Electric Mobility Global Market Opportunities and Strategies to 2034

This report describes and explains the electric mobility market and covers 2019-2024, termed the historic period, and 2024-2029, 2034F termed the forecast period. The report evaluates the market across each region and for the major economies within each region.

The global electric mobility market reached a value of nearly $581.14 billion in 2024, having grown at a compound annual growth rate (CAGR) of 35.67% since 2019. The market is expected to grow from $5,81,149.88 million in 2024 to $1.07 trillion in 2029 at a rate of 12.99%. The market is then expected to grow at a CAGR of 12.89% from 2029 and reach $1.96 trillion in 2034.

Growth in the historic period resulted from rising traffic congestion, expansion of smart city initiatives, growth in shared mobility services and expansion of charging infrastructure. Factors that negatively affected growth in the historic period were safety concerns and battery supply chain constraints.

Going forward, increasing demand for sustainable transportation, higher fuel prices, government policy and incentives and increasing demand for electric vehicles will drive growth. Factors that could hinder the growth of the electric mobility market in the future include limited driving range, regulatory and policy uncertainty and impact of trade war and tariff.

Asia Pacific was the largest region in the electric mobility market, accounting for 46.97% or $2,72,961.63 million of the total in 2024. It was followed by Western Europe, North America and then the other regions. Going forward, the fastest-growing regions in the electric mobility market will be Middle East and Africa where growth will be at CAGRs of 30.39% and 26.09% respectively. These will be followed by South America and Eastern Europe where the markets are expected to grow at CAGRs of 21.50% and 15.31% respectively.

The global electric mobility market is fairly fragmented, with large number of small players operating in the market. The top 10 competitors in the market made up 24.01% of the total market in 2024. BYD Company Ltd was the largest competitor with 6.03% share of the market, followed by Volkswagen AG with 4.04%, Tesla Inc. with 3.12%, BMW Group with 3.02%, General Motors Company with 2.71%, Hyundai Motor Company with 2.54%, NIO Inc. with 0.7073%, Ford Motor Company with 0.7070%, XPeng Inc. with 0.62% and Li Auto with 0.53%.

The electric mobility market is segmented by product into electric cars, electric truck, electric bus, electric LCV, electric bikes, electric scooters, electric motorized scooters and electric motorcycles. The electric cars market was the largest segment of the electric mobility market segmented by product, accounting for 83.31% or $484.16 billion of the total in 2024. Going forward, the electric LCV segment is expected to be the fastest growing segment in the electric mobility market segmented by product, at a CAGR of 29.34% during 2024-2029.

The electric mobility market is segmented by drive into belt drive, chain drive and hub drive. The chain drive market was the largest segment of the electric mobility market segmented by drive, accounting for 44.80% or $2,60,351.17 million of the total in 2024. Going forward, the hub drive segment is expected to be the fastest growing segment in the electric mobility market segmented by drive, at a CAGR of 16.98% during 2024-2029.

The electric mobility market is segmented by battery into lead acid battery, li-ion battery and other batteries. The li-ion battery market was the largest segment of the electric mobility market segmented by battery, accounting for 82.72% or $4,80,738.71 million of the total in 2024. Going forward, the li-ion battery segment is expected to be the fastest growing segment in the electric mobility market segmented by battery, at a CAGR of 14.28% during 2024-2029.

The electric mobility market is segmented by end-user into personal and commercial. The personal market was the largest segment of the electric mobility market segmented by end-user, accounting for 74.46% or $4,32,748.45 million of the total in 2024. Going forward, the commercial segment is expected to be the fastest growing segment in the electric mobility market segmented by end-user, at a CAGR of 14.47% during 2024-2029.

The top opportunities in the electric mobility market segmented by product will arise in the electric cars segment, which will gain $382.41 billion of global annual sales by 2029. The top opportunities in the electric mobility market segmented by drive will arise in the hub drive segment, which will gain $231.15 billion of global annual sales by 2029. The top opportunities in the electric mobility market segmented by battery will arise in the li-ion battery segment, which will gain $456.19 billion of global annual sales by 2029. The top opportunities in the electric mobility market segmented by end user will arise in the personal segment, which will gain $345.88 billion of global annual sales by 2029. The electric mobility market size will gain the most in China at $120.19 billion.

Market-trend-based strategies for the electric mobility market include focus on launch of e-bus platform to improve efficiency, safety and intelligence, focus on launch of innovative products, such as multi-use mobility platforms, to enhance urban transportation efficiency, provide flexible travel options and promote sustainable, integrated mobility solutions, focus on electric cab rental platforms to enhance urban transportation efficiency, reduce carbon emissions and offer convenient, sustainable mobility solutions for both corporate and individual users, focus on innovative products with two battery options to offer consumers flexibility in range and performance while catering to diverse commuting needs, focus on innovative products, including electric mountain bikes (eMTBs), focus on launch of new long-distance electric truck with superfast charging to revolutionize truck transport, focus on launch of innovative products such as customizable OCR engine modes and focus on launch of new autonomous minibus platform.

Player-adopted strategies in the electric mobility market include focus on strengthening business operations through strategic partnerships and focus on strategic partnerships to develop business expertise.

To take advantage of the opportunities, the analyst recommends the electric mobility market companies to focus on advancing electric bus platforms for growth, focus on developing multi-use electric mobility platforms, focus on expanding electric cab rental platforms, focus on offering multi-battery options in electric two-wheelers, focus on launching high-performance electric mountain bikes, focus on developing long-distance electric trucks with fast charging, focus on integrating advanced digital features in electric two-wheelers, focus on adopting sodium-ion battery technology, focus on developing autonomous minibus platforms, focus on launching lightweight electric bikes for urban mobility, focus on launching 3-wheeled electric motorcycles for urban mobility, focus on electric light commercial vehicles for growth, focus on hub drive systems for urban and shared mobility, focus on li-ion batteries for high-performance electric vehicles, expand in emerging markets, focus on expanding distribution channels for electric mobility, focus on competitive and flexible pricing strategies for electric mobility, focus on awareness and education campaigns for electric mobility, focus on strategic partnerships and incentive programs for promotion and focus on commercial electric vehicles for growth.