Electric Mobility Market Forecast 2024-2033: Growth Rate, Drivers, And Trends|Volkswagen AG, Toyota Motor Corporation, Mercedes-Benz Group AG, Ford Motor Company, General Motors Company

The Electric Mobility Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s 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 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 $954.97 billion in 2028 at a compound annual growth rate (CAGR) of 24.1%. 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 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 September 2022, according to the International Energy Agency (IEA), a France-based autonomous intergovernmental organization, sales of electric vehicles nearly doubled to 6.6 million in 2021 from 3 million in 2020, representing almost 9% of total sales, and increased by 4 percentage points in 2021 as well, bringing the total number of electric vehicles on the road to 16.5 million. Therefore, the increasing demand for electric vehicles is driving the growth of the electric mobility market.

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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

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.

The electric mobility market report table of contents includes:

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