Electric mobility or electro-mobility, also known as e-mobility, refers to all vehicles that are electric-powered or those that receive energy or power mainly from the power grid. It encompasses only fully electric vehicles. The automotive industry is undergoing a radical transformation, with most of the automakers agreeing that the next decade would bring more change than the previous decades. Original Equipment Manufacturers (OEMs) are preparing to phase out vehicles powered only by internal combustion engines as governments are formulating regulations to tackle fuel emissions. Therefore, battery-powered electric vehicles (BEVs) are witnessing growth.
The automotive industry is strongly committed toward the development of e-mobility because zero or low-emission vehicles contribute considerably toward a greener environment through a reduction in carbon emissions. The increasing scarcity of fossil fuels and the growing need for mobility due to rising requirements for new solutions and alternative propulsion systems are some of the important factors driving the global e-mobility market.
Moreover, vehicles that run on fossil fuels have led to a surge in carbon emission levels that are injurious and harmful to the environment and human health. This, in turn, has prompted state and global regulatory bodies to develop regulations regarding eco-friendly vehicles and various government started providing subsidies to develop and design eco-friendly vehicles. This has led to the operation and development of electric mobility, which is considered the best possible alternate transport for environmental protection. Additionally, heavy investments from OEMs in electric vehicles, increased vehicle range per charge, and growing support by governments across the globe through subsidies and initiatives are other factors that are expected to drive the growth of the electric mobility market over the coming years.
The electric mobility market can be segmented on the basis of product, battery type, voltage, and region. The product segment includes electric bicycle, electric skateboard, 2-wheeled electric scooter, electric motorcycle, electric car, 3-wheeled electric scooter, and electric wheelchair. The electric car segment accounts for the largest share of this market owing to a higher rate of adoption of electric cars. This is a result of the growing awareness regarding the rising level of emissions coupled with strict government emission policies and norms.
The battery segment analyzed in the study includes sealed lead acid, lithium-ion (Li-ion), and NiMH battery. The sealed lead acid battery segment is dominated the market in 2018 owing to their low cost and robustness. The lithium-ion battery segment is anticipated to register the highest CAGR over the forecast period owing to the declining prices of these batteries.
The market can be further classified regionally into North America, Latin America, Asia Pacific, Europe, and Middle East & Africa. Asia Pacific is anticipated to dominate the market owing to the higher rate of adoption of electric vehicles in the Asia Pacific region, resulting from an increase in pollution and the rapid rise in fuel prices. Asian economies such as China and Japan are leading globally in terms of production as well as sales of electric mobility. In addition, the regional market is fueled by the declining prices of electric vehicles as compared to conventional vehicles and rising environmental concerns.
The major players operating in the e-mobility market include Nissan Motor Corporation, Tesla, Accell Group, ALTA MOTORS, Vmoto Limited ABN, Terra Motors, Mahindra Electric Mobility Limited, BYD Company Ltd., Continental AG, General Motors, Kinetic Green Energy & Power Solutions Ltd., and Zero Motorcycles, Inc., among others. These companies are focusing on developing improved battery technologies to enhance the power-to-weight ratio and range capabilities. They are also making huge investments in electric vehicles. For instance, Mahindra Electric Mobility Limited and SmartE signed a memorandum of understanding to promote the sales of last mile electric mobility solutions in India. Such strategic initiatives are further anticipated to propel the growth of the electric mobility market over the coming years.
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