E-Mobility Market to Grow at 26.94% CAGR by 2030
The growing stringent government regulation due to the increasing carbon emissions from fossil fuel-powered vehicles has been driving the e-mobility market growth.
According to a new research report by Next Move Strategy Consulting, the E-mobility market was valued at USD 279.51 billion in 2021 and is expected to reach USD 2305.33 billion by 2030, at a CAGR of 26.9% during the forecast period.
Governments worldwide are striving to reduce carbon emissions and combat climate change by imposing stringent emission standards, thereby increasing the demand for electric vehicles (EVs), which in turn boosts the automotive e-mobility industry. For instance, in November 2021, international governments including the US, Canada, Mexico, and the UK jointly committed to fully convert their own fleets of 120,000 vehicles to zero-emission by 2040 in order to reduce greenhouse gas.
The governments are offering various policies for disposing of conventional or fossil fuel-powered vehicles, which in turn drives the growth of the e-mobility market.
On the contrary, the lack of standardization of EV charging infrastructure facilities associated with the development of electric vehicles is due to the increased installation cost of charging stations; this leads to lower public adoption of EVs, which in turn hinders the market growth.
However, there is growing adoption of solar-powered EV charging infrastructure that is fast, inexpensive substitute for charging infrastructure and reduce the carbon emissions of fossil fuel electricity generation. This contributes to the increased adoption of EVs, which in turn creates ample growth opportunities for the e-mobility industry.
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According to the report, the leading market players in the e-mobility market trends include Tesla Inc., Nissan Motor Corporation, BMW Group, General Motors Company, Honda Motor Company, Ltd., Toyota, Accell Group, Volkswagen AG, Ford Motor Company, and Hyundai Motor Company.
Key Insights from the E-Mobility Market Report:
The information related to key drivers, restraints, and opportunities and their impact on the e-mobility market is provided in the report.
Value chain analysis in the market study provides a clear picture of the stakeholders’ roles.
The market share of the players in the global e-mobility market along with their competitive analysis is provided in the report.