Electric mobility refers to all vehicles that are powered by an electric motor or those that receive power or energy primarily from the power grid. Electric mobility includes all electric vehicles, which include battery operated electric vehicles, plug-in hybrid electric vehicles, and hybrid electric vehicles. Electric mobility is majorly a low or zero-emission vehicle, which contributes significantly toward a greener environment through reduction in carbon emission.
Surge in emission levels, which are harmful and injurious to the human health and environment, caused by fossil fuel powered vehicles has prompted global and state regulatory bodies to propose, design, and develop eco-friendly machinery and vehicles. This has led to the development and operation of electric mobility, which is considered the best possible alternate vehicle for the environment. Rapid rise in demand for and sales of electric vehicles in developing countries due to concerns about high air pollution levels is a key factor that is projected to drive the electric mobility market during the forecast period.
Additionally, growing support by governments around the world, by means of initiatives and subsidies, around the world is another factor that is anticipated to propel the electric mobility market during the forecast period. Furthermore, rise in adoption of electric mobility for commercial purposes, such as taxis, across the globe, especially in countries such as China, and U.S., coupled with rise in demand for alternative fuel vehicles is another major factor that is projected to boost the electric mobility market during the forecast period. However, a lack of charging infrastructure coupled with the higher cost of electric mobility is likely to restrain the electric mobility market during the forecast period.
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The global electric mobility market can be segmented based on type, vehicle type, component, and region. Based on type, the electric mobility market can be divided into battery operated electric vehicle, plug-in hybrid electric vehicle, and hybrid electric vehicle. Battery operated electric vehicle was a highly attractive segment of the market. Expansion of the segment is primarily attributed to its zero emission, as it is powered entirely by an electric motor. The segment is projected to remain dominant during the forecast period.
In terms of vehicle type, the electric mobility market can be classified into passenger electric vehicle and commercial electric vehicle. The passenger electric vehicle segment accounts for a higher share of the electric mobility market. This is majorly due to higher rate of adoption of electric vehicles owing to emission concerns and awareness coupled with stringent government emission norms and policies.
Based on component, the electric mobility market can be bifurcated into electric motor, battery, and other three segments. The battery segment dominated the electric mobility market, primarily due to its application as a highly essential component of any kind of automobile. It serves as a primary power source for electric automotive functions.
Based on geography, the global electric mobility market can be split into North America, Latin America, Europe, Asia Pacific, and Middle East & Africa. Asia Pacific dominates the global electric mobility market. This is majorly due to the higher rate of adoption of electric vehicles in the region, owing to the rapid rise in prices of fuel and increase in pollution. Countries in the region, such as China and Japan, are leading, globally, in terms of sales and production of electric mobility. Intensification in pollution and stringent efforts to replace conventional vehicles by regulatory bodies in the region are major factors that are anticipated to boost the electric mobility market in the region. Asia Pacific is projected to hold a dominant share of the global market during the forecast period.
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Major players operating in the global electric mobility market include Tesla, Inc., Nissan Motor Corporation., Toyota Motor Corporation., Renault, Hyundai Motor Company, General Motors, Ford Motor Company, AB Volvo, BMW AG, BYD Company Limited., Daimler AG, Honda Motor Co., Ltd., Mitsubishi Motors Corporation, Tata Motors, and Volkswagen AG.
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