Green Automotive Mobility Market to Soar to $884.4 Billion by 2030, Driven by Environmental Concerns and Favorable Government Initiatives
The global green automotive mobility market is poised for remarkable growth, with a projected increase from approximately $188.7 billion in 2022 to a staggering $884.4 billion by 2030, reflecting a stellar compound annual growth rate (CAGR) of 21.3% between 2023 and 2030.
Environmental Benefits of Green Mobility
A recent market analysis highlights the substantial environmental benefits associated with green automotive mobility. For instance, every mile driven by a conventional vehicle emits an average of one pound of CO2, while the adoption of public transport reduces CO2 emissions by 45%. This transition to greener modes of transportation is expected to reduce carbon dioxide emissions in the US by an estimated 37 million metric tonnes annually. Additionally, increased use of bicycles can save six to fourteen million tonnes of CO2.
Improved air quality resulting from reduced emissions is expected to lead to health benefits for local populations, including a decrease in cases of cancer and respiratory conditions such as asthma. The promotion of active transportation, such as bicycles, is likely to lead to more bike routes and eco-friendly lanes.
Key Market Segments
In 2022, the market for two- and three-wheeled vehicles dominated the green automotive mobility sector, driven by rising fuel costs. E-bikes and e-scooters have emerged as the preferred and safest options for many consumers.
The electric mobility market also claimed a significant share, driven by favorable government initiatives, technological advancements, a growing interest in performance-based adventure, and a preference for leisure activities.
The urban logistics category plays a vital role in reducing emissions through the use of cleaner fuels and optimization of logistics processes.
Regional Trends
The Asia-Pacific region is expected to account for the largest share of the global Green Automotive Mobility Market. India, in particular, is witnessing a surge in demand for e-scooters as shared mobility services and e-commerce companies adopt them for last-mile delivery.
In Europe, rising concerns about vehicle pollution and government policies aimed at decarbonizing transportation are expected to drive growth in the regional Green Automotive Mobility Market.
Key Growth Determinants
Several factors are driving the growth of the green automotive mobility market, including:
- Decreasing Prices of Li-ion Cells: Reduction in the cost of lithium-ion batteries, coupled with the discovery of Li-ion mines in India, is expected to lower the investment required to purchase electric vehicles.
- Ballooning EV Industry: The global electric vehicle market is experiencing rapid growth, with increasing sales volumes, driven by factors such as the success of Teslas Model 3.
- Favorable Government Initiatives: Governments worldwide are implementing regulations and incentives to promote electric mobility, such as Indias target of 30% vehicle electrification by 2030.
Major Growth Barriers
While the market is poised for growth, several challenges must be addressed:
- Prohibitive EV Costs: The high cost of electric vehicles and the required infrastructure remain significant barriers to adoption.
- Power Grid Limitations: Expanding the power grid to accommodate increased electricity demand from EVs is a challenge that needs swift solutions.
Key Trends and Opportunities
Promising trends and opportunities in the market include the use of alternative fuels, the growth of smart mobility solutions, and advancements in powertrain concepts to enhance electric vehicle efficiency.
Regulatory Impact
Government initiatives and regulations are playing a pivotal role in shaping the green automotive mobility industry, with India emerging as a leader in sustainable transportation through proactive measures and higher sales.
Leaders in the Industry
The global green automotive mobility market is led by key players such as BMW, BYD, Tesla, Daimler AG, Nissan, Engie, Ford Motors Company, Kia Motors Corp., General Motors, Volkswagen, Hyundai Motor Company, Maruti, TATA Motors Limited, Toyota, Volvo Car Corp.
Global Green Automotive Mobility Industry Analysis, Size, Share, Growth, Trends, Regional Outlook, and Forecast 2023-2030 (By Type Coverage, By Vehicle Type Coverage, By Geographic Coverage and By Company) https://www.fairfieldmarketresearch.com/report/green-automotive-mobility-market
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