Is the Electric Mobility Industry the Future of Transportation?
Author : Tom Clark | Published On : 30 Apr 2024
The global Electric Mobility Industry was valued at USD 101.67 billion in 2022 and is anticipated to increase at a significant CAGR of 19.9% from 2023 to 2030.
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.
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 the forecast period. 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 absence of standard charging infrastructure and high battery costs are major restraints hindering the electric three-wheeler market growth. The limited presence of charging infrastructures, such as standardized charging plugs and standardized charging capacity parameters, is fueling the vehicle range anxiety for drivers. Additionally, safety concerns over lithium-ion batteries catching fire are further restraining the market growth. This is promoting the government worldwide to draft more stringent regulations concerning safety standards to be implemented during manufacturing batteries and other components.
Order your copy of the Free Sample of “Electric Mobility Industry Data Book - Two-Wheeler, Three-Wheeler and Light Commercial Vehicles Market Size, Share, Trends Analysis, And Segment Forecasts, 2023 - 2030” Data Book, published by Grand View Research
Electric Light Commercial Vehicles Market Insights
The global Electric Light Commercial Vehicles Market size was valued at USD 9.30 billion in 2022 and is expected to expand at a compound annual growth rate (CAGR) of 39.0% from 2023 to 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.
In addition, some of automobile parts manufacturers are working on developing the technology advanced solution for electric light commercial vehicle manufacturers. For instance, in 2022, ZF Friedrichshafen AG, has launched solid rear axle for pick-up trucks, which has integrated electric drivetrains. The company-produced an e-Beam e- axle comprised of the power inverter, e- motor, transmission, axle assembly a complete solution for pick-up trucks. Also, the embedded battery packs have a faster charging option. Further, the ZF e-beam axle is paired with the ZF’s Active Kinematic Control rear-wheel steering system, which reduces the turning radius of the vehicle. Therefore, these innovations and technological advancement is parts will improve overall efficiency and performance of the E- light commercial vehicle thereby contributing to creating new growth opportunity for market growth.
Asia Pacific region is expected to hold the highest share in the electric three-wheeler market. Factors such as EVs as an eco-friendly and affordable option for public transport, increasing popularity of shared mobility, and active government backing for the adoption of EVs are contributing to high regional share. The region has a high penetration of electric three-wheelers, prompting manufacturers to adopt strategies such as partnerships and launching new e-three-wheeler models to gain market share. For instance, Omega Kesiki Mobility entered the passenger electric three-wheeler segment with the launch of Stream, which is priced at INR 3.40 lakhs after government subsidy.
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 market players across the Electric Mobility industry are 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.
- Greeves Electric mobility Private Limited (Ampere Vehicles)
- Bird Rides, Inc.
- Ideanomics, Inc.
- Hero Electric (Hero Eco Group)
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