voltage is anticipated to substantially rise in the near future owing to constant research and development activities focusing on improving the distance coverage and speed of EVs. The segment is expected to account for the dominant share of the market by the end of the forecast period.

Regional Insights of Global E-Mobility Market

The Asia Pacific market was valued at USD 67,396.6 million in 2018. The regional market for electric mobility is anticipated to dominate owing to the higher rate of adoption of EVs, specifically electric bicycles and electric scooters, in economies such as China and Japan. This is owing to an increase in pollution and the rapid rise in fuel prices. Asian economies such as China and Japan are also amongst the leaders in terms of production as well as sales of EVs. Besides, China is expected to dominate the regional market over the forecast period as most of the EVs demand is fulfilled by China. The European market for electric mobility is poised to register a CAGR of 21.8% over the forecast period. Rapid developments in the pan-European battery charging network for BEVs are expected to drive the BEVs in European countries in the near future. For instance, EU member states such as Denmark, France, Ireland, and Netherland have taken initiatives to ban the sales of new diesel- and petrol-powered vehicles by 2030. Such factors are expected to propel the market for electric mobility in the region.

Electric Mobility Market Share Insights

The major players operating in the market for electric mobility include Vmoto Limited ABN, Tesla, Terra Motors, Continental AG, ALTA MOTORS, Accell Group, Nissan Motor Corporation, BYD Co Ltd., Mahindra Electric Mobility Limited, General Motors, Zero Motorcycles, Inc., and Kinetic Green Energy & Power Solutions Ltd. Leading players in the market are taking measures to gain benefit from the vast untapped opportunities in emerging markets. For instance, Mahindra Electric Mobility Limited and SmartE signed a memorandum of understanding to promote the sales of last mile electric mobility solutions in India. Companies are also investing heavily in the development of improved battery technologies to enhance the vehicle's power-to-weight ratio and distance range. Furthermore, startups and new entrants with innovative ideas and vehicle designs are challenging prominent players, who, in turn, look to leverage their resources and experience to build sustainable market positions. Key companies in the market for electric mobility are launching advanced products to meet the growing customer needs. In addition, prominent industry participants are also collaborating with and acquiring top players in the market to expand their customer base and simultaneously enhance their offerings in the market.

Segmentations, Sub Segmentations, CAGR, & High-Level Analysis overview of Global E-Mobility Market Research Report

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2015 to 2025. For this study, this market research report has segmented the global electric mobility market report based on product, battery, voltage, and region:

Product Outlook (Revenue, USD Million, 2019 - 2030)

  • Electric Scooter
  • Electric Bicycle
  • Electric Skateboard
  • Electric Motorcycle
  • Electric Car
  • Electric Wheelchair

Electric Scooter by Product Outlook (Revenue, USD Million, 2019 - 2030)

  • Retro
  • Standing/Self-Balancing
  • Folding

Battery Outlook (Revenue, USD Million, 2019 - 2030)

  • Sealed Lead Acid
  • NiMH
  • Li-ion

Voltage Outlook (Revenue, USD Million, 2019 - 2030)

  • Less than 24V
  • 24V
  • 36V
  • 48V
  • Greater than 48V

Table of Contents
Chapter 1 Methodology and Scope                   1.1 Information Procurement                   1.2 Purchased Database                       1.2.1 Gvr’s Internal Database                   1.3 Research Methodology                   1.4 Geographic Scope & Assumptions                   1.5 Region/Country Wise Market Calculation                       1.5.1 Region /Country Wise Market: Base Estimates                       1.5.2 Region/Country Market: Cagr Calculation                   1.6 Region-based Segment Share Calculation                   1.7 List of Primary Sources        
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