Electric Mobility Global Market Report 2024

The electric mobility market size has grown exponentially in recent years. It will grow from $318.03 billion in 2023 to $402.05 billion in 2024 at a compound annual growth rate (CAGR) of 26.4%. The growth witnessed in the historical period is linked to progress in magnetic materials, the flourishing consumer electronics industry, the trend towards automotive electrification, the adoption of energy-efficient appliances, and advancements in medical imaging devices.

The electric mobility market size is expected to see exponential growth in the next few years. It will grow to $954.97 billion in 2028 at a compound annual growth rate (CAGR) of 24.1%. The anticipated growth in the forecast period is linked to the expansion of the electric vehicle (EV) market, the proliferation of IoT and smart home devices, progress in magnet manufacturing techniques, the development of quantum computing, and the miniaturization of electronic devices. Key trends expected in the forecast period encompass renewable energy technologies, the emphasis on miniaturization and high performance, efficient magnetization techniques, the implementation of magnetic resonance wireless charging, and a focus on sustainability and recycling.

The anticipated growth in the electric mobility market is expected to be driven by the rising demand for electric vehicles (EVs). Electric vehicles are automobiles primarily or entirely powered by electricity stored in rechargeable batteries. They play a significant role in reducing greenhouse gas emissions, air pollution, and dependence on fossil fuels, contributing to a more sustainable and environmentally friendly transportation system that supports electric mobility. For example, data from September 2022, as reported by the International Energy Agency (IEA), revealed that sales of electric vehicles nearly doubled to 6.6 million in 2021 from 3 million in 2020, accounting for almost 9% of total sales. The percentage increase in 2021 by 4 points brought the total number of electric vehicles on the road to 16.5 million. Hence, the growing demand for electric vehicles is a key driver propelling the growth of the electric mobility market.

The increasing proliferation of charging stations is expected to contribute to the growth of the electric mobility market. Charging stations, designed for plugging in electric vehicles or other electrical devices to recharge their batteries, play a crucial role in enhancing electric mobility infrastructure. They contribute to reducing charging time, expanding infrastructure, and promoting the widespread adoption of electric vehicles. As of December 2023, data from the Alternative Fuels Data Center (AFDC), a US-based energy department, indicated a consistent increase in EV charging ports in the US. In Q1 2023, there was a steady 3.2% increase, followed by a notable 4% increase in Q2 2023. Both public and private charging ports expanded, showcasing a continual growth trend in the electric vehicle charging infrastructure. Therefore, the increasing number of charging stations serves as a significant factor driving the growth of the electric mobility market.

The primary challenge hindering the growth of the electric mobility market during the forecast period is the insufficient charging infrastructure in certain areas. This poses difficulties for electric car owners, especially when embarking on long-distance travels, impacting acceptance among customers with regular long-distance travel needs. As of May 2023, the US Department of Transportation expressed concerns about poor or nonexistent infrastructure signage along route corridors and the lack of charging availability details, particularly in rural towns. Additional challenges for rural populations in cold climates include decreased battery performance and EV range during winter months, along with concerns about weather protection while waiting for a car to charge. Consequently, the inadequacy of charging infrastructure in specific regions is restricting the growth of the electric mobility market.

Major companies in the electric mobility market are strategically focusing on advancements in electric mobility to gain a competitive advantage. An integrated E-powertrain system, which unifies the motor, power electronics, and energy storage components, plays a crucial role in efficiently propelling electric vehicles. For example, in May 2023, Germany-based technology company ZF Friedrichshafen AG introduced AXTrax 2, a modular, integrated, axle-based e-powertrain system designed for the electrification of various commercial vehicles. This system facilitates communication and data exchange about e-axle systems through the controller area network bus, enabling advanced digital and telematics systems. The AxTrax 2 replaces traditional components such as the engine, transmission, driveshaft, differential, and conventional axle to electrify commercial vehicles, maximizing space for batteries and enhancing design flexibility for future electric mobility concepts.

In August 2022, Cummins Inc., a US-based manufacturer of diesel engines, filtration, and power generation products, acquired Meritor Inc. for approximately $3.7 billion. This strategic acquisition strengthens Cummins' position in powertrain components, facilitating accelerated development in electrified power solutions. Meritor Inc., a US-based vehicle company, specializes in manufacturing drivetrains and powertrains for commercial electric mobility vehicles.

Major companies operating in the electric mobility market report are Volkswagen AG, Toyota Motor Corporation, Mercedes-Benz Group AG, Ford Motor Company, General Motors Company, Bayerische Motoren Werke AG, Honda Motor Co. Ltd., SAIC Motor Corp. Ltd., Robert Bosch GmbH, Hyundai Motor Company, Hitachi Ltd., Tesla Inc., Siemens AG, Nissan Motor Co. Ltd., Panasonic Corporation, BYD Company Ltd., AB Volvo, Renault Group, Contemporary Amperex Technology Co. Limited, ZF Friedrichshafen AG, Continental AG, Tata Motors Limited, Magna International Inc., Denso Corporation, Mitsubishi Electric Corporation, ABB Ltd., Beijing Automotive Group Co. Ltd., Valeo SA, LG Energy Solution Ltd., BorgWarner Inc.

Asia-Pacific was the largest region in the electric mobility market in 2023. Europe is expected to be the fastest-growing region in the forecast period. The regions covered in the electric mobility market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the electric mobility market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Electric mobility involves utilizing electric power, commonly sourced from batteries or fuel cells, to propel vehicles and facilitate transportation. This encompasses a range of vehicles, including fully electric vehicles, plug-in hybrids, and hydrogen fuel cell vehicles that convert hydrogen into electricity. The typical components of electric mobility systems include an electric motor, battery pack, on-board charger, and various elements for power conversion and control.

The primary product categories within electric mobility comprise electric bikes, electric scooters, electric motorized scooters, and electric motorcycles. Electric bikes, often known as e-bikes, are bicycles equipped with an integrated electric motor and battery that provide assistance to the rider's pedaling efforts. Various drive types, such as belt drive, chain drive, and hub drive, are employed, along with different battery types such as lead acid battery, li-ion battery, and others. These products cater to diverse end-users, including individuals for personal use and commercial applications.

The electric mobility market research report is one of a series of new reports that provides electric mobility market statistics, including the electric mobility industry global market size, regional shares, competitors with an electric mobility market share, detailed electric mobility market segments, market trends, and opportunities, and any further data you may need to thrive in the electric mobility industry. This electric mobility market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The electric mobility market consists of sales of electric vehicles, electric vehicle components such as electric motors, traction battery packs, and charge port and replacement parts. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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