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The global electric mobility services market size was $3,189.8 million in 2019. Furthermore, the market is expected to advance with a CAGR of 40.7% in the forecast period (2020–2030). The comparatively lower cost of ownership attached to the electric fleet, coupled with the increasing environmental concerns across the world, acts as the major driver forthe growth of the market.
However, the ongoing COVID-19 pandemic across the world is expected to have a greatnegative impact on different aspectsof society, including the automobile and transportation sector. Before the COVID-19 outbreak, 2020 was a crucial year for many shared mobility startups, which were preparing new market offerings and planning to expand their services. The sector, especially micromobility, had enticed a huge entrepreneurial and user interest. Moreover, in recent years, it had receivedgreat support from public policies and associated infrastructure. But, with the outbreak, the picture for all the stakeholders in the e-mobility services market has become grim.
COVID-19 recession is the first mobility-targeting recession in the world, andnumerous concerns exist about the financial viability of some of these services. In the short term, there would be substantial shifts away from mobility and public transit, to reduce the risk of infection. This has majorly beendue to a significant increase in the preference for remote working, which is being witnessed currently. The notion of reducing travel, in general, could, however, remain a longer-term consideration, in the context of climate change.
The two-wheeler sharing category dominated the electric mobility services market during the historical period (2014–2019), on the basis of service type. This is attributed to the fact that apart from being a convenient, economical, and faster modeof commuting, electric two-wheeler sharing services also cater to the demand for last-mile traveling across the world. The two-wheeler sharing category is further subcategorized into bike sharing, kick scooter sharing, and scooter sharing. Among them, the bike sharing category held the largest market share in 2019, owing to the massive usage of such services in China.
During the forecast period, the passenger car category is projected to advance with the higher growth rate in the e-mobility services market, when segmented on the basis of vehicle type. This is buoyed by the expected increase in the demand for ride-hailing, carsharing, and car rental services during the forecast period. The passenger car category is further bifurcated into battery electric vehicle (BEV) and plug-in hybrid electric vehicle (PHEV). Among the two, the BEV category accounted for the largershare in the market in 2019, attributed to the supportive government initiatives, in the formof incentives and policy formulations, whichencourage the adoption of these vehicles, and the operational benefits BEVsoffer over PHEVs.
In the historical period, last-mile commuting was the largest category in the electric mobility servicesmarket, on the basis of commuting pattern. Furthermore, the category is expected to remain the largest market in the forecast period. This is because e-mobility services provide convenience to users, to travel even the shortest distances, from mass transit spots, such as bus stop and metro station, to their destination, thus eliminating the need to walk down that distance.
Commuting services utilized for personal use accounted for the larger share in the e-mobility services market, when segmented on the basis of end use, during the historical period. Furthermore, the category is projected to remain the larger market in the forecast period. The dominance of the category is attributed to the fact that themajority of the customers use e-mobility services for personal work, which may include going to work, running errands, such as grocery shopping, and undertaking short trips, such as escorting someone to the airport.
Geographically, APAC dominated the e-mobility servicesmarket during the historical period, and it is projectedto remain the dominant region during the forecast period. Of all countries around the world, China continues to remain the largest market for e-mobility services. In recent years, several cities across China increased the usage of electric vehicles (EVs) across various service platforms, to promote a greener environment. With continuous support from the government, in the form of policies and incentives, the market in China is expected to demonstrate robust growth in the near future.
The LAMEA e-mobility services market is still at a nascent stage; however, the penetration of EVs and related charging infrastructure is increasing at a significant rate in the region, which is why LAMEAis offering a lucrative growth opportunity to the market. Mexico and Brazil are the major markets for e-mobility services in the region.The increasing adoption of EVs, especially in shared mobility, in Mexico and Brazil can be mainly attributed to the government incentives being given to combat pollution in large cities.The region is also witnessing the entry of some significant players,includingEkar FZ LLC and Localiza Rent a Car SA, in the market, which would give the region apromising growth prospect in the forecast period.
A key trend being witnessed in the market is the increasing involvement of several automobile manufacturers in the shared mobility business. For instance, Toyota Motor Corp.,at the Consumer Electronics Show (CES) in 2018, announced that it plans to enter the shared mobility business. Furthermore, the company was working toward the introduction of the Autono-MaaS service, a mobility service which would be provided via self-driving EV, the e-Palette, by mid-2020. Thus, the forward integration undertaken by automobile giants would enable them to deploy their own fleet in mobility services, which, in turn, will optimize their operational cost and provide them with a competitive edge in the market.
One of the major drivers propelling the adoption of EVs in public shared mobility services is the lower cost of ownership attached with these vehicles. The cost of charging the vehicle is much lower than the cost of fossil fuel for conventional vehicles.Moreover, the cost of maintenance is also lower for EV as compared to conventional vehicles, owing to the relative simplicity of the electric drivetrain,which consistsof 70% fewer moving parts than an internal combustion engine (ICE) vehicle. The lower total cost of ownership of EVs facilitates their adoption in public shared mobility services,thus becoming a major driver forthe growth of the e-mobility services market.
The accelerating rate of environmental degradation due to the emission of greenhouse gases is raising the level of concern. This is one of the major drivers for the growth of the e-mobility servicesmarket. The increasing amount of exhaust fumes released from vehicles is one of the main contributing factors toward the degradation of the air quality, which has becomea major concern for governments around the world.
E-mobility is an effective antidote in this regard, to curb the impact of pollution on the environment. The increased use of EVs in public shared mobility services would reduce the number of conventional privately owned vehicles on roads, which, in turn, will minimize the amount of carbon dioxide (CO2) emitted into the environment. Additionally, countries across the world are increasing their efforts to raise awareness abouta sustainable transportation system. In an effort toward this, several countries have started deploying low- and zero-emission transport systems. Vehicles offered for mobility services under these systems are mostly powered by electric motors, which conform to environmental standards and ensure an emission-free ecosystem, which, in turn, contributes to the growth of the market.
|Base Year (2019) Market Size||$3,189.8 million|
|Forecast Period (2020-2030) CAGR||40.7%|
|Report Coverage||Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Impact of COVID-19 on the Market, Company Share Analysis, Companies’ Strategical Developments, Product Benchmarking, Company Profiling|
|Market Size by Segments||Service Type, Vehicle Type, Commuting Pattern, End Use, Geographies|
|Market Size of Geographies||U.S., Canada, Germany, France, Italy, U.K., Spain, Netherlands, Switzerland, Japan, China, India, Australia, South Korea, Singapore, Brazil, Mexico, Saudi Arabia, South Africa|
|Secondary Sources and References (Partial List)||Alternative and Renewable Fuel and Vehicle Technology Program (ARFVTP), American Public Transportation Association (APTA), China Association of Automobile Manufacturers (CAAM), Federation of European Motorcyclists' Associations (FEMA), International Energy Agency (IEA), Light Electric Vehicle Association (LEVA), Mobility as a Service Alliance (MaaS Alliance)|
The global e-mobility services market is highly fragmented in nature, with the presence of a large number of established players as well as startups across the world, including Neutron Holdings Inc., Bird Rides Inc., Donkey Republic ApS, Cityscoot SAS, and ANI Technologies Pvt. Ltd.
In recent times, players in the e-mobility services market have launched a number of new services, in order to stay ahead of their competitors. For instance:
The research offers market size of the global e-mobility services market for the period 2014–2030.
Based on Service Type
Based on Vehicle Type
Based on Commuting Pattern
Based on End Use