Electric Mobility Market Report and Forecast 2025-2034

The global electric mobility market reached USD 259.20 Billion in 2024 and is expected to grow at a CAGR of 20.00% during the forecast period of 2025-2034 to attain USD 1.60 trillion by 2034.

Technological and social change is taking place in the automotive industry. This is driven primarily by the increasing awareness of the lower operating and maintenance costs of EVs, coupled with their ability to reduce harmful emissions contributing to the global warming.

Over the coming years, these favourable trends are likely to work well for the EVs market, thus, driving the electric mobility market growth.

Market Segmentation

Electric mobility refers to all vehicles powered by an electric motor or those mainly driven by the power grid. Electric mobility includes all-electric vehicles, including electric vehicles operated by batteries, hybrid electric vehicles plug-in, and hybrid electric vehicles. Electric mobility is primarily a vehicle with low or zero emissions, which contributes significantly to a greener world by reducing carbon emissions. The electric mobility market can be broadly categorised based on its types, vehicle types, and components.

Based on its types, the electric mobility market can be segmented into:

• Battery Operated Electric Vehicle
• Plug-In Hybrid Electric Vehicle
• Hybrid Electric Vehicle

On the basis of vehicle types, the industry can be broadly categorised into:

• Passenger Electric Vehicle
• Commercial Electric Vehicle

Based on the components, the industry is divided into:

• Electric Motor
• Battery
• Others

On the basis of region, the industry can be broadly categorised into:

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East and Africa

Market Analysis

Concerns about the ever-increasing greenhouse gas and carbon footprint of the automobile and transportation industries are urging regulatory bodies at the global and state level to enact policies that promote the adoption of energy-efficient vehicles. Also, the organic growth of mobility-as-a-service (MaaS) and the steadily declining costs of high-capacity Li-Ion batteries, which in turn reduces total vehicle costs, are driving the increased electric vehicle (EV) adoption. These factors are expected to drive the growth of the electric mobility market.

Competitive Landscape

The report presents a detailed analysis of the following key players in the global electric mobility market, looking into their capacity, competitive landscape, and latest developments like capacity expansions, plant turnarounds, and mergers and acquisitions:

• Nissan Motor Co., Ltd
• Tesla, Inc. (NASDAQ: TSLA)
• Toyota Motor Corporation
• Groupe Renault
• General Motors
• Ford Motor Company
• Others

The report gives an in-depth insight into the industry by providing a SWOT analysis as well as an analysis of Porter’s Five Forces model.