Rising Smart City Projects: A Key Driver Transforming the Electric Mobility Networks Market 2024
Electric Mobility Networks Global Market Report 2024 - Market Size, Trends, And Global Forecast 2024-2033
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What's Behind The Expansion Of The Electric Mobility Networks Market?
The electric mobility networks market size has grown exponentially in recent years. It will blossom from $281.14 billion in 2023 to $357.27 billion in 2024 at a compound annual growth rate CAGR of 27.1%. The growth in the historic period can be attributed to increasing government incentives and subsidies for EV adoption, rising environmental concerns and regulatory pressures, decreasing costs of battery technology, the expansion of EV charging infrastructure, and growing investments from automotive manufacturers. Also, the increased consumer awareness and demand for sustainable transportation, improvements in energy efficiency and performance of electric vehicles, the development of smart grid technologies, and supportive policies and regulations for emission reduction have all contributed to this expansion.
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What Factors Are Expected To Drive The Electric Mobility Networks Market To New Heights?
The electric mobility networks market size is expected to experience exponential growth in the next few years, projecting to soar to $935.34 billion in 2028 at a compound annual growth rate CAGR of 27.2%. The growth in the forecast period can be attributed to the expansion of public and private EV charging networks, government mandates, and stricter emissions regulations. Growing investments in renewable energy sources, a rise in urbanization and the need for efficient transportation solutions, increasing collaboration between governments and private companies, and an increase in the number of public and private charging stations can also fuel this surge.
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Additional major trends in the forecast period include advancements in fast-charging technologies and infrastructure, the integration of renewable energy sources into charging networks, the rise of vehicle-to-everything V2X communication technologies, the development of vehicle-to-grid V2G, and grid-to-vehicle G2V technologies.
Growth Drivers: The rising smart city projects are penetrating the market. A smart city uses digital technology and data-driven solutions to improve its performance and well-being, and to reduce costs and resource consumption. The surge in smart city development is driven by cities aiming to leverage technology to tackle urban challenges and establish urban environments that are more habitable, sustainable, and efficient. With cities evolving into smart cities, there is a growing focus on integrating electric mobility into urban planning, including developing EV-friendly public transport systems and infrastructure. The number of smart cities increased by 16.3%, from 118 in 2021 to 141 in 2023. Therefore, rising smart city projects are driving the growth of the electric mobility network market.
Which Industry Leaders Are Shaping the Electric Mobility Networks Market?
Major companies operating in the electric mobility networks market are E.ON SE, ENGIE SA, Tesla Inc., Siemens AG, BYD Company Ltd., Schneider Electric SE, ABB Ltd., DiDi Global Inc., NIO Inc., Lyft Inc., Enel X S.p.A., Rivian Automotive Inc., Segway-Ninebot Group, Arrival Ltd., Lucid Group Inc., Ola Electric Mobility Pvt. Ltd., Canoo Inc., Proterra Inc., Fisker Inc., Bird Global Inc., ChargePoint Inc., The Mobility House GmbH, Zipcar Inc., EVBox Group, Faraday Future Intelligent Electric Inc., Blink Charging Co., Neutron Holdings Inc., Aptera Motors Corp., Citymapper Limited
What Are The Recent Advancements In The Electric Mobility Networks Market?
Companies operating in this market have been developing advancements in charging infrastructure with battery swap stations to reduce downtime significantly by enabling the quick exchange of depleted batteries with fully charged ones. For instance, Nio Inc., a China-based automobile manufacturer, launched Power Swap Station 4.0, an innovation in battery swapping technology that supports automated swaps for multiple vehicle brands and models in 2024.
How Is The Electric Mobility Networks Market Fragmented?
The electric mobility networks market covered in this report is segmented –
1 By Charging Infrastructure: Public Charging Stations, Private Charging Stations, Workplace Charging Stations
2 By Software And Services: Payment Processing, Energy Management, Charging Station Maintenance And Monitoring
3 By End-User: Commercial, Residential, Industrial
Which Region Holds The Highest Market Share In The Electric Mobility Networks Market?
Asia-Pacific was the largest region in the electric mobility networks market in 2023. In contrast, Europe is expected to be the fastest-growing region in the forecast period. The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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