Electric Mobility Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, 2021-2031

The Global Electric Mobility Market is projected to expand from USD 498.80 Billion in 2025 to USD 823.27 Billion by 2031, reflecting a compound annual growth rate of 8.71%. Defined as the sector encompassing vehicles propelled by electric motors and the necessary charging infrastructure for their operation, this market is chiefly underpinned by strict government regulations focused on decarbonization and significant financial subsidies that reduce upfront costs for buyers. These driving forces are distinguished from fleeting market fads, representing a lasting structural transformation within the automotive industry toward sustainable energy sources rather than temporary changes in consumer tastes.

Conversely, the industry confronts a major obstacle regarding the inadequate availability of public charging stations, which intensifies range anxiety among prospective owners. This infrastructure shortage poses a threat to the widespread acceptance of electric vehicles, particularly in areas with less advanced power grids. Highlighting the strong demand despite these operational difficulties, the China Association of Automobile Manufacturers reported that sales of new energy vehicles reached roughly 12.9 million units in 2024. This data underscores the robust appetite in the leading market, even amidst existing infrastructural hurdles.

Market Drivers

Advancements in battery technology combined with decreasing manufacturing expenses act as a primary economic catalyst for the global electric mobility sector. Because the battery pack accounts for a significant share of a vehicle's overall cost, ongoing enhancements in cathode chemistry and energy density are crucial for reaching price parity with internal combustion engines. This decline in production costs permits original equipment manufacturers to reduce entry prices for buyers, thereby broadening the potential market beyond the luxury tier. As reported by the International Energy Agency in its 'Global EV Outlook 2024' from April 2024, the cost of lithium-ion battery packs fell by roughly 14% in 2023, a development largely attributed to lower raw material prices and expanded manufacturing capabilities; this trend is vital as it directly improves the total cost of ownership, making sustainable transport financially accessible to a wider population.

Concurrently, the rapid electrification of commercial fleets and public transportation systems is creating a steady baseline demand that helps stabilize the wider market. Corporate sustainability requirements and municipal rules are forcing logistics companies and public transit authorities to swap aging diesel fleets for zero-emission options, ensuring large-scale orders for manufacturers. According to the European Automobile Manufacturers' Association's January 2024 report on new commercial vehicle registrations, sales of new electrically chargeable vans in the European Union increased by 56.8% in 2023 compared to the prior year. This strong commercial adoption supplements passenger vehicle growth and indicates long-term industry confidence, while the International Energy Agency projects that global electric car sales will hit approximately 17 million units in 2024, demonstrating the aggregate effect of these sector-wide shifts and technological progress.

Market Challenges

The scarcity of public charging stations serves as a critical restriction on the growth of the electric mobility market. This lack of infrastructure establishes a tangible barrier that hinders mass adoption, as prospective consumers are discouraged by range anxiety and the fear of being unable to recharge during extended trips or within urban settings. Although vehicle technology has advanced, the delay in charging deployment constrains the market reach for manufacturers, effectively limiting sales to households with private parking facilities and stalling progress among the wider population that depends on public networks.

This expanding disparity between vehicle adoption and infrastructure readiness is measurably suppressing market potential by diminishing the ownership experience. According to the Alliance for Automotive Innovation, the United States market experienced a significant imbalance in 2024, where only one new public charging port was installed for every 48 new electric vehicles registered. This lopsided ratio underscores the failure of the supporting ecosystem to keep up with demand, leading to increased congestion at current stations and eroding consumer confidence, which directly impedes the essential structural transition toward sustainable transportation.

Market Trends

The implementation of ultra-fast 800-volt charging architectures is transforming the global electric mobility landscape by drastically cutting vehicle downtime and mitigating consumer worries regarding charging speeds. This technological evolution allows for higher power delivery, enabling compatible electric vehicles to recover significant range in mere minutes instead of hours, effectively mimicking the refueling process of internal combustion engines. This trend is fostering a simultaneous growth in high-power infrastructure, which is essential for facilitating long-haul travel and heavy-duty commercial uses; per the International Energy Agency's 'Global EV Outlook 2025' from May 2025, the inventory of ultra-fast chargers capable of delivering 150 kW or more increased by over 50% in 2024, now representing nearly 10% of all public fast chargers worldwide.

Simultaneously, the incorporation of Vehicle-to-Grid (V2G) technology is radically changing the value proposition of electric vehicles by converting them into active grid resources. By permitting bi-directional energy flow, this innovation enables EV batteries to send stored electricity back to the power grid during times of peak demand, aiding in grid stabilization and providing owners with a possible source of revenue. This functionality is becoming increasingly crucial for handling the variability of renewable energy sources and bolstering overall energy system resilience. Highlighting this progress, Hyundai Motor Group confirmed in a November 2025 press statement that it would launch a commercial Vehicle-to-Grid (V2G) pilot service in Korea by the end of 2025, utilizing the Kia EV9 and Hyundai IONIQ 9 to manage renewable energy surpluses.

Key Players Profiled in the Electric Mobility Market

• Tesla, Inc.
• BMW AG
• Nissan Motor Co., Ltd.
• BYD Co., Ltd.
• Rivian Automotive, Inc.
• Lucid Group, Inc.
• Ford Motor Company
• Volkswagen AG
• Honda Motor Co., Ltd.
• AUDI AG

Report Scope

In this report, the Global Electric Mobility Market has been segmented into the following categories:

Electric Mobility Market, by Product Type:

• Electric Cars
• Electric Two Wheelers
• Others

Electric Mobility Market, by Voltage Type:

• Less than 24V
• 24V-48V
• Greater than 48V

Electric Mobility Market, by Battery Type:

• Sealed Lead Acid
• NiMH
• Li-ion

Electric Mobility Market, by Region:

• North America
• Europe
• Asia-Pacific
• South America
• Middle East & Africa

Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in the Global Electric Mobility Market.

Available Customization

The analyst offers customization according to your specific needs. The following customization options are available for the report:

• Detailed analysis and profiling of additional market players (up to five).

This product will be delivered within 1-3 business days.