iCrowd Newswire – Jul 17, 2020
P&S Intelligence cites the rising concerns for the environment and electric vehicles’ (EV) low cost of ownership as the primary reasons behind people shifting to electric mobility. As a result, the global e-mobility services market is projected to witness a massive 40.7% CAGR between 2020 and 2030, to reach $78,898.3 million by 2030.
The COVID-19 epidemic is impacting the e-mobility services market negatively, as the lockdowns initiated in numerous countries have led to almost no demand for public transportation services.
Last-mile connectivity, daily commuting, occasional commuting, and others are the various categories under the commuting pattern segment. Among these, daily commuting is expected to grow the fastest in the coming years, due to the increasing demand for shared mobility services for daily commuting purposes, especially by the younger, college- and office-going population. In addition, several initiatives have been taken around the world to bring down the number of personal vehicles in operation.
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The various categories under the service type category of the e-mobility services market are ride-hailing, two-wheeler sharing,car rental, and carsharing. In the near future, the ride-hailing category would experience the highest CAGR, as numerous ride-hailing giants, including Beijing Xiaoju Technology Co. Ltd. and Uber Technologies Inc., are deploying EVs in their fleets.
Asia-Pacific (APAC) held the largest share in the electric mobility services marketbetween 2014 and 2019, and it will continue doing so throughout the next decade. This is ascribed to government concerns regarding air pollution, rising disposable income, and increasing popularity of the shared mobility concept. Due to the rapid industrialization and urbanization in Japan, China,and India, the pollution level in these countries is rising, creating a need for reducing the emission of greenhouse gases. Due to these reasons, governments are taking numerous initiatives to reduce the vehicle ownership rate, such as reserving road lanes for shared EVs.
To gain a stronger foothold in the electric mobility services market, by targeting a larger user base, companies are launching new services. For instance, Lyft Inc. introduced its e-bikes in California and rebranded its bike-sharing system, Ford GoBike, to Bay Wheels, in June 2019. A new locking system has been provided to help users park the bikes at docking stations and safely lock them.
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In the same vein, in January 2020, EVs were introduced by Grab Holdings Inc. in its GrabCar Electric ride-hailing service, which is available at the Soekarno-Hatta Airport in Indonesia. The fleet, which was electrified with the introduction of 20 Ioniq electric cars manufactured by Hyundai Motor Co., is expected to be expanded to 500 in just one year.
The major global e-mobility services market players are Bird Rides Inc., Neutron Holdings Inc.,Cityscoot SAS, Donkey Republic ApS,Uber Technologies Inc., ANI Technologies Pvt. Ltd.,Grab Holdings Inc., Beijing Xiaoju Technology Co. Ltd.,Enterprise Holdings Inc., and car2go N.A. LLC.
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Keywords: e-mobility services market, Electric Mobility Market, Mobility Market Demand in 2020