Summary
- Allied Analytics LLP published a report on the global green automotive mobility market, forecasting a growth from $10.8 billion in 2023 to $20.7 billion by 2033, driven by factors like environmental concerns and decreasing EV prices.
- The prime growth determinants include ongoing environmental concerns, a gradual decrease in electric vehicle prices, and the rising cost of fuel, along with opportunities in renewable energy utilization and smart feature integration.
- The battery electric vehicle segment dominated the market in 2023 due to improved battery technology and government initiatives, with the plug-in hybrid electric vehicles segment expected to grow rapidly.
- In terms of vehicle type, two-wheeler vehicles dominated the market in 2023 for their affordability and lower costs compared to four-wheeler EVs, with four-wheeler vehicles projected to grow due to technological advancements and growing consumer demand.
- Asian-Pacific region led the green automotive mobility market in 2023, with China being the largest EV market player, while North America is expected to grow due to expanding charging infrastructure and government incentives.
Article
The global green automotive mobility market is experiencing significant growth, driven by growing environmental concerns, a gradual decrease in the price of electric vehicles (EVs), and an increase in the cost of fuel. Allied Market Research published a report forecasting that the market was valued at $10.8 billion in 2023 and is estimated to reach $20.7 billion by 2033, with a CAGR of 6.9% from 2024 to 2033. Factors such as the utilization of renewable energy sources, integration of smart technological features in EVs, and lack of electricity power infrastructure to support EV fuel requirements are shaping the market as well.
The report covers various segments of the green automotive mobility market, including type and vehicle type. The battery electric vehicle segment dominated the market in 2023 due to advancements in battery technology and government initiatives. Meanwhile, two-wheeler vehicles were the dominant vehicle type in 2023, attributed to their affordable price compared to four-wheeler EVs and lower petrol expenditure. However, four-wheeler vehicles are expected to grow rapidly due to technological advancements, supportive government policies, and increasing infrastructure development.
In terms of regional outlook, Asia-Pacific was the dominant region in the global green automotive mobility market in 2023. China plays a significant role in the EV market, contributing to more than 50% of global sales. Additionally, Japanese and South Korean companies like Toyota, Nissan, and Hyundai are major contributors to EV market growth. The report also highlights the growth potential in North America, where companies like Tesla, ChargePoint, and Electrify America are expanding charging infrastructure and government incentives are supporting EV adoption.
Key market players in the green automotive mobility industry include BMW, BYD, Tesla, Daimler AG, Nissan, Engie, Ford, Kia Motors, Uber, and General Motors. These players have adopted various strategies such as facility launches, service launches, and product launches to increase their market share and maintain dominance in different regions. Recent developments in the industry include the launch of new electric vehicle models by Ather Energy and Uber’s implementation of the Uber Green service in Delhi to promote sustainable transport options.
Overall, the green automotive mobility market is poised for significant growth in the coming years, driven by a combination of environmental concerns, technological advancements, government support, and shifting consumer preferences. With the increasing focus on sustainability and the transition towards electric vehicles, the market is expected to continue its upward trajectory, offering ample opportunities for growth and innovation in the industry.
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