E-Mobility Services Market to Generate Revenue Worth $78,898.3 Million by 2030
- Published: June 2020
The low total cost of ownership of electric vehicles (EVs), along with the increasing environmental concern across the world, is the key factor that is propelling the growth of the global electric mobility services market. The market is projected to generate $78,898.3 million revenue by 2030, growing with a CAGR of 40.7% during the forecast period (2020–2030).
However, the e-mobility services market is witnessing a slowdown, owing to the ongoing COVID-19 pandemic across the world. During the pandemic, affected countries have initiated a temporary lockdown of operations, restricting people from coming out of their houses, which has caused a huge blow to public transportation services, e-mobility being no less.
Ride-Hailing Is Fastest-Growing Service Type category in Market
On the basis of service type, the e-mobility services market is classified into two-wheeler sharing, ride-hailing, carsharing, and car rental. Out of these, the ride-hailing category is expected to advance with the highest growth rate during the forecast period. This can be attributed to the greater number of initiatives taken by ride-hailing giants, such as Uber Technologies Inc. and Beijing Xiaoju Technology Co. Ltd., to deploy electric fleets for their services.
Further, in terms of commuting pattern, the electric mobility services market is categorized into daily commuting, last-mile connectivity, occasional commuting, and others. Among them, the daily commuting category is expected to witness the fastest growth during the forecast period. The market growth in this category is buoyed by the increasing demand for shared mobility services by the young population, such as students and young professionals, for meeting their daily commuting needs. Moreover, several initiatives in different countries, aimed at reducing the number of private vehicles on roads, further encourage the use of e-mobility services, daily, by people.
Geographically, Asia-Pacific (APAC) was the largest e-mobility services market in the world during the historical period (2014–2019), and it is expected to remain the largest market in the forecast period. The APAC market has witnessed exponential growth in recent years, mainly on account of the rising consumer demand for shared mobility services, increasing disposable income, and growing government concerns over environmental pollution in the region. Furthermore, the rapid industrialization and urbanization are playing a major role in boosting the growth of the market, as countries such as China, Japan, and India have high pollution levels. In an effort toward curbing the pollution levels and reducing the rate of personal vehicle ownership, governments in these countries are focusing toward establishing strong infrastructure and road network and adding EVs to shared mobility fleets.
Service Launches Are Strongest Strategic Measure Taken by Players in Market
Players in the e-mobility services market are launching new services to enhance their market presence. For instance, in January 2020, Grab Holdings Inc. introduced EVs in its ride-hailing service, called GrabCar Electric, at the Soekarno-Hatta Airport in Indonesia. The company’s electric fleet comprises 20 of Hyundai Motor Co.’s Ioniq electric cars.
Browse report overview with detailed TOC on "E-Mobility Services Market Research Report: By Service Type (Two-Wheeler Sharing, Ride-Hailing, Carsharing, Car Rental), Vehicle Type (Two-Wheeler, Passenger Car), Commuting Pattern (Daily Commuting, Last-Mile Connectivity ,Occasional Commuting), End Use (Personal, Business)- Global Industry Analysis and Growth Forecast to 2030" at:https://www.psmarketresearch.com/market-analysis/electric-e-mobility-service-market
Furthermore, the company expects to increase the size of the fleet to 500 within one year. Similarly, in June 2019, Lyft Inc. announced the launch of e-bikes across California, U.S., along with the rebranding of its Ford GoBike bike sharing system to Bay Wheels. A new locking system lets users lock and park the e-bikes outside docking stations.
Some of the major players operating in the global electric mobility services market are Neutron Holdings Inc., Bird Rides Inc., Donkey Republic ApS, Cityscoot SAS, ANI Technologies Pvt. Ltd., Uber Technologies Inc., Beijing Xiaoju Technology Co. Ltd., Grab Holdings Inc., car2go N.A. LLC, and Enterprise Holdings Inc.