The global electric mobility market size was calculated at USD 597.27 billion in 2024 and is projected to surge around USD 4719.79 billion by 2034 with a CAGR of 22.96%.
Electric Mobility Market Key Points
- The Asia Pacific region held the largest revenue share of 68% in 2024.
- By product, the electric cars segment accounted for approximately 39% of the total revenue in 2024.
- The electric motorcycles segment is projected to grow at a CAGR of 19.3% over the forecast period.
- By battery type, the lithium-ion battery segment secured a dominant 83% revenue share in 2024.
- By end-use, the personal segment contributed around 77% to the overall revenue in 2024.
- The commercial segment is forecasted to expand at a CAGR of 18.9% during the forecast period.
- By drive type, the chain drive segment recorded a revenue share of about 46.5% in 2024.
- The belt drive segment is expected to witness a CAGR of 15.5% throughout the forecast period.
How Is Artificial Intelligence Shaping the Future of Electric Mobility?
Artificial Intelligence (AI) is revolutionizing the electric mobility market by enhancing vehicle efficiency, safety, and user experience. AI-driven battery management systems optimize charging and discharging cycles, extending battery life and ensuring safety. In-vehicle AI enables advanced driver assistance systems (ADAS), including features like autonomous driving, adaptive cruise control, and predictive maintenance, which help reduce breakdowns and enhance performance.
Additionally, AI supports smart energy usage by analyzing driving behavior, road conditions, and traffic patterns to optimize range and power consumption. It also plays a crucial role in managing EV charging infrastructure, enabling real-time load balancing, dynamic pricing, and efficient integration with the power grid. For fleet operators, AI helps streamline operations through optimized routing and charging schedules, while offering a personalized driving experience for consumers.
Regional Outlook of Electric Mobility Market
Asia Pacific
Asia Pacific stands as the dominant force in the global electric mobility market, accounting for the largest market share in 2024 and projected to maintain rapid growth through 2034. The region’s expansion is fueled by surging adoption of electric scooters and bicycles, especially in China, India, and Japan. Key drivers include rising fuel prices, worsening urban air pollution, and strong government incentives.
China leads in both production and consumption, while India is rapidly scaling up infrastructure and policy support. The region is expected to reach a market value of over USD 3,209 billion by 2034, growing at a CAGR of 23%.
Europe
Europe is poised for significant growth, with a forecasted CAGR of nearly 21% through 2034. The region benefits from aggressive regulatory measures, such as bans on internal combustion engine vehicles in countries like France, Denmark, the Netherlands, and Ireland by 2034.
The EU’s focus on reducing greenhouse gas emissions, advancements in battery charging technology, and widespread adoption of mobility-as-a-service (MaaS) models are accelerating market growth. Falling battery costs and robust government incentives further support the transition to electric mobility.
North America
North America is witnessing steady growth in electric mobility, driven by increasing environmental awareness, supportive government policies, and expanding charging infrastructure.
The United States and Canada are investing heavily in EV infrastructure and offering tax credits and rebates to consumers. The market is also benefiting from the presence of leading EV manufacturers and growing consumer acceptance of electric vehicles, especially in urban centers.
Market Scope
| Report Highlights | Details |
| Growth Rate from 2025 to 2034 | CAGR of 22.96% |
| Market Size in 2024 | USD 597.27 Billion |
| Market Size in 2025 | USD 744.20 Billion |
| Market Size by 2034 | USD 4,719.79 Billion |
| Base Year | 2024 |
| Forecast Period | 2025 to 2034 |
| Segments Covered | Product, Battery, Voltage, End-use, Drive, and Region |
| Regional Scope | North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa |
Market Drivers
The electric mobility market is primarily driven by increasing environmental concerns, rising fuel prices, and supportive government policies promoting clean transportation. Incentives such as tax rebates, subsidies, and investments in charging infrastructure are accelerating the adoption of electric vehicles (EVs).
Additionally, advancements in battery technology and a growing preference for sustainable mobility solutions are further boosting market growth.
Opportunities
Significant opportunities lie in expanding charging infrastructure, integrating AI and IoT technologies, and electrifying public and commercial transport fleets. Emerging markets, particularly in Asia and Latin America, present untapped potential due to rising urbanization and favorable policy shifts.
The development of vehicle-to-grid (V2G) systems and battery swapping models also offers promising future growth avenues.
Challenges
Despite strong momentum, the market faces challenges such as high upfront costs of EVs, limited charging infrastructure in some regions, and concerns about battery disposal and raw material availability.
Consumer range anxiety and the need for standardization in charging systems also pose barriers to widespread adoption, particularly in developing countries.
Segmental Insights of Electric Mobility Market
Product Insights
The electric mobility market is primarily dominated by the electric cars segment, which accounted for nearly 39% of total revenue in 2024. This dominance is driven by rising consumer awareness, government incentives, and the increasing affordability of battery-powered vehicles.
However, electric motorcycles are showing the fastest growth about 35% during the forecast period thanks to favourable policies, tax concessions, and growing adoption in emerging markets. Other segments, such as electric scooters, bicycles, wheelchairs, skateboards, and hoverboards, also contribute to market expansion, especially in urban and last-mile mobility applications.
Battery Insights
Lithium-ion (Li-ion) batteries lead the market, holding over half of the total share in 2024. Their dominance is attributed to rapid cost reductions (down by 70% in the last seven years) and ongoing technological improvements. Li-ion batteries are favored for their energy density, longevity, and declining prices.
Nickel-metal hydride (NiMH) batteries are also gaining traction, especially in hybrid electric vehicles (HEVs), due to their environmental benefits and performance characteristics. The demand for advanced battery technologies is expected to further accelerate as the market matures.
Voltage Insights
The 24V segment captured around 25% of market revenue in 2024, valued for its optimal power output and compatibility with a wide range of electric vehicles. Meanwhile, the greater than 48V segment is set to witness the highest growth, driven by the need for higher performance, speed, and extended range in EVs.
This trend is supported by increased R&D investments aimed at enhancing battery capacity and vehicle efficiency.
Recent Highlights in Electric Mobility
- On May 6, 2025, Ampere Nexus, the flagship family e-scooter from Greaves Electric Mobility, was honored with the Electric Scooter of the Year’ award at the 2025 Bike India Awards. Known for its affordability, the e-scooter has been praised for setting new standards in value, safety, and performance within the premium electric two-wheeler segment.
- In February 2025, the Union Budget 2025-26 significantly boosted electric mobility initiatives in India, increasing funding by over 20% compared to the previous year. The total allocation for e-mobility schemes rose to ₹5,322 crore in the latest budget.
- In January 2025, Maruti unveiled its e Vitara at the 2025 Auto Expo, featuring two battery options of 49 kWh and 61 kWh, offering a claimed range exceeding 500 km. The vehicle is slated for launch in the Indian market by September 2025, with prices expected to start at around Rs 17 lakh (ex-showroom).
Electric Mobility Market Companies
Gogoro Inc.: Leads in battery-swapping technology for electric two-wheelers, especially in Asia, making urban electric mobility more practical and accessible.
BMW Motorrad International: Expands the premium electric motorcycle and scooter segment, aligning with BMW’s broader electric vehicle strategy.
Honda Motor Co. Ltd.: Invests in electric two-wheelers and compact EVs, focusing on mass-market adoption and battery-swapping partnerships in Asia.
Mahindra Group: Offers affordable electric cars, three-wheelers, and two-wheelers, supporting India’s shift to sustainable transportation.
KTM AG: Develops electric off-road and urban motorcycles, targeting both recreational and city users with innovative electric models.
Ninebot Ltd.: Produces electric scooters and e-bikes, recognized globally for personal micro-mobility solutions.
Terra Motors Corporation: Specializes in affordable electric two- and three-wheelers for urban and last-mile transport, mainly in Asia.
Suzuki Motor Corporation: Develops electric two-wheelers and compact cars, aiming for widespread adoption in Asian markets.
Vmoto Limited: Supplies electric scooters and motorcycles globally, with strong presence in Europe and Asia.
Zero Motorcycles: Leads in high-performance electric motorcycles, advancing battery and powertrain technology for both consumers and fleets.
Yamaha Motor Company Limited: Expands its electric scooter, motorcycle, and e-bike portfolio, investing in battery-swapping and new electric models.
ALTA Motors: Formerly contributed to electric off-road motorcycle innovation and powertrain development.
NYCeWheels: Promoted electric bikes and scooters in urban US markets, supporting micro-mobility adoption.
Lightning Motorcycles: Produces high-performance electric motorcycles, known for speed and technological innovation.
Accell Group: Major European manufacturer of electric bicycles, driving e-bike adoption for sustainable personal transport.
Tesla: Global leader in electric cars, battery technology, and charging infrastructure, setting benchmarks for the entire electric mobility industry.Source: https://www.precedenceresearch.com/electric-mobility-market
