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Electric mobility: a market set to rise across the world

Electric mobility: a market set to rise across the world

Electric mobility could become the most profitable industry of the future, and China leads the way.

Electric mobility is the best way to show how car makers are making their commitment towards a cleaner future.

Image: Statista

As we face the urgency to create sustainable urban transport for the future, electric mobility has been included in political programs and plans to solve the imminent environment dangers ahead, boosting the industry into one of the most profitable in years to come.

As of 2017, according to Statista, electric vehicles accounted for approximately 2% in any of the world´s five largest passenger car markets.

China is by far the largest market for electric passenger cars. According to McKinsey, 375,000 electric vehicles were manufactured by Chinese OEMs during 2016., representing up to 43% of electric automotive production.

On the verge of electric change

As technology costs have declines and new materials are being brought into the industry, electric cars are shifting to be the innovations of tomorrow.

Although high sticker prices, lack of charging infrastructure and the high cost of lithium-batteries have complicated market evolution, a Bernstein report predicts the electric vehicle fleet could represent 40% of auto sales and 30% of the global car park in 20 years.

Electric car production is expected to increase more than thirtyfold by 2030, according to Bloomberg New Energy Finance. Image: Bloomberg.

With China leading in production and investment, McKinsey anticipates market performance of 15 countries such as Italy, France, Japan, Germany, the U.K. and Norway, who –in terms of market share of plug-in electric vehicles– compares to no other, as more than one in three cars sold in Norway was battery-driven.

Electric bikes (and mobility) command enormous market in Asia

 E-bikes, another form of organic transportation, has rapidly built on momentum in Asia.

In China, there are over 100 million electric bikes on the road as Shanghai, Kunming, Shijiazhuang, and Jinan are the most popular metropoli to enjoy e-bikes or scooters.

According to a GTZ study, electric bikes are perhaps the most fuel efficient, lowest emitting vehicles that are available because of their relatively low weights and highly efficient drive systems.

California: The U.S. major market

By November of last year, Disclosuresave reported Los Angeles is leading the charge of 30 cities with the goal to persuade auto manufactures to build zero emission status, replacing buses, trucks, police cars and other public service transports.

The site continues explaining that California´s goal is to have 1.5 million electric cars on the road by 2025. Currently, 340,000 electric cars are registered in California