Green Automotive Mobility Market Accelerates to Reach US$884.4 Billion by 2030, Forecasts Fairfield Market Research in a New Report
A Sustainable Surge Worldwide Continues to Propel the Market for Green Automotive Mobility over the Years to Come. In Addition to Supportive Government Initiatives, Green Mobility will Receive Strong Tailwinds from EV Industry’s Growth, and Consistent Fall in Li-ion Battery Prices.
London, Jan. 31, 2024 (GLOBE NEWSWIRE) — The global green automotive mobility market is poised for an extraordinary ascent, catapulting from US$188.7 Bn in 2022 to a staggering US$884.4 Bn by 2030, at a robust CAGR of 21.3%. A transformative shift towards eco-friendly transportation is fuelled by consistently dropping Li-ion battery prices. A booming EV sector, and multiple favourable initiatives by governments from across the globe collectively set the stage for a sustainable automotive future.
As a recently published report by Fairfield Market Research suggests, the green automotive mobility market is experiencing a seismic shift, underscored by robust growth projections, and transformative trends till 2030, and beyond. One of the primary drivers is the decreasing prices of Li-ion cells, catalysed by strategic government interventions.
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|2023 – 2030
|Market Size in 2022
|Estimated Market Size in 2030
|BYD, Tesla, BMW, Daimler AG, Ford Motors Company, Nissan, General Motors, Engie, Hyundai Motor Company, Kia Motors Corp., Volkswagen, Volvo Car Corp., TATA Motors Limited, Maruti, Toyota
With the Indian government’s announcement of continued customs duty exemptions on lithium-ion batteries and the discovery of Li-ion mines domestically, the cost of EVs is poised to decrease substantially. This reduction, particularly in the Li-ion battery segment, which constitutes a significant portion of an electric vehicle’s total cost, is expected to make sustainable transportation more accessible to a broader consumer base, which will in turn favour the growth of market across Asia, and globally.
“The unprecedented surge in the green automotive mobility market is brought about by a convergence of various government initiatives, technological advancements, and the global sustainability drive. The transformative phase of the industry not only addresses environmental concerns but also underscores the economic viability of sustainable transportation solutions, which is the strongest growth drives for the market“ remarks the company’s analyst.
Key Research Insights
- Two- and three-wheeled vehicles, especially e-bikes and e-scooters, dominated the market in 2022.
- The electric mobility segment, buoyed by government initiatives, holds a disproportionately large revenue share.
- Asia Pacific, led by India’s increasing demand for e-scooters, is all set to command the largest share.
- Europe is anticipated to witness market growth due to rising pollution concerns, and strong backing of government policies.
Insights into Segmentation Analysis
Electric Mobility Triumphs
The electric mobility segment emerges as the undisputed leader in 2022, propelled by positive government initiatives worldwide. Notably, the introduction of VAAN Electric Moto Pvt Ltd’s Urbansport electric bicycle in India reflects the rising interest in performance-based adventure and leisure activities. With two distinct models, Urbansport and Urbansport Pro, this innovative e-bike signifies the fusion of sustainability and cutting-edge technology.
Hybrid EVs Surge Ahead
The hybrid electric vehicle category is anticipated to experience the fastest market growth. Globally, the popularity and uptake of hybrid vehicles have witnessed an impressive surge. Combining the advantages of electric power and conventional internal combustion engines, hybrid vehicles present a more environmentally friendly option, utilizing less gasoline and emitting fewer pollutants. This marks a significant stride towards sustainable mobility solutions.
Two and Three Wheelers Ride the Wave of Sustainable Transportation
The two and three-wheeled vehicle sector emerges as the revenue generation powerhouse within the green automotive mobility industry. In light of escalating fuel costs, e-bikes and e-scooters prove to be the safest and most viable alternatives for the majority. As established automakers enter the electric vehicle market, the prices of e-bikes and e-scooters witness a consistent decline, further fueling their adoption.
Passenger Vehicles Rise on the Horizon
The passenger vehicle category anticipates substantial growth, driven by a rising population and the expansion of the automobile industry. Leading players, exemplified by Tata Passenger Electric Mobility’s introduction of ten new battery EVs under the brand TATA.ev, contribute to the segment’s accelerated growth. These initiatives underscore a commitment to a sustainable and electrified future for passenger vehicles.
Key Report Highlights
- The EV industry is undergoing a remarkable expansion globally. Electric vehicle sales reached nearly two million units in 2018, reflecting a 63% year-over-year gain. The surge in sales, notably driven by Tesla’s Model 3, signifies a paradigm shift towards mainstream acceptance.
- From the triumph of electric mobility to the surge of two and three-wheelers and the regional dominance of Asia Pacific, and Europe, the industry is poised for a leapfrog, echoing a commitment to eco-friendly and forward-thinking mobility solutions.
Insights into Regional Analysis
Asia Pacific Maintains a Commanding Share
Regionally, the Asia Pacific market, with India at the forefront, is set to dominate the green automotive mobility landscape. The demand for e-scooters in India is expected to skyrocket as businesses launch shared mobility services, and e-commerce companies opt for e-scooters for last-mile delivery.
India’s ambitious target of achieving 30% vehicle electrification by the year 2030, and the implementation of EV-friendly infrastructure that also involves solar-powered chargers, exemplify the global commitment to sustainable transportation. The adoption of green auto mobility will only rise high as it brings with it the promise of cleaner air, reduced emissions, and a transportation landscape that prioritises ecological responsibility.
The Asia Pacific region continues to be the frontrunner on the back of the factors like stringent regulations on vehicle emissions, increased demand for fuel-efficient and low-emission vehicles, falling battery prices, and rising fuel costs drive the industry’s expansion. Hero Electric’s strategic partnership with Readily Mobility in September 2022, offering B2B partners a suite of aftermarket services, further exemplifies the region’s commitment to sustainable mobility solutions.
Europe’s Market Attractiveness Soars
Over the projected period, the green automotive mobility market in Europe is poised for significant growth, propelled by rising concerns about vehicle pollution and encouraging government programs to decarbonise transportation.
The European Commission’s landmark contract in October 2022, mandating that all newly registered cars and vans be emission-free by 2035, sets a groundbreaking precedent. The new CO2 laws, demanding a 50% and 55% reduction in average emissions for new vans and cars by 2030, respectively, solidify Europe’s commitment to zero-emission transportation.
Browse Global Green Automotive Mobility Industry Analysis, Size, Share, Growth, Trends, Regional Outlook, and Forecast 2023-2030 – (By Type Coverage, By Vehicle Type Coverage, By Geographic Coverage and By Company): https://www.fairfieldmarketresearch.com/report/green-automotive-mobility-market
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