PUBLISHER: The Business Research Company | PRODUCT CODE: 1880718
PUBLISHER: The Business Research Company | PRODUCT CODE: 1880718
Electric mobility refers to the use of electric-powered vehicles for transporting people or goods. These vehicles are propelled either fully or partially by electric motors powered by rechargeable batteries. The market includes a broad range of vehicle types such as electric cars, trucks, buses, light commercial vehicles (LCVs), motorcycles, mopeds, scooters and bicycles.
The electric mobility market consists of sales by entities (organizations, sole traders and partnerships) of electric mobility that are used by individuals for personal commuting, by businesses for logistics and last-mile delivery and by governments for public transportation. It uses a cleaner alternative to internal combustion engine (ICE) vehicles due to growing concerns over pollution, rising fuel costs and supportive regulatory policies.
The global electric mobility market reached a value of nearly $581,149.88 million in 2024, having grown at a compound annual growth rate (CAGR) of 35.67% since 2019. The market is expected to grow from $5,81,149.88 million in 2024 to $1,070,327.36 million in 2029 at a rate of 12.99%. The market is then expected to grow at a CAGR of 12.89% from 2029 and reach $1,962,473.09 million in 2034.
Expansion Of Smart City Initiatives
Expansion of smart city initiatives propelled the growth of the electric mobility market during the historic period. Smart city initiatives promote sustainable urban transport by integrating EV charging infrastructure, digital mobility platforms and green policies. This creates a supportive ecosystem that encourages EV adoption, directly fueling growth in the electric mobility market. For instance, in December 2023, according to the National Institute of Standards and Technology, a US-based national metrology institute, the NIST global community technology challenge (GCTC) presented three innovative smart city projects at the Smart Cities Connect conference in Washington, D.C. These projects demonstrated efforts by cities to enhance transparency and improve access to information between local governments and residents, positioning them as models for other communities. Additionally, in April 2023, according to the IMD Smart City Index Report, a Switzerland-based business school, the number of smart cities worldwide increased from 118 cities in 2021 to 141 cities in 2023. Therefore, expansion of smart city initiatives propelled the growth of the electric mobility market.
Launch Of E-Bus Platform With Cell-To-Chassis (CTC) Technology
Leading companies in the electric mobility market are focusing on launch of e-bus platform to improve efficiency, safety and intelligence. e-Bus Platform is third-generation electric bus technology platform which integrates new advances in safety, efficiency and intelligence into a unified architecture for pure electric buses. For instance, in September 2025, BYD, a Chinese multinational manufacturing conglomerate, has unveiled the latest generation of its e-bus platform in China, featuring a 1,000-volt system architecture and batteries integrated using a cell-to-chassis design. The company also presented the first series model based on the new platform: the eleven-metre BYD C11, which can accommodate almost 600 kilowatt-hour (kWh) of batteries. The e-Bus Platform 3.0 also integrates BYD's driver assistance system 2.0 and its intelligent torque control system (iTAC).
The global electric mobility market is fairly fragmented, with large number of small players operating in the market. The top 10 competitors in the market made up 24.01% of the total market in 2024.
Electric Mobility Global Market Opportunities And Strategies To 2034 from The Business Research Company provides the strategists; marketers and senior management with the critical information they need to assess the global electric mobility market as it emerges from the COVID-19 shut down.
Where is the largest and fastest-growing market for electric mobility? How does the market relate to the overall economy; demography and other similar markets? What forces will shape the market going forward? The electric mobility market global report from The Business Research Company answers all these questions and many more.
The report covers market characteristics; size and growth; segmentation; regional and country breakdowns; competitive landscape; market shares; trends and strategies for this market. It traces the market's history and forecasts market growth by geography. It places the market within the context of the wider electric mobility market; and compares it with other markets.