U.S. Electric Mobility Market Forecast To Register CAGR Of Over 19.8% By 2028

Posted by rahul nikade on December 2nd, 2022

U.S. Electric Mobility Industry Overview

The U.S. electric mobility market size is expected to reach USD 119.8 billion by 2028, expanding at a CAGR of 19.8% over the forecast period, as per the study conducted by Grand View Research, Inc. Surge in the adoption of electric vehicles, especially e-scooters among the youth, quick urbanization, and increasing purchasing capacity in the country are expected to significantly increase the demand for electric mobility in the U.S., thereby supporting the market growth. Furthermore, growing concerns about the rapidly rising carbon footprint and greenhouse gases from the transportation and automotive industries are encouraging state and country-level regulatory bodies to set up policies that promote the adoption of energy-efficient vehicles.

U.S. Electric Mobility Market Segmentation

Grand View Research has segmented the U.S. electric mobility market based on product, battery, and voltage:

Based on the Product Insights, the market is segmented into Electric Scooter, Electric Bicycle, Electric Skateboard, Electric Motorcycle, Electric Car, Electric Wheelchair.

• The electric car segment dominated the market in 2020 and accounted for an overall market share of 80.8%. The segment growth can be attributed to the increasing adoption rate of electric cars compared to skateboards, bicycles, and wheelchairs.
• The electric motorcycle segment is expected to expand at a CAGR of 29.5% over the forecast period.
• The U.S. government and regulatory bodies are boosting the adoption of electric two-wheelers by proposing tax concession, which is projected to contribute to the growth prospects of the electric mobility market in the U.S. Numerous companies have also emphasized investing in the e-motorcycle business, which is expected to further support the growth of the electric motorcycles segment and the overall electric mobility in the U.S. For instance, in July 2019, Harley-Davidson launched Livewire, its first electric motorcycle.

Based on the Battery Insights, the market is segmented into Sealed Lead Acid, NiMH, Li-ion.

• The Li-Ion battery segment dominated the market in 2020 and accounted for 55.8% of the market share. The increasing awareness of adopting eco-friendly batteries and the environmental and performance advantages of Li-Ion batteries over NiMH and sealed lead-acid batteries have boosted the demand for Li-Ion batteries.
• Li-Ion battery’s performance s expected to position Li-Ion technology as a global mainstream battery technology for electric vehicles over the forecast period. Furthermore, the price of Li-Ion batteries is projected to witness a significant decline owing to low-cost cathode composition in the coming years, reducing the overall cost of electric vehicles.
• The NiMH battery segment is projected to expand at a CAGR of 19.9% over the forecast period. NiMH batteries offer 500 complete charge cycles before their replacement. They have a better battery lifecycle compared to lead-acid batteries and are lightweight.

Based on the Voltage Insights, the market is segmented into 24V, 36V, 48V, Greater than 48V.

• The 24V segment accounted for 37.9% of the overall revenue in 2020. These batteries hold high compatibility with electric vehicles and offer greater power output, which is anticipated to support the segment growth over the forecast period.
• However, the surge in the demand for 48V batteries owing to growing customer preferences for vehicles with long-lasting battery range to avoid frequent charging of the battery is expected to fuel the growth of the 48V batteries segment.
• The 48V segment is projected to register a CAGR of 21.2% from 2021 to 2028. The use of higher voltage levels, for instance, scooters with 48V, offers advantages such as high efficiency, less electric consumption, and better power for the vehicle. 

Key Companies Profile & Market Share Insights

Market players also focus on initiatives such as new product launches and joint ventures to enhance their position in the market. 

Some prominent players in the U.S. electric mobility market include

• Accell Group
• Airwheel Holding Limited
• Derby Cycle
• HARLEY-DAVIDSON
• Honda Motor Co. Ltd.
• Invacare Corporation
• Lohia Auto Industries
• Ninebot Ltd.

Order a free sample PDF of the U.S. Electric Mobility Market Intelligence Study, published by Grand View Research. 

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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