Electric Mobility Market Report 2025

This report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market’s historic and forecast market growth by geography.

The electric mobility market size has grown exponentially in recent years. It will grow from $402.05 billion in 2024 to $507.26 billion in 2025 at a compound annual growth rate (CAGR) of 26.2%. The growth in the historic period can be attributed to advancements in magnetic materials, consumer electronics boom, automotive electrification, energy-efficient appliances, medical imaging devices.

The electric mobility market size is expected to see exponential growth in the next few years. It will grow to $1.18 trillion in 2029 at a compound annual growth rate (CAGR) of 23.6%. The growth in the forecast period can be attributed to electric vehicle (ev) market growth, iot and smart home devices, advancements in magnet manufacturing techniques, quantum computing development, miniaturization of electronic devices. Major trends in the forecast period include renewable energy technologies, miniaturization and high performance, magnetization techniques for efficiency, magnetic resonance wireless charging, sustainability and recycling.

The rising demand for electric vehicles is expected to drive the growth of the electric mobility market in the coming years. Electric vehicles (EVs) are automobiles primarily or entirely powered by electricity stored in rechargeable batteries. They play a crucial role in reducing greenhouse gas emissions, air pollution, and reliance on fossil fuels, thus contributing to a more sustainable and environmentally friendly transportation system that fosters electric mobility. For example, in April 2024, CITAevcharger, a UK-based smart electric vehicle solutions provider, reported that the UK now has 1,000,000 fully electric vehicles (EVs) on its roads, reflecting an impressive 18% increase in battery-electric car registrations during 2023. Electric cars accounted for 15.2% of new car registrations in March 2024, marking a substantial 40% rise compared to 2022, when only 265,000 battery-electric cars were registered. Moreover, projections suggest that the UK will need approximately 2.3 million charging points by 2030 to support this expanding market. Consequently, the increasing demand for electric vehicles is fueling 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.

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 2024. 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.

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.

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 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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