As technology continues to play an expanding role in society, few realms are left untouched. Mobility is one of the many facets of our daily lives that is undergoing a dramatic transformation.
According to the market research firm Navigant, consumers and cities are combining to accelerate growth in new electric mobility devices.
Published in the fall of 2016, the report “Electric Mobility in Smart Cities” examines electric-powered technologies that enable smarter mobility in cities. It focuses on a number of different applications, including electric buses (e-buses); electric bicycles (e-bikes) and electric scooters (e-scooters), plug-in electric vehicles (PEVs), and electric vehicle (EV) charging infrastructure.
The report finds consumers are increasingly searching for new products and services to enable improved mobility in large cities. At the same time, cities are strategizing on how to reduce traffic congestion and meet aggressive climate action plans. The two trends are converging to drive up demand for new technology.
“Urbanization, improving battery technology, national e-mobility plans, and city energy policy [are driving the e-mobility industry],” said Ryan Citron, research analyst with Navigant Research. The report states that through improvements in battery, motor and charging technologies, the market opportunity for e-mobility devices is expected to grow considerably over the next 10 years.
The report forecasts revenue generated by global e-mobility devices to more than double from $25.6 billion in 2016 $62.2 billion by 2025. E-bikes and e-scooters are expected to account for 69 percent of e-mobility device revenue in 2016. E-bus revenue is expected to surpass that level by 2022. E-mobility device revenue is expected to grow at a strong compound annual growth rate (CAGR) of 10.3 percent throughout the forecast period.