Electric Mobility Market Analysis Report By Product, By Battery, By Voltage, By Region And Segment Forecasts From 2019 To 2025

Industry Insights

The global electric mobility market size was worth USD 125,057.3 million in 2018. The market is anticipated to register a CAGR of 21.6% over the forecast period, 2019 to 2025. Growing carbon emissions and greenhouse gases are encouraging manufacturers and government bodies to promote the use of electric mobility solutions. Of late, there has been a decline in the cost of Li-Ion batteries, which has led to a reduction in the overall cost of the electric vehicle. Moreover, the rise in the adoption of Mobility-as-a-Service (Maas) is further projected to augment the market growth over the forecast duration.

The automotive sector is undergoing a technological, social, and economic transformation. This is primarily supplemented by the reduced maintenance and operational cost of EVs and their ability to reduce harmful emissions. These factors are projected to bode well for the market growth in the next few years.

Additionally, governments across the globe are emphasizing increasing the adoption of electric vehicles by offering various subsidies to both manufacturers and buyers. For example, the government of India has announced the tax benefits on the purchase of e-vehicles. Additionally, government bodies are working on reducing the dependability of the internal combustion engine. Like many governments, the Indian government is aiming to reduce the production of electric vehicles by 2030. These factors are anticipated to propel the adoption of electric vehicles, thereby, driving e-mobility market growth over the forecast period.

Considering the rising demand, automobile vehicles are actively introducing e-cars. For example, General Motors planned to launch 100 different models of e-cars by 2020. Further, the growing popularity of different services like car sharing, e-scooter sharing, and ride-hailing are positively affecting the market growth. However, the adoption of these services varies at the city level and country level owing to changes in local transportation policies and transportation infrastructure.

Nonetheless, companies involved in sharing electric mobility are gaining investment from prominent OEMs. Further, companies are focusing on capacity expansions and acquisitions to strengthen their market presence. For example, Govecs AG intended to supply almost 6,000 e-scooters to a company based in the U.K to enhance the shared mobility services.

Product Insights

Based on the product, the electric car held the largest market share by revenue and accounted for more than 68% of the market share. High adoption of electric vehicles as compared to other e-vehicles such as e-motorcycle, skateboards, bicycles, wheelchairs, and others is attributing to the growth of this segment. Further, favorable government policies and the eco-friendly nature of these vehicles are driving the demand.

On the other hand, the electric motorcycle division is estimated to grow at a CAGR of 34.6% over the forecast duration. Tax benefits provided by government bodies on purchasing two-wheelers electric vehicles is supplementing the growth of electric mobility. Additionally, various companies are investing in the e-motorcycle segment. For example, Bharat Forge acquired 45% of the share in the E-motorcycle company Tork Motors. Similarly, in August 2018, TVS Motors acquired 25.76% of the stake in Ultraviolette Automotive, an e-motorcycle manufacturing company.

Battery Insights

Based on battery, the electric mobility market is fragmented into Nickel Metal Hydride (NiMH), lithium-ion (Li-ion), and sealed lead-acid. Of them, Li-ion occupied the largest share with 49% in 2018. Further, the segment is anticipated to register a CAGR of 23.8% from 2019 to 2025. Li-ion battery cost for EVs has reduced by more than 70% in the last 7 years and further, it is expected to reduce by 50% by 2030. Large-scale production and technological advancements are the major factors driving the cost reduction of these batteries.

On the other hand, the nickel-metal hydride (NiMH) category is estimated to grow considerably over the forecast period as these batteries offer high performance and are environmentally conducive. NiMH batteries are mostly used in hybrid electrical vehicles (HEVs). Further, these batteries have a high charge density and are light in weight. With growing investment in research & development, manufactures are expected to introduce efficient, cost-effective, and durable NiMH batteries in the next few years.

Voltage Insights

Based on voltage, the market can be segmented into <24V, 24V, 36V, 48V, and > 48V. Of them, the 24V battery segment held a share of 25% by revenue in 2018. These batteries are highly compatible with EVs and offer greater power output. The demand for this segment is anticipated to rise over the next few years owing to its increasing adoption of electric vehicles.

On the other hand, >48V category is projected to grow at a CAGR of 24.5% over the forecast duration. The adoption of electric vehicles equipped with a battery with more than 48V is expected to rise significantly in the near future owing to growing expenditure on research & development. More than 48V segment is projected to lead the market

Regional Insights

In 2018, the Asia Pacific region was worth USD 67,396.6 million. The growing adoption of electric vehicles such as electric scooters and electric bicycles in countries such as Japan and China is driving regional growth. The growth of fuel prices and pollution levels is also driving the demand for EVs in the region. In the Asia Pacific, Japan and China are the leading producers and consumers of EVs.

Europe's electric mobility market is expected to register a CAGR of 21.8% from 2019 to 2025. Growing infrastructural development for charging stations in the European region is driving the adoption of battery electric vehicles. Additionally, EU members such as France, Netherlands, Denmark, and Ireland have taken initiatives that bar the sales of petrol and diesel vehicles by 2030. Such initiatives are projected to propel market growth in the region in the next few years.

COVID-19 Impact Insights

Global rating agency Moody forecasted that there would be at least a 20% decline in the sales of automotive vehicles in 2020. This rapid decline in the sales of the vehicle is attributed to the low demand caused by the COVID-19. The pandemic has caused one of the worst economic crises after 2008. Although various business operations have resumed after the relaxation of lockdown measures, it would take a few years for the market to recover. The introduction of cost-effective electric mobility solutions such as electric scooters and electric cars are the way forward for manufacturers. In addition, government favourable initiatives aimed at encouraging electric mobility solution is likely to provide stability to the market in the coming few years.

Electric Mobility Market Share Insights

Key players are aiming to capitalize on opportunities in the market. For example, SmartE and Mahindra Electric have signed aMoU that is aimed at promoting electric vehicles in India. Additionally, key players are also focusing on improving the distance charge and vehicles’ power to weight ratio.

Further, the rise in the number of startups with new vehicle design and innovative ideas are posing a challenge to the key players. To meet consumer needs, key players are introducing advanced products. Major players operating in the market are Zero Motorcycles, Inc., Accell Group, Tesla, Continental AG, Vmoto Limited ABN, ALTA MOTORS, and Nissan Motor Corporation among others.

Report Scope

Segments Covered in the 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 the purpose of this study, Million Insights has segmented the global electric mobility market report based on product, battery, voltage, and region:

• Product Outlook (Revenue, USD Million, 2015 - 2025)
    • Electric Scooter
    • Electric Bicycle
    • Electric Skateboard
    • Electric Motorcycle
    • Electric Car
    • Electric Wheelchair

• Electric Scooter by Product Outlook (Revenue, USD Million, 2015 - 2025)
    • Retro
    • Standing/Self-Balancing
    • Folding

• Battery Outlook (Revenue, USD Million, 2015 - 2025)
    • Sealed Lead Acid
    • NiMH
    • Li-ion

• Voltage Outlook (Revenue, USD Million, 2015 - 2025)
    • Less than 24V
    • 24V
    • 36V
    • 48V
    • Greater than 48V

• Regional Outlook (Revenue, USD Million, 2015 - 2025)
    • North America
        • U.S.
        • Canada
    • Europe
        • U.K.
        • Germany
        • France
    • The Asia Pacific
        • China
        • Japan
        • India
    • Latin America
        • Brazil
        • Mexico
    • Middle East & Africa