The Business Research Company’s report on the Amusement Parks Global Market Report 2025 Market provides insights into the global market size, growth rate, regional distribution, competitive landscape, key segments, emerging trends, and strategic opportunities.
What are the key drivers behind the electric mobility market’s growth in recent years?
The increasing demand for electric vehicles is expected to propel the growth of the electric mobility market going forward. Electric vehicles (EVs) are automobiles that are powered primarily or entirely by electricity stored in rechargeable batteries. Electric vehicles significantly reduce 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 instance, In April 2024, CITAevcharger an UK-based smart electric vehicle solution provider company, reported that the UK now has 1,000,000 fully electric vehicles (EVs) on its roads, reflecting a notable 18% increase in battery-electric car registrations during 2023. Electric cars comprised 15.2% of new car registrations in March 2024, marking a significant rise of 40% compared to 2022, when there were only 265,000 battery-electric cars registered. Furthermore, projections indicate that the UK will require around 2.3 million charging points by 2030 to support this growing market. Therefore, the increasing demand for electric vehicles is driving the growth of the electric mobility market.
Electric Mobility Market Driver: Rise In Charging Stations Fuels The Electric Mobility Market
The increasing number of charging stations is expected to propel the growth of the electric mobility market going forward. A charging station is a socket or electrical device designed for plugging in electric vehicles or other electrical devices to replenish their batteries with electricity. Charging stations enhance the electric mobility by expanding infrastructure, reducing charging time, and promoting the widespread adoption of electric vehicles. For instance, in December 2023, according to the Alternative Fuels Data Center (AFDC), a US-based energy department, in Q1 2023, EV charging ports in the US witnessed a steady increase of 3.2%, followed by a notable 4.0% increase in Q2 2023, Further, the public ports expanded by 4.1% and private ports by 3.4%, showcasing consistent expansion in the electric vehicle charging infrastructure. Therefore, the increasing number of charging stations is driving the growth of the electric mobility market.
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How does the future projection of the electric mobility market size compare to its historical growth?
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 $1182.45 billion 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.
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Which key players are shaping the future of the electric mobility market?
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.
What trends will propel the growth and evolution of the electric mobility market?
Major companies operating in the electric mobility market are focused on advancements in electric mobility to gain a competitive edge in the market. An integrated E-powertrain system is a comprehensive, unified electric powertrain that combines the motor, power electronics, and energy storage components to propel an electric vehicle efficiently. For instance, in May 2023, ZF Friedrichshafen AG, a Germany-based technology company, launched AXTrax 2, a modular, integrated, axle-based e-powertrain system that enables the electrification of all types of commercial vehicles. It makes it possible for advanced digital and telematics systems to communicate and exchange data about e-axle systems through the controller area network bus. The AxTrax 2 is an axle-based system that replaces the engine, transmission, driveshaft, differential, and conventional axle to electrify a commercial vehicle. This design helps to maximize the available space for batteries and enhances the manufacturer’s design flexibility for future electric mobility concepts.
Which regions are expected to become dominant players 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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What are the emerging key segments in the electric mobility market, and how are they evolving?
The electric mobility market 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
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How is the electric mobility market defined, and what are its core characteristics?
Electric mobility refers to the use of electric power, typically from batteries or fuel cells, to propel vehicles and enable transportation. This includes full electric vehicles, plug-in hybrids, and hydrogen fuel cell vehicles that convert hydrogen into electricity. It typically includes an electric motor, battery pack, on-board charger, and other components for power conversion and control.
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