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Electric Mobility Market Overview
In the near future, a significant shift is expected to occur toward electric mobility from the traditional means of transport, which will massively drive the growth of the electric mobility market. Electric mobility service refers to the incorporation of electric vehicles in different shared mobility business models; thus, with the growing adoption of various app-based mobility solutions, along with the rising concern toward the environmental degradation by vehicular emissions, the integration of electric vehicles in shared mobility services has become highly essential in the recent years.
Based on the service type, the electric mobility market can be classified into two-wheeler sharing, ride sharing, ride hailing, carsharing, and car rental. Two-wheeler sharing service providers are witnessing a significant adoption of electric vehicles in their fleet. In 2019, around 70% of the scooter sharing service companies operating in the world deployed electric scooters. Additionally, all the kick scooters used in sharing services are propelled by electricity, and a substantial number of bike sharing service providers are also shifting toward electric bikes. This move toward electrification is mainly attributed to the fact that electric two-wheelers are much lighter, easier to operate, and offer extra cost benefits to the service providers, in addition to their predominant environment-friendly characteristics.
Moreover, many ride sharing, carsharing, and car rental companies are also shifting toward an electric vehicle fleet. When electric cars are used for these services, it results in massive cost savings and long-term benefits of ownership. Moreover, in many countries, governments are offering various subsidies to the service providers, for deploying electric vehicles in their fleet, which is further propelling their adoption for shared mobility. Furthermore, the players operational in the shared mobility market are creating electric fleets, which is also driving the electric mobility market growth.
The global electric mobility market growth continues, with Asia-Pacific (APAC), led by China; Europe, and the U.S. being the major markets. The cumulative electric vehicle sales across the globe, in 2018, surpassed 5 million units. At the same time, shared mobility fleets are expanding across several cities in the largest markets for electric vehicles, and the growth is set to continue at an even higher rate in the coming years. Electric vehicle adoption in mobility services, varies significantly, ranging from several hundreds to a few hundred thousands, in company fleets.
Electric Mobility Market Dynamics
One of the major drivers propelling the growth of the electric mobility market is the extension of the government support, in terms of regulatory policies and incentives, in different countries across the world. For instance, the European Commission launched a project, named eMaaS, to be implemented between January 2018 and June 2020, across five countries — Germany, Hungary, the Netherlands, Sweden, and Austria — with the main aim to shift people from the prevailing mobility options to e-mobility.
Additionally, in 2019, the Faster Adoption and Manufacturing of (Hybrid &) Electric Vehicles (FAME-II) program was launched in India, which intends to expand electric shared mobility services in the country, by offering incentives for purchasing electric vehicles, to the service providers. Thus, with the growing government support in different countries, the adoption of electric vehicles in the fleet of sharing service companies is expected to surge in the coming years, thereby driving the electric mobility market.
Electric Mobility Market Competitive Landscape
DiDi Chuxing Inc. currently has the highest number of electric vehicles in its sharing fleet. In 2018, the company had more than 400 thousand electric vehicles, which was nearly 260 thousand at the end of 2017. Moreover, many other service providers have set targets to adopt electric vehicles for their services, to meet their overall fleet goals and region-specific targets. For instance, in April 2018, ANI Technologies Pvt. Ltd. (Ola) announced the launch of Mission Electric, with the aim to have 1 million electric vehicles on its sharing platform, by 2021. Further, in June 2017, Lyft Inc. announced its vision to provide 1 billion annual rides in electric autonomous automobiles.
Additionally, in October 2018, Uber Technologies Inc. announced its aim of adding 20,000 electric vehicles — nearly half of its fleet in London — by the end of 2021 and expanding to 100% by 2025. Further in 2018, the company launched a pilot program, EV Champions Initiative, in seven U.S. cities, with the aim to deploy electric vehicles in shared mobility services, by offering a bonus of one dollar per ride, which equals up to $20 per week, to drivers using a plug-in hybrid or battery electric vehicle.
Some of the other major players operating in the global electric mobility market are Grab Holdings Inc., Motivate Inc. (Citi Bike), Yulu Bikes Pvt. Ltd., Neutron Holdings Inc. (Lime), Bird Rides Inc. (Bird), Bycyshare Technologies Pvt. Ltd. (Mobycy), Electric Mobility Concepts GmbH (emmy), Cooltra Motosharing S.L.U. (eCooltra), and Cityscoot SAS.
The report covers a country-wise electric mobility market analysis. Some of the major countries covered in the report are the U.S., Canada, Germany, the U.K., France, Italy, the Netherlands, China, Japan, India, Australia, Brazil, and Mexico.
Electric Mobility Market Size Breakdown by Segment
The Electric mobility market report offers comprehensive market segmentation analysis along with market estimation for the period 2014–2030.
Based on Service Type
Based on Vehicle Type
Based on Battery Type
Based on Commuting Pattern
Based on End Use