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How Is The Electric Mobility Market Expected To Grow In Terms Of Size?

The size of the electric mobility market has seen remarkable growth in the past few years. The prediction is that from a value of $402.05 billion in 2024 it will surge to $501.64 billion in 2025, exhibiting a compound annual growth rate (CAGR) of 24.8%. This notable increase over the historical period is due to new developments in magnetic materials, an upswing in consumer electronics, the rise of automotive electrification, the proliferation of energy-efficient appliances, and advancements in medical imaging devices.

In the coming few years, the electric mobility market is expected to witness rampant growth, poised to reach a market value of $1152.54 billion by 2029. This represents an impressive compound annual growth rate (CAGR) of 23.1%. Factors contributing to this predicted growth surge in the forecasted period include the growth of the electric vehicle (ev) market, breakthroughs connected to IoT and smart home gadgets, advancements in magnet manufacturing processes, the evolution of quantum computing, and the miniaturization of electronic devices. Some of the significant trends during the forecast period also encompass renewable energy technologies, miniaturization coupled with high performance, efficiency-focused magnetization techniques, magnetic resonance-based wireless charging, and sustainable practices coupled with recycling.

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Which Market Dynamics Are Playing A Critical Role In The Growth Of The Electric Mobility Market?

The growth of the electric mobility market is anticipated to be driven by the escalating demand for electric vehicles. Electric vehicles (EVs), which primarily or completely run on electricity stored in rechargeable batteries, are a type of automobile. Notably, these vehicles dramatically minimize greenhouse gas emissions, air pollution, and reliance on fossil fuels, thereby enhancing the sustainability of the transportation system and promoting electric mobility. To exemplify, CITAevcharger, an intelligent electric vehicle solutions firm based in the UK, reported in April 2024, that the UK’s roads are now home to 1,000,000 fully electric vehicles (EVs). This represents a significant 18% growth in battery-electric car registrations throughout 2023. In March 2024, electric cars accounted for 15.2% of new car registrations, a considerable 40% increase from 2022, when only 265,000 battery-electric cars were registered. Projections also suggest that the UK will need approximately 2.3 million charging points by 2030 to cater to this booming market. Thus, the rise in demand for electric vehicles is leading to the expansion of the electric mobility market.

Which Segmentation Factors Are Critical In The Electric Mobility Market Analysis?

The electric mobilitymarket covered in this report is segmented –

1) By Product: Electric Bikes, Electric Scooters, Electric Motorized Scooters, Electric Motorcycles

2) By Drive: Belt Drive, Chain Drive, Hub Drive

3) By Battery: Lead Acid Battery, Li-Ion Battery, Other Batteries

4) By End-User: Personal, Commercial

Subsegments:

1) By Electric Bikes: Pedal-Assist Electric Bikes, Throttle-Control Electric Bikes

2) By Electric Scooters: Stand-Up Electric Scooters, Sit-Down Electric Scooters

3) By Electric Motorized Scooters: Folding Electric Scooters, Off-Road Electric Scooters

4) By Electric Motorcycles: City Electric Motorcycles, Sports Electric Motorcycles

What Are The Dominant Trends Currently Seen In The Electric Mobility Market?

Key players in the electric mobility market are prioritizing progression in electric mobility innovation to solidify their position in the sector. One such innovation is a holistic E-Powertrain system, which brings together the motor, power electronics, and energy storage systems to effectively power an electric vehicle. A prime example of this was in May 2023, when German technology company ZF Friedrichshafen AG introduced AXTrax 2. This modular, unified e-powertrain system, which is integrated into the axle, serves to electrify various kinds of commercial vehicles. It also enables sophisticated digital and telematics systems to correspond and share data about the e-axle systems via the controller area network bus. The AxTrax 2 takes the place of multiple components including the engine, transmission, driveshaft, differential, and traditional axle. This technological advance facilitates superior use of space for batteries and augments design flexibility for future electric mobility models by manufacturers.

Who Are The Dominant Players In The Electric Mobility Market Today?

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.

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Which Region Is Likely To Register The Fastest Growth In The Electric Mobility Market?

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.

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