U.S. Electric Mobility Market Size, Share & Trends Report

U.S. Electric Mobility Market Size, Share & Trends Analysis Report By Product (Electric Scooter, Electric Bicycle, Electric Skateboard, Electric Motorcycle, Electric Car, Electric Wheelchair), By Battery, By Voltage, And Segment Forecasts, 2021 - 2028

  • Published Date: Sep, 2021
  • Base Year for Estimate: 2020
  • Report ID: GVR-4-68038-328-7
  • Format: Electronic (PDF)
  • Historical Data: 2018 - 2020
  • Number of Pages: 120

Report Overview

The U.S. electric mobility market size was valued at USD 28.5 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 19.8% from 2021 to 2028. Over the past decade, the growing carbon emission from traditional fuel-based vehicles has been a critical concern for government authorities. The sustainability move toward smart cities is one of the key factors responsible for the adoption of eco-friendly and cost-effective transportation. Since electric scooters run on batteries, there are no carbon or gaseous emissions from these vehicles. This mode of transportation is gaining penetration amongst environmentally conscious commuters. The pandemic has adversely affected the automotive industry, leading to a decline in the overall growth of the electric mobility market due to low automotive sales and reduced new requirements during the first half of 2020.

U.S. Electric Mobility market size, by battery, 2018 - 2028 (USD Billion)

However, the increasing greenhouse gas emissions have led to several initiatives to reduce climate change, enabling policymakers to focus on electric vehicles. This has led to enacting an action plan for climate change to reduce the emissions from transportation by adopting sustainable and eco-friendly transportation alternatives such as public transport and electric vehicles.US CAGR: 19.8%

The escalating spread of the COVID-19 pandemic has resulted in a global economic slowdown. Lockdowns and restrictions implemented in various parts of the world to reduce the spread of the virus led to temporary termination of multiple production facilities and disruption in various supply chain activities in North America during the first half of 2020. However, with the ease of lockdowns and restrictions and a significant economic revival, the electric mobility market in the U.S. is anticipated to witness growth over the forecast period.

Substantial investments from automakers are expected to cater to the increasing demand for electric vehicles and play a vital role in the evolution of the electric mobility market. General Motors, BMW, Nissan, Ford Motor Company, Volkswagen of America, Inc., and Tesla have enormous research and development budgets to develop electric vehicles. Original Equipment Manufacturers (OEMs) are increasingly providing electric vehicles in various segments, including high-end sedans such as Tesla Model 3 and small hatchbacks such as Nissan Leaf. For instance, in January 2018, Ford announced an increase in planned investments in electric vehicles to USD 11 billion by 2022. The company plans to add 40 electric cars to its vehicle lineup by 2022, of which, 24 would be Plug-in Hybrid Electric Vehicles (PHEVs) and 16 would be fully electric. The extensive product offering is expected to attract many end-users and result in promising market growth opportunities for electric vehicles such as electric cars, electric scooters, electric motorcycles, and electric bicycles.

Electric vehicles can be charged using a solar panel or at an electric charging station. The use of renewable energy to power electric vehicle charging stations is one of the prime opportunities for automakers in the electric vehicle charging market. Owing to the easy installation and reducing prices of solar panels, solar-powered charging stations have become a viable option for commercial buildings and homeowners to opt for electric vehicles.

These electric vehicle charging stations can be installed at shopping malls, residential buildings, theater parks, convention centers, complexes, and other facilities. About ten solar panels can offer enough electricity for powering an electric vehicle for driving about 21,000 km each year. Owing to the rapidly advancing solar panel designs and innovations, companies have started developing solar-powered charging stations, consequently allowing the transportation sector to decrease its dependence on fossil fuels.

The participation of the U.S. government and vehicle manufacturers in adhering to zero-emission standards considerably contributes to reducing the carbon emission gap. Governments across the region and country have framed numerous policies to escalate the penetration of electric vehicles by proposing various benefits to manufacturers and consumers. For instance, in the U.S., the Corporate Average Fuel Economy (CAFÉ) standards focus on increasing the adoption of energy-efficient automobiles by formulating several regulations to enhance the utilization of alternative fuel vehicles and reduce the consumption of fossil fuels.

Product Insights

Based on product, the U.S. electric mobility market can be categorized into segments such as the electric bicycle, electric scooter, electric skateboard, electric car, electric motorcycle, and electric wheelchair. The electric car segment dominated the market in 2020 and accounted for an overall market share of 80.8%. The segment growth can be attributed to the increasing adoption rate of electric cars compared to skateboards, bicycles, and wheelchairs.

The electric motorcycle segment is expected to expand at a CAGR of 29.5% over the forecast period. The U.S. government and regulatory bodies are boosting the adoption of electric two-wheelers by proposing tax concession, which is projected to contribute to the growth prospects of the electric mobility market in the U.S. Numerous companies have also emphasized investing in the e-motorcycle business, which is expected to further support the growth of the electric motorcycles segment and the overall electric mobility in the U.S. For instance, in July 2019, Harley-Davidson launched Livewire, its first electric motorcycle.

Battery Insights

Based on battery, the market is segmented into sealed lead acid, Li-ion, and NiMH. The Li-Ion battery segment dominated the market in 2020 and accounted for 55.8% of the market share. The increasing awareness of adopting eco-friendly batteries and the environmental and performance advantages of Li-Ion batteries over NiMH and sealed lead-acid batteries have boosted the demand for Li-Ion batteries. Li-Ion battery’s performance s expected to position Li-Ion technology as a global mainstream battery technology for electric vehicles over the forecast period. Furthermore, the price of Li-Ion batteries is projected to witness a significant decline owing to low-cost cathode composition in the coming years, reducing the overall cost of electric vehicles.

The NiMH battery segment is projected to expand at a CAGR of 19.9% over the forecast period. NiMH batteries offer 500 complete charge cycles before their replacement. They have a better battery lifecycle compared to lead-acid batteries and are lightweight. The NiMH battery segment is projected to grow significantly as these batteries experience reduced degradation and premature aging with time. Moreover, research is being carried out to advance the NiMH battery technology to reduce its production cost by USD 150 per kilowatt per hour and upsurge its energy density.

Voltage Insights

Based on voltage, the market can be segmented into 24V, 36V, 48V, and greater than 48V. The 24V segment accounted for 37.9% of the overall revenue in 2020. These batteries hold high compatibility with electric vehicles and offer greater power output, which is anticipated to support the segment growth over the forecast period. However, the surge in the demand for 48V batteries owing to growing customer preferences for vehicles with long-lasting battery range to avoid frequent charging of the battery is expected to fuel the growth of the 48V batteries segment.

U.S. electric mobility market share, by voltage, 2020 (%)

The 48V segment is projected to register a CAGR of 21.2% from 2021 to 2028. The use of higher voltage levels, for instance, scooters with 48V, offers advantages such as high efficiency, less electric consumption, and better power for the vehicle. These voltage systems help reduce carbon dioxide emissions at acceptable cost levels. Furthermore, these systems offer features such as air conditioning compressors and turbochargers, which are challenging to implement in 12V or 24V systems. The need to mitigate carbon footprint is anticipated to increase the demand for high voltage electric scooters.

Key Companies & Market Share Insights

Prominent industry participants include Accell Group, Airwheel Holding Limited, Derby Cycle, HARLEY-DAVIDSON, Honda Motor Co. Ltd., Invacare Corporation, Lohia Auto Industries, and Ninebot Ltd. These players emphasize strategic partnerships, collaborations, and mergers and acquisitions. For instance, in December 2020, Harley-Davidson announced its partnership with Hero MotoCorp, the largest two-wheeler manufacturer. The partnership was aimed toward establishing a complete portfolio of premium bikes across multiple segments and engine capacities. Similarly, in April 2019, Accell Group signed a contract with Fletcher Hotels to deliver Sparta electric bikes to the Dutch hotel chain.

Market players also focus on initiatives such as new product launches and joint ventures to enhance their position in the market. For instance, in July 2020, Invacare Corporation announced SMOOV one, a power assist solution. With SMOOV one, users can increase their mobility and range while reducing the stress on the driver's shoulder. Similarly, in January 2019, Lightning Motorcycles announced the launch of the all-new Lightning Strike, an electric motorcycle with DC fast charging in 35 minutes, a range of 150 miles, and a top speed of 150 mph. Some of the prominent players operating in the U.S. electric mobility market are:

  • Accell Group

  • Airwheel Holding Limited

  • Derby Cycle

  • HARLEY-DAVIDSON

  • Honda Motor Co. Ltd.

  • Invacare Corporation

  • Lohia Auto Industries

  • Ninebot Ltd.

U.S. Electric Mobility Market Report Scope

Report Attribute

Details

Market size value in 2021

USD 33.89 billion

Revenue forecast in 2028

USD 119.86 billion

Growth Rate

CAGR of 19.8% from 2021 to 2028

Base year for estimation

2020

Historical data

2018 - 2020

Forecast period

2021 - 2028

Quantitative units

Revenue in USD Million and CAGR from 2021 to 2028

Report coverage

Revenue forecast, company market share, competitive & vendor landscape, regulatory landscape, competitive landscape, growth prospects, and trends

Segments covered

Product, battery, voltage

Country scope

U.S.

Key companies profiled

Accell Group; Airwheel Holding Limited; Derby Cycle; HARLEY-DAVIDSON; Honda Motor Co. Ltd.; Invacare Corporation; Lohia Auto Industries; and Ninebot Ltd.

Customization scope

Free report customization (equivalent to up to 8 analysts working days) with purchase. Addition or alteration to country, regional & segment scope.

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Segments Covered in the Report

This report forecasts revenue growth at the country level and analyzes the latest industry trends in each of the sub-segments from 2018 to 2028. For this study, Grand View Research has segmented the U.S. electric mobility market report based on product, battery, and voltage:

  • Product Outlook (Revenue, USD Million, 2018 - 2028)

    • Electric Scooter

    • Electric Bicycle

    • Electric Skateboard

    • Electric Motorcycle

    • Electric Car

    • Electric Wheelchair

  • Electric Scooter by Product Outlook (Revenue, USD Million, 2018 - 2028)

    • Retro

    • Standing/Self-Balancing

    • Folding

  • Battery Outlook (Revenue, USD Million, 2018 - 2028)

    • Sealed Lead Acid

    • NiMH

    • Li-ion

  • Voltage Outlook (Revenue, USD Million, 2018 - 2028)

    • 24V

    • 36V

    • 48V

    • Greater than 48V

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