Electric Mobility Industry To Grow Due To The Increasing Concentration Of Greenhouse Gases Harming The Environment

  

Electric mobility industry data book covers two-wheeler, three-wheeler, and light commercial vehicles market.

 

The global electric mobility industry account for USD 101.67 billion in revenue in 2022, growing at a cumulative rate of 19.9% over the forecast period.

 

Grand View Research’s electric mobility industry data book is a collection of market sizing information & forecasts, regulatory data, reimbursement structure, competitive benchmarking analyses, macro-environmental analyses, and regulatory & technological framework studies. Within the purview of the database, all such information is systematically analyzed and provided in the form of presentations and detailed outlook reports on individual areas of research. Surge in the adoption of EVs, especially e-scooters among the youth, light commercial vehicles for rapid transportation with reduced carbon footprints and increasing purchasing capacity across the globe are expected to significantly increase the demand for E- mobility, thereby supporting the market growth.

 

Electric Two-Wheeler Market Insights

The global electric three-wheeler market size was valued at USD 91.07 billion in 2022 and is anticipated to register a compound annual growth rate (CAGR) of 13.0 % during 2023-2030. The global electric two-wheeler market comprises markets for electric scooters and electric motorcycles. In India, a growing number of start-ups and their rising focus on research development activities pertaining to the integration of electronics and other latest technologies has bolstered the electric two-wheeler market growth in the country. For instance, in November 2022, Simple Energy, an Indian start-up had announced to launch of its electric scooter “Simple One” in March 2023. The company is investing in the research & development of its own propriety motor for the Simple Energy electric scooters. Thus, with better engineering and manufacturing capabilities the company is poised to launch a new product in the Indian market.

 

Electric Light Commercial Vehicles Market insights

The global electric three-wheeler market size was valued at USD 9.30 billion in 2022 and is anticipated to register a compound annual growth rate (CAGR)of 39.0% during 2023-2030. Increasing demand for the lightweight, fuel-efficient, and cost-effective vehicle for the transportation of goods is fueling the growth of light commercial vehicles such as pick-up trucks, vans, and minibus in the market. Additionally, the booming e-commerce sector is further creating demand for the logistics transportation service, an electric light commercial vehicle which offers tax incentives, contributes to reducing fuel emission, and are affordable. Thus, LCVs are widely preferred for door-to-door delivery, pick, and drop, and shipping service in the market.

Moreover, government initiatives to reduce the global carbon footprint has positively impacted the growth of light commercial vehicles. For instance, in 2019, European Union set a mandate to meet the regional CO2 emission targets, the new LCVs manufactured vehicle fleet must emit up to 147g CO2/KM and from 2035, all the new light-duty manufactured must be zero-emission vehicle. Thus, government efforts have resulted in the increasing the share of e-vans from 1.4% in 2020 to previous year. Furthermore, to boost the adoption of light commercial vehicle, European government launched the “fit for 55 climate packages” in 2021, a regulatory framework which is expected to propel the adoption rate of electric vans by the consumers.

 

 

 

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Electric Three-Wheeler Market Insights

The global electric three-wheeler market size was valued at USD 1.28 billion in 2022 and is anticipated to register a compound annual growth rate (CAGR)of 7.7 % during 2023-2030. The market is expected to experience growth owing to the rising inclination towards electric vehicles over conventional vehicles powered by fossil fuel. The growing concentration of greenhouse gases in the environment has promoted society to look for sustainable modes of transportation options, especially electric three-wheeler vehicles. Moreover, new startups such as Nobecars, Arcimoto, and others are booming in the electric three-wheeler landscape, further driving the market growth.

 

Electric vehicles are becoming a part of the mainstream vehicle fleets worldwide. To make electric three-wheelers more efficient, their powertrain and battery technologies are being improved. To make electric three-wheelers more affordable, manufacturers are developing a scalable electric solution for three-wheelers which will help in the cost-effective electrification of conventional vehicles specially used for last mile connectivity. The electric mobility ecosystem has been developing to accommodate more electric vehicles based on the transportation choices of various end-users. With electric light commercial three-wheelers fleets being increasingly used for last-mile delivery of cargo.

The Asia Pacific region had the highest market share of 64.63% in 2021 and has the highest market share of 7.5%. The regional dominance is attributed to factors such as growing public opinion towards electric vehicles, significant demographic growth, major use of affordable public transport for the last mile, and daily commuting in the region. China and India are major regional markets, with three-wheelers used as passenger carriers and good carriers. Furthermore, the government of India is advocating to promote of electric three-wheeler and other electric vehicles by taking initiatives such as FAME and PLI to provide subsidies & incentives for E-3W.

The European region is also expected to show market growth due to the presence of prominent automobile manufacturers who are aggressively investing in building an electric mobility portfolio. These manufacturers are also dedicating resources to the R&D of innovative technology for electric mobility solutions. For instance, the European Union has launched an R&D program called the EU-LIVE, funded by Horizon 2020 for developing mobility solutions and models for L-category vehicles. These initiatives are further encouraging market growth.

 

Go through the table of content of Electric Mobility Industry Data Book to get a better understanding of the Coverage & Scope of the study.

 

Electric Mobility Industry Data Book Competitive Landscape

 

The key market players in the E- mobility market is continuously pursuing various initiatives such as strategic partnerships, mergers and acquisitions, and new product launches. These vendors hold expertise in the industry and have strategic footprints spread across various parts of the world. Hence, these companies have been able to successfully defend their position in the market.

 

Key players operating in the electric mobility industry are –

• AIMA Technology Group Co. Ltd.
• Bird Rides Inc.
• Hero Electric
• Lime
• Jiangsu Xinri E-Vehicle Co. Ltd.
• Motovolt
• Okinawa Autotech Internationall Private Limited
• Rad Power Bikes Inc.
• Yadea Technology Group Co. Ltd.
• Yamaha Motor Co. Ltd.
• Zero Motorcycles, Inc.