Electric Mobility Industry Growth Trends, Research and Revenue Analysis, 2030
The global electric mobility market was valued at USD 109.23 billion in 2022 and is projected to reach USD 325.64 billion by 2030, growing at a robust CAGR of 14.6% from 2023 to 2030. This rapid expansion is being driven by rising environmental concerns, particularly the increasing concentration of greenhouse gases (GHGs) and the consequent growth in carbon footprint, which have led to strong demand for sustainable alternatives to traditional fuel-based vehicles. Governments across the globe are enforcing stringent emission regulations to reduce vehicular pollution. Standards such as the U.S. Environmental Protection Agency’s (EPA) GHG emission norms, BS-VI in India, and China VI regulations are key policy measures that are pushing automakers and consumers toward electric mobility solutions.
Beyond emission regulations, the market growth is supported by the development of charging infrastructure, advances in autonomous mobility, and a strong global push for sustainability. Large-scale electrification initiatives are accelerating the rollout of charging networks, next-generation batteries, and smart charging solutions. Technologies such as electrified roadways and direct current (DC) fast chargers are helping to address one of the biggest barriers to adoption range anxiety. Meanwhile, innovations in battery design and production are reducing costs and improving vehicle efficiency, making electric vehicles (EVs) increasingly attractive to both consumers and businesses. These factors combined are creating a strong foundation for the long-term expansion of the electric mobility industry.
Key Market Trends & Insights:
- The Asia Pacific region dominated the global electric mobility market in 2022, holding over 68% of the total revenue share. This leadership is attributed to strong government policies, large-scale EV adoption programs, significant investments in charging infrastructure, and the presence of major manufacturing hubs in countries such as China, India, and Japan.
- Europe’s electric scooter market is expected to grow at a considerable CAGR of 7.9% during the forecast period, supported by policies promoting green mobility, rapid urbanization, and increased investments in micro-mobility and shared mobility solutions.
- The electric bikes segment held the largest revenue share of more than 38% in 2022, driven by affordability, rising adoption for short-distance commuting, and government subsidies on e-bikes in several countries. The electric motorcycles segment is projected to record a high CAGR of 19% during the forecast period, owing to technological improvements, better performance models, and rising popularity in both urban and semi-urban markets.
- The lithium-ion battery segment accounted for the largest revenue share of 82% in 2022, due to its superior energy density, faster charging, and longer life cycle compared to traditional battery types. The lead-acid battery segment is expected to register considerable growth, supported by its cost-effectiveness, availability, and continued use in low-cost and entry-level electric mobility solutions.
- The personal use segment dominated the market in 2022 with a 76% revenue share, reflecting strong adoption of e-bikes, e-scooters, and personal EVs for daily commuting and recreational use. The commercial segment is anticipated to expand at a CAGR of 18.9%, driven by the electrification of delivery fleets, ride-hailing services, and shared mobility platforms.
- The chain drive segment held the leading revenue share of 46% in 2022, primarily due to its widespread application in e-bikes and two-wheelers. The belt drive segment is expected to witness a CAGR of 15.2% during the forecast period, supported by advantages such as quieter operation, low maintenance, and improved efficiency.
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Market Size & Forecast:
- 2022 Market Size: USD 109.23 Billion
- 2030 Projected Market Size: USD 325.64 Billion
- CAGR (2023-2030): 14.6%
- Asia Pacific: Largest market in 2022
Key Companies & Market Share Insights:
The global electric mobility industry is characterized by intense competition, with companies focusing on product innovation, partnerships, and regional expansion to strengthen their presence.
Prominent players in the electric scooter and mobility sector include BMW Motorrad International, Gogoro Inc., Honda Motor Co. Ltd., KTM AG, Mahindra Group, Ninebot Ltd., Suzuki Motor Corporation, Terra Motors Corporation, Vmoto Limited ABN, and Yamaha Motor Company Limited. Several players, such as Lime and Govecs AG, are expanding their presence through last-mile e-scooter rental services. These companies are adopting joint venture and partnership strategies to establish their footprint across new regions and cities, meeting the growing demand for eco-friendly urban transportation.
In the Indian electric mobility industry, companies are actively investing in research and development (R&D) to launch diverse product offerings. For example, in July 2022, Motovolt India, a bicycle manufacturer, raised USD 12 million to expand its retail network and scale up its manufacturing capacity for e-scooters and e-bikes. The company has already established a presence in eastern and southern India and aims to expand further into the western and northern regions. Motovolt also plans to increase its sales representatives from 100 to 250 by the end of fiscal 2023, highlighting the aggressive growth strategies being adopted by players in this space.
Some prominent players in the global electric mobility market include:
- BMW Motorrad International
- Gogoro, Inc.
- Honda Motor Co. Ltd.
- KTM AG
- Mahindra Group
- Ninebot Ltd.
- Suzuki Motor Corporation
- Terra Motors Corporation
- Vmoto Limited ABN
- Yamaha Motor Company Limited
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Conclusion:
The electric mobility market is set to expand rapidly, driven by stricter emission regulations, rising environmental concerns, and the increasing need for sustainable transportation. With advancements in battery technology, expansion of charging infrastructure, and strong government support across regions, electric mobility is expected to become a mainstream mode of transport. Growing adoption in both personal and commercial segments, supported by continuous innovation from global and regional players, will further accelerate the market’s growth in the coming years.
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