Electric Mobility Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, Segmented By Product Type (Electric Cars, Electric Two Wheelers, Others), By Voltage Type (Less than 24V, 24V-48V, Greater than 48V), By Battery Type (Sealed Lead Acid, NiMH, Li-ion), By Region & Competition, 2021-2031F

Forecast Period	2027-2031
Market Size (2025)	USD 498.80 Billion
CAGR (2026-2031)	8.71%
Fastest Growing Segment	Electric Two Wheelers
Largest Market	Europe
Market Size (2031)	USD 823.27 Billion

Market Overview

The Global Electric Mobility Market will grow from USD 498.80 Billion in 2025 to USD 823.27 Billion by 2031 at a 8.71% CAGR. Electric mobility is defined as the sector involving vehicles that utilize electric motors for propulsion along with the essential charging infrastructure required for their operation. The market is primarily supported by stringent government regulations aiming for decarbonization and substantial financial subsidies that lower the initial purchase cost for consumers. These drivers are distinct from transient market trends as they represent a permanent structural shift in the automotive industry toward sustainable energy sources rather than temporary shifts in consumer preference.

However, the industry faces a significant challenge regarding the insufficient availability of public charging stations which exacerbates range anxiety among potential buyers. This infrastructure deficit could impede the widespread adoption of electric vehicles particularly in regions with less developed power grids. According to the China Association of Automobile Manufacturers, in 2024, the sales of new energy vehicles reached approximately 12.9 million units. This figure highlights the robust demand in the leading market despite the prevailing operational hurdles.

Key Market Drivers

Advancements in battery technology and declining manufacturing costs serve as a fundamental economic catalyst for the global electric mobility sector. Since the battery pack constitutes a substantial portion of a vehicle's total expense, continuous improvements in cathode chemistry and energy density are essential for achieving price parity with internal combustion engines. This reduction in production costs enables original equipment manufacturers to lower the entry price for consumers, thereby expanding the addressable market beyond the luxury segment. According to the International Energy Agency, April 2024, in the 'Global EV Outlook 2024', the cost of lithium-ion battery packs dropped by approximately 14% in 2023, a shift primarily driven by falling raw material prices and increased manufacturing capacity. This trend is critical as it directly addresses the total cost of ownership, making sustainable transportation financially viable for a broader demographic.

Simultaneously, the accelerated electrification of commercial fleets and public transit systems is establishing a consistent baseline for demand that stabilizes the broader market. Corporate sustainability mandates and municipal regulations are compelling logistics providers and public transport authorities to replace aging diesel fleets with zero-emission alternatives, securing high-volume orders for manufacturers. According to the European Automobile Manufacturers' Association, January 2024, in the 'New commercial vehicle registrations: vans, trucks, buses and coaches – full-year 2023' report, the sales of new electrically chargeable vans in the European Union surged by 56.8% in 2023 compared to the previous year. This robust commercial adoption complements passenger vehicle growth and signals long-term industry confidence. Furthermore, according to the International Energy Agency, in 2024, global electric car sales are projected to reach approximately 17 million units, reflecting the cumulative impact of these technological advancements and sectoral shifts.

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Key Market Challenges

The insufficient availability of public charging stations acts as a severe constraint on the expansion of the electric mobility market. This infrastructure deficit creates a practical barrier that discourages mass adoption, as potential consumers are deterred by range anxiety and the fear of being unable to recharge during longer journeys or in urban environments. While vehicle technology has matured, the lag in charging deployment limits the market addressable by manufacturers, restricting sales primarily to households with private parking options and stalling momentum among the broader population that relies on public networks.

This widening gap between vehicle adoption and infrastructure readiness is quantifiably stifling market potential by compromising the ownership experience. According to the Alliance for Automotive Innovation, in 2024, the United States market witnessed a disparity where only one new public charging port was added for every 48 new electric vehicles registered. This stark ratio highlights a failure of the supporting ecosystem to keep pace with demand, resulting in increased congestion at existing stations and diminishing consumer confidence, which directly hampers the necessary structural shift toward sustainable transport.

Key Market Trends

The deployment of ultra-fast 800-volt charging architectures is reshaping the global electric mobility landscape by significantly reducing vehicle downtime and addressing consumer concerns regarding charging speed. This technological shift enables higher power delivery, allowing compatible electric vehicles to replenish substantial range in minutes rather than hours, thereby mirroring the refueling experience of internal combustion engines. This trend is driving a parallel expansion in high-power infrastructure, which is critical for supporting long-distance travel and heavy-duty commercial applications. According to the International Energy Agency, May 2025, in the 'Global EV Outlook 2025', the stock of ultra-fast chargers capable of delivering 150 kW or more grew by over 50% in 2024, now accounting for nearly 10% of all public fast chargers globally.

Simultaneously, the integration of Vehicle-to-Grid (V2G) technology is fundamentally altering the value proposition of electric vehicles by transforming them into active grid assets. By enabling bi-directional energy flow, this technology allows EV batteries to discharge stored electricity back into the power grid during peak demand periods, facilitating grid stabilization and offering owners a potential revenue stream. This capability is becoming increasingly vital for managing the intermittency of renewable energy sources and enhancing overall energy system resilience. According to Hyundai Motor Group, November 2025, in a press statement regarding its V2X service rollout, the company confirmed the launch of a commercial Vehicle-to-Grid (V2G) pilot service in Korea by the end of 2025, utilizing the Kia EV9 and Hyundai IONIQ 9 to address renewable energy oversupply.

Segmental Insights

The Electric Two Wheelers segment is recognized as the fastest-growing category within the Global Electric Mobility Market. This surge is primarily driven by the lower initial purchase price and reduced operational expenses of scooters and motorcycles compared to electric passenger vehicles. Additionally, rising traffic congestion in major urban centers has made two-wheelers a practical solution for efficient last-mile connectivity. Governments are further propelling this growth through supportive regulatory policies, such as financial subsidies and stringent emission norms, creating a conducive environment for widespread adoption.

Regional Insights

Europe maintains a leading position in the global electric mobility market, primarily driven by a rigorous regulatory environment established by the European Union. These policies mandate significant reductions in carbon dioxide emissions, compelling automotive manufacturers to prioritize the production of electric vehicles over internal combustion engines. Additionally, widespread government subsidies and the rapid expansion of public charging infrastructure facilitate consumer adoption across the region. This strategic alignment between legislative mandates and industrial investment fosters a stable environment for market expansion, distinguishing Europe as a central hub for sustainable transportation solutions.

Recent Developments

• In October 2024, Tesla unveiled its dedicated autonomous robotaxi, the Cybercab, at a specialized event titled "We, Robot" held at Warner Bros. Studios in California. The CEO of Tesla presented the vehicle, which featured a futuristic design lacking traditional controls such as a steering wheel or pedals, emphasizing the company's commitment to unsupervised full self-driving technology. During the event, the company also showcased a larger autonomous transport concept called the Robovan. The launch highlighted the automaker's strategic pivot toward artificial intelligence and robotics within the global electric mobility market.
• In June 2024, Volkswagen Group and Rivian announced the formation of a joint venture intended to create next-generation electrical architecture and software technology. As part of the agreement, the German automotive giant committed to an initial investment of $1 billion in the electric truck maker, with plans to increase the total investment to up to $5 billion over time. The partnership was designed to allow both companies to combine their complementary strengths to lower costs per vehicle and accelerate innovation. The CEO of Rivian noted that the capital would support the company's growth and the development of its future vehicle platforms.
• In May 2024, BYD officially launched its first pickup truck, the BYD Shark, during a global debut event held in Mexico. This release marked the company's first major product launch outside of its home market in China, targeting the international electric mobility landscape. The vehicle was introduced as a plug-in hybrid electric pickup featuring the manufacturer's specialized off-road super hybrid platform. Designed to compete in the global mid-size truck segment, the Shark offered advanced safety features and significant electric-only range capabilities, reflecting the company's strategy to expand its new energy vehicle portfolio into the utility sector.
• In March 2024, Nissan Motor Co. and Honda Motor Co. formally signed a memorandum of understanding to explore a strategic partnership focused on the electric vehicle sector. The collaboration aimed to combine the strengths of Japan's second and third-largest automakers to accelerate their transition toward electrification and carbon neutrality. This strategic alliance focused on the joint development of core components related to electric vehicles, automotive software platforms, and complementary products. The President of Honda stated that the partnership would determine if the synergy between the two companies could establish them as industry leaders by creating new value in the automotive market.

Key Market Players

• Tesla, Inc
• BMW AG
• Nissan Motor Co., Ltd.
• BYD Co., Ltd
• Rivian Automotive, Inc.
• Lucid Group, Inc
• Ford Motor Company
• Volkswagen AG
• Honda Motor Co., Ltd.
• AUDI AG

By Product Type	By Voltage Type	By Battery Type	By Region
Electric Cars Electric Two Wheelers Others	Less than 24V 24V-48V Greater than 48V	Sealed Lead Acid NiMH Li-ion	North America Europe Asia Pacific South America Middle East & Africa

Report Scope:

In this report, the Global Electric Mobility Market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:

• Electric Mobility Market, By Product Type:

• Electric Cars
• Electric Two Wheelers
• Others

• Electric Mobility Market, By Voltage Type:

• Less than 24V
• 24V-48V
• Greater than 48V

• Electric Mobility Market, By Battery Type:

• Sealed Lead Acid
• NiMH
• Li-ion

• Electric Mobility Market, By Region:

• North America
• United States
• Canada
• Mexico
• Europe
• France
• United Kingdom
• Italy
• Germany
• Spain
• Asia Pacific
• China
• India
• Japan
• Australia
• South Korea
• South America
• Brazil
• Argentina
• Colombia
• Middle East & Africa
• South Africa
• Saudi Arabia
• UAE