Global Smart Electric Mobility Market 2024–2033

Reports Description

As per the current market research conducted by the CMI Team, the global Smart Electric Mobility Market 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.

EV charging points, EV, 2022 (In Thousands)

Source: According to IEA

The Smart Electric Mobility Market encompasses the dynamic intersection of electric vehicles, advanced technologies, and sustainable transportation solutions. It involves electric cars, bicycles, scooters, and buses integrated with intelligent systems.

Key components include connected and autonomous features, charging infrastructure, and innovative mobility services. Shaped by environmental concerns, urbanization, and technological advancements, this market fosters cleaner, more efficient transportation options. Major players focus on electric vehicle development, infrastructure enhancement, and collaborative initiatives, contributing to a transformative shift in the global transportation landscape towards a smarter, more sustainable future.

Smart Electric Mobility Market – Significant Growth Factors

The Smart Electric Mobility Market presents significant growth opportunities due to several factors:

• Global Expansion of E-Mobility Services: Opportunities lie in the global expansion of electric mobility services, including ride-sharing, electric bike-sharing, and smart public transportation systems, capitalizing on the increasing demand for clean and convenient transportation.

• Environmental Sustainability: Growing environmental concerns and the push for eco-friendly transportation solutions drive the adoption of smart electric mobility, reducing carbon emissions and promoting sustainability.

• Technological Advancements: Rapid advancements in electric vehicle technologies, connectivity, and autonomous systems fuel the market, enhancing the appeal and capabilities of smart electric mobility solutions.

• Government Initiatives and Incentives: Supportive government policies, incentives, and regulations worldwide encourage the adoption of electric vehicles and the development of smart mobility infrastructure, driving market growth.

• Urbanization and Congestion Challenges: Increasing urbanization and rising congestion in cities propel the demand for efficient and sustainable transportation options, fostering the growth of smart electric mobility solutions.

• Integration with Renewable Energy Sources: An opportunity exists to integrate smart electric mobility solutions with renewable energy sources, such as solar or wind power, enhancing the overall sustainability of the electric transportation ecosystem and creating eco-friendly mobility solutions.

Smart Electric Mobility Market – Mergers and Acquisitions

The Smart Electric Mobility Market has seen several mergers and acquisitions in recent years, with companies seeking to expand their market presence and leverage synergies to improve their product offerings and profitability. Some notable examples of mergers and acquisitions in the Smart Electric Mobility Market include:

• In 2022, Hyundai Motor India revealed the Hyundai Venue in New Delhi, showcasing advanced smart mobility solutions. The redesigned SUV boasts impressive comfort, remarkable performance, and sleek design. Hyundai pioneers cutting-edge features, marking a significant stride in smart and innovative mobility solutions.

• In 2022, ZF achieved a breakthrough with a magnet-free electric motor, showcasing a strong commitment to resource efficiency and sustainability in e-drives. This compact motor, without magnets, exemplifies dedication to driving efficiency advancements, marking a significant stride in the industry’s pursuit of sustainable electric mobility.

• In 2022, Indian mobility startup Chalo acquired Vogo, a two-wheeler rental platform, to elevate customer experience. This strategic move expands Chalo’s mobility services, enabling users to conveniently rent two-wheelers for short-term use, enhancing the overall range of offerings in the market.

These mergers and acquisitions have helped companies expand their product offerings, improve their market presence, and capitalize on growth opportunities in the Smart Electric Mobility Market. The trend is expected to continue as companies seek a competitive edge in the market.

COMPARATIVE ANALYSIS OF THE RELATED MARKET

Smart Electric Mobility Market – Significant Threats

The Smart Electric Mobility Market faces several significant threats that could impact its growth and profitability in the future. Some of these threats include:

• Infrastructure Limitations: Inadequate charging infrastructure remains a significant threat, impacting consumer adoption due to concerns about limited charging stations and range anxiety, hindering the widespread acceptance of smart electric mobility.

• High Initial Cost: The high upfront cost of electric vehicles (EVs) poses a challenge, acting as a barrier for some consumers. Despite long-term savings, the initial investment can deter potential buyers and slow market penetration.

• Dependency on Lithium-ion Batteries: The reliance on lithium-ion batteries for electric vehicles raises concerns about resource scarcity, environmental impact, and geopolitical issues related to the extraction and supply of critical materials, posing a threat to the market.

• Regulatory Uncertainties: Evolving and uncertain regulations regarding emissions standards, incentives, and taxation policies for electric vehicles create challenges for manufacturers and impact market predictability and stability.

• Consumer Perception and Education: The lack of awareness and misconceptions about electric vehicles, their capabilities, and the overall benefits of smart electric mobility solutions present a significant threat. Addressing and altering consumer perceptions is essential for widespread adoption.

Report Scope

Category-Wise Insights

By Service Type

• Ride-Hailing Services: Ride-hailing services in the smart electric mobility market offer on-demand electric vehicle rides, providing convenient, eco-friendly transportation. The trend involves the integration of electric fleets, enhancing sustainability and affordability, aligning with the growing preference for clean urban transport.

• Car Sharing Services: Car-sharing services enable users to access electric vehicles for short periods, promoting shared mobility. Trends include expanding electric car-sharing fleets, emphasizing flexibility and cost-effectiveness, reducing private car ownership, and contributing to urban congestion alleviation.

• Subscription Services: Subscription services offer users access to a fleet of electric vehicles for a fixed fee. The trend involves personalized subscription plans, bundling maintenance and charging services, and providing users with hassle-free and cost-effective electric mobility solutions.

• Vehicle-as-a-Service (VaaS): Vehicle-as-a-Service represents a holistic mobility solution, integrating various transport modes into a seamless service. Trends include VaaS platforms offering integrated electric mobility options, providing users with a comprehensive and sustainable transportation experience, and minimizing the need for private vehicle ownership.

• Others: Beyond defined categories, ‘Others’ in the smart electric mobility market encompass diverse and evolving services. Trends may involve innovative approaches, such as specialized electric shuttle services, last-mile electric delivery solutions, or emerging concepts that contribute to the dynamic landscape of electric mobility services.

By Technology

• Autonomous Vehicles: Autonomous vehicles, commonly known as self-driving cars, possess the capability to navigate without human intervention. Evolving trends in this sector encompass progress in artificial intelligence, advancements in sensor technologies, and the establishment of regulatory frameworks. Connected Vehicles: Connected vehicles in the Smart Electric Mobility Market refer to vehicles equipped with internet connectivity for communication between devices. Trends include the integration of real-time data for navigation, entertainment, and safety features, enhancing the overall user experience and enabling seamless connectivity with smart city infrastructure.

• EV Charging Infrastructure: This charging infrastructure comprises a network of stations dedicated to supporting electric vehicles. Current trends involve the expansive growth of fast-charging networks, the evolution of wireless charging technologies, and strategic collaborations aimed at meeting the escalating demand for charging solutions that are both convenient and highly efficient in facilitating the adoption of electric vehicles.

• Intelligent Transportation Systems (ITS): ITS integrates information and communication technologies into transportation systems for improved efficiency and safety. Trends involve the deployment of smart traffic management, predictive analytics, and real-time data to optimize traffic flow, reduce congestion, and enhance overall transportation efficiency within the smart electric mobility ecosystem.

• Others: This category may include emerging technologies like vehicle-to-everything (V2X) communication, energy storage solutions, and novel materials impacting the smart electric mobility market. Trends vary, highlighting the industry’s dynamic nature and ongoing exploration of innovative technologies to shape the future of sustainable transportation.

By Application

• Personal Mobility: Personal Mobility in the Smart Electric Mobility Market refers to electric vehicles designed for individual use. Growing consumer preference for electric cars and e-bikes is a trend, with an increasing focus on compact electric vehicles for urban commuting, fostering convenient and sustainable personal transportation options.

• Public Transportation: Public Transportation involves integrating smart electric mobility solutions into urban transit. The trend emphasizes the development of electric buses and trams, reducing emissions and enhancing public transit efficiency for eco-friendly and technologically advanced urban mobility solutions.

• Logistics and Delivery: Logistics and Delivery in the Smart Electric Mobility Market pertain to electric vehicles for last-mile deliveries. The trend involves the adoption of electric vans and cargo bikes, optimizing delivery efficiency, reducing carbon footprint, and meeting the growing demand for sustainable urban logistics.

• Shared Mobility: Shared Mobility encompasses electric ride-sharing and car-sharing services. The trend includes the rise of electric scooters and shared electric bikes, promoting cost-effective, environmentally friendly alternatives for short-distance travel in urban areas, and aligning with the trend toward shared mobility solutions.

• Others: The “Others” category in the Smart Electric Mobility Market involves innovative applications beyond conventional segments. Trends may include electric aviation, electric watercraft, and novel forms of electric micro-mobility, showcasing the industry’s diverse and evolving landscape beyond traditional personal and public transportation sectors.

By Mode of Transport

• Electric Cars: Electric cars are fully electric vehicles powered by batteries. Trends include longer range capabilities, fast-charging infrastructure development, and integration of autonomous features, enhancing user convenience and driving the transition to sustainable personal transportation.

• Electric Bicycles: Electric bicycles, or e-bikes, are bicycles with integrated electric motors. Trends involve lightweight designs, extended battery life, and the incorporation of smart connectivity, making e-bikes an efficient and eco-friendly urban commuting solution.

• Electric Scooters: Electric scooters are compact, motorized vehicles. Trends encompass the growth of shared electric scooter services, improved battery technology for extended range, and the integration of IoT technologies for enhanced safety and navigation.

• Electric Buses: Electric buses are public vehicles powered by electric motors. Trends include the electrification of bus fleets in urban areas, advancements in battery technology for increased range, and smart features like route optimization for improved efficiency.

• Others: Innovations in smart electric mobility extend to various modes, including electric skateboards, hoverboards, and personal mobility devices. Trends involve compact designs, enhanced safety features, and the integration of IoT for seamless connectivity, contributing to diversified and sustainable urban transportation options.

By End User

• Residential Users: Residential users in the smart electric mobility market are individuals adopting electric vehicles for personal use. Trends include increased demand for home charging solutions, integrated smart home systems for EVs, and incentives promoting residential solar panel installations to support clean energy charging at home.

• Commercial Users: Commercial users incorporate smart electric mobility solutions for business purposes. Trends encompass the adoption of electric fleets, delivery vehicles, and the installation of charging infrastructure at commercial locations, driven by corporate sustainability initiatives and cost-efficiency benefits.

• Government Organizations: Government organizations are pivotal in promoting and implementing smart electric mobility solutions. Trends involve investments in public charging infrastructure, incentives for EV adoption, and policy development to encourage sustainable transportation, aligning with environmental goals and promoting public awareness.

• Fleet Operators: Fleet operators utilize smart electric mobility for transportation services. Trends include the electrification of taxi and ride-sharing fleets, integration of electric buses, and partnerships with charging infrastructure providers to optimize fleet management, reduce operational costs, and meet sustainability targets.
• Others: This diverse category includes various end users adopting smart electric mobility solutions outside conventional segments. Trends may involve specialized applications such as electric bikes for courier services, electric shuttles for events, or innovative solutions tailored to unique user needs and emerging market niches.

Smart Electric Mobility Market – Regional Analysis

The Smart Electric Mobility Market is segmented into various regions, including North America, Europe, Asia-Pacific, and LAMEA. Here is a brief overview of each region:

• North America: In North America, the trend in the smart electric mobility market revolves around a surge in electric SUVs and trucks. Consumers are increasingly inclined towards larger electric vehicles, aligning with the region’s preferences for spacious and versatile transportation options, driving the demand for electric SUVs and trucks.

• Europe: Europe is witnessing a trend focusing on the expansion of urban electric mobility infrastructure. Cities are investing in comprehensive charging networks, pedestrian-friendly zones, and incentives to promote electric bicycles and scooters, reflecting the continent’s commitment to sustainable urban transportation solutions.

• Asia-Pacific: The Asia-Pacific region is experiencing a notable trend marked by the substantial rise in electric two-wheelers. Electric bikes and scooters are gaining widespread popularity, particularly for urban commuting in congested areas. Government incentives, coupled with technological advancements, are fueling the adoption of electric two-wheelers, transforming the region’s urban mobility landscape.
• LAMEA (Latin America, Middle East, and Africa): LAMEA is experiencing a trend in the adoption of electric buses for public transportation. Governments are investing in electric bus fleets, focusing on reducing emissions and enhancing the sustainability of public transit. The region is witnessing advancements in battery technology and supportive policies driving the growth of electric buses.

Competitive Landscape – Smart Electric Mobility Market

The Smart Electric Mobility Market is highly competitive, with a large number of manufacturers and retailers operating globally. Some of the key players in the market include:

• 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

These companies operate in the market through various strategies such as product innovation, mergers and acquisitions, and partnerships.

New players entering the smart electric mobility market, such as Rivian and Xpeng Motors, emphasize innovation and sustainable development. Rivian’s electric adventure vehicles showcase cutting-edge technology, while Xpeng Motors focuses on smart, connected electric cars. Dominating the market are established players like Tesla, leading with groundbreaking EVs and autonomous technology.

Tesla’s continuous innovation, widespread Supercharger network, and robust brand presence contribute to its dominance. NIO, with its BaaS model, and BMW, emphasizing sustainable mobility, are key players shaping the market through technological advancements and a focus on user-centric, eco-friendly solutions.

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