Global Smart Electric Mobility Market Size Likely to Reach at a CAGR of 16.5% By 2033

As per the current market research conducted by the CMI Team, the global Smart Electric Mobility Market size is expected to record a CAGR of 16.5% from 2023 to 2032. In 2023, the market size is projected to reach a valuation of USD 21.4 Billion. By 2032, the valuation is anticipated to reach USD 84.8 Billion.

Smart Electric Mobility Market: Growth Factors and Dynamics

• Increasing Environmental Awareness: Growing environmental concerns and a push toward sustainable practices are driving the adoption of smart electric mobility solutions, contributing to reduced emissions and ecological impact.

• Advancements in Technology: Rapid technological innovations, including developments in electric vehicle technology, connected vehicles, and autonomous systems, are propelling the smart electric mobility market forward, enhancing user experience and safety.

• Government Initiatives and Incentives: Supportive government policies, incentives, and initiatives worldwide are encouraging the adoption of electric vehicles and smart mobility solutions, fostering market growth and creating a conducive regulatory environment.

• Urbanization and Congestion Challenges: Rising urbanization and increasing congestion in cities are driving the demand for efficient and sustainable transportation solutions, leading to the uptake of smart electric mobility options such as shared rides and electric public transport.

• Changing Consumer Preferences: Evolving consumer preferences towards eco-friendly and technologically advanced transportation options are steering the market. The desire for convenience, cost-effectiveness, and reduced carbon footprint is influencing purchasing decisions.

• Infrastructure Development: Ongoing investments in charging infrastructure for electric vehicles and the establishment of smart transportation networks are essential growth factors. Improved infrastructure addresses a range of anxiety concerns and supports the widespread adoption of electric mobility solutions.

• Collaborations and Partnerships: Collaborations between automotive manufacturers, technology companies, and mobility service providers are accelerating innovation. Partnerships contribute to the development of integrated solutions, seamless connectivity, and comprehensive smart electric mobility ecosystems.

• Economic Advantages and Total Cost of Ownership (TCO): The lowering total cost of ownership for electric vehicles, driven by declining battery costs and operational efficiencies, is a significant growth factor. Economic advantages, including reduced fuel and maintenance costs, enhance the attractiveness of smart electric mobility solutions.

• Government Stimulus and Incentives: Governments worldwide are offering stimulus packages and incentives to boost economic recovery, including subsidies, tax credits, and grants for electric vehicle purchases, spurring renewed interest in smart electric mobility.

Smart Electric Mobility Market: Partnership and Acquisitions

• In 2023, BorgWarner collaborated with a leading Chinese OEM to deliver an innovative integrated drive module (iDM), signalling a commitment to advancing hybrid driving experiences. This cutting-edge technology from BorgWarner is poised to elevate the overall performance and efficiency of hybrid vehicles.

• In 2020, Invacare Corporation unveiled SMOOV One, a power assist solution that enhances mobility and reduces shoulder strain. Lightning Motorcycles launched the Lightning Strike in January 2019, an electric bike with a 150-mile range, 150 mph top speed, and 35-minute DC fast charging.

Report Scope

Smart Electric Mobility Market: COVID-19 Analysis

The COVID-19 pandemic has had a significant impact on the Smart Electric Mobility Market, with the industry experiencing both positive and negative effects. Here are some of the key impacts:

• Supply Chain Disruptions: The pandemic disrupted global supply chains, affecting the production and availability of key components for electric vehicles, and leading to delays and constraints in the smart electric mobility market.

• Reduced Consumer Spending: Economic uncertainties and reduced consumer spending during the pandemic impacted the purchasing decisions for electric vehicles, affecting sales and adoption rates in the smart electric mobility sector.

• Shift in Transportation Behavior: Lockdowns and travel restrictions altered transportation behaviors, reducing the demand for shared mobility services and affecting the overall usage of smart electric mobility solutions.

• Rising Environmental Awareness: The increased focus on environmental sustainability post-pandemic has led to a growing preference for cleaner and eco-friendly transportation options, supporting the resurgence of smart electric mobility.

• Accelerated Digital Transformation: The pandemic has accelerated the adoption of digital technologies. Enhanced digital platforms for mobility services, including contactless payments and app-based solutions, contribute to the recovery and increased adoption of smart electric mobility.

• Renewed Urban Planning: Post-pandemic, urban planners are reevaluating city designs to prioritize sustainability and reduce congestion. This shift aligns with the goals of smart electric mobility, promoting the development of infrastructure and policies supportive of electric transportation.

• Increased Investments in Charging Infrastructure: Recovery is facilitated by increased investments in charging infrastructure. Governments, businesses, and energy companies are focusing on expanding the charging network, addressing one of the key challenges in the widespread adoption of electric vehicles.

• Adoption of Remote Work Practices: The normalization of remote work practices has led to a reevaluation of commuting patterns. As more individuals work from home, there’s a potential increase in demand for short-distance smart electric mobility solutions, such as e-scooters and e-bikes, for local commuting needs.

• Innovative Financing Models: Post-COVID, there’s a growing trend of innovative financing models for electric vehicles. Subscription services, flexible leasing, and financial incentives from manufacturers contribute to making smart electric mobility options more accessible and attractive to a broader consumer base.

In conclusion, the COVID-19 pandemic has had a mixed impact on the Smart Electric Mobility Market, with some challenges and opportunities arising from the pandemic.

List of the prominent players in the Smart Electric Mobility Market:

• Tesla Inc.
• NIO Inc.
• BYD Company Limited
• General Motors Company (GM)
• BMW Group
• Daimler AG (Mercedes-Benz)
• Volkswagen Group
• Ford Motor Company
• Rivian Automotive Inc.
• Lucid Motors Inc.
• Xpeng Motors
• Audi AG
• Fisker Inc.
• Hyundai Motor Company
• Volvo Cars
• Others

The Smart Electric Mobility Market is segmented as follows:

By Service Type

• Ride-Hailing Services
• Car Sharing Services
• Subscription Services
• Vehicle-as-a-Service (VaaS)
• Others

By Technology

• Connected Vehicles
• Autonomous Vehicles
• Electric Vehicle (EV) Charging Infrastructure
• Intelligent Transportation Systems (ITS)
• Others

By Application

• Personal Mobility
• Public Transportation
• Logistics and Delivery
• Shared Mobility
• Others

By Mode of Transport

• Electric Cars
• Electric Bicycles
• Electric Scooters
• Electric Buses
• Others

By End User

• Residential Users
• Commercial Users
• Government Organizations
• Fleet Operators
• Others

Regional Coverage:

North America

• U.S.
• Canada
• Mexico
• Rest of North America

Europe

• Germany
• France
• U.K.
• Russia
• Italy
• Spain
• Netherlands
• Rest of Europe

Asia Pacific

• China
• Japan
• India
• New Zealand
• Australia
• South Korea
• Taiwan
• Rest of Asia Pacific

The Middle East & Africa

• Saudi Arabia
• UAE
• Egypt
• Kuwait
• South Africa
• Rest of the Middle East & Africa

Latin America

• Brazil
• Argentina
• Rest of Latin America