Why will Popularity of E-Mobility Services Boom in APAC in Future?

Haze and smog, which were earlier predominantly winter phenomena, are now becoming common during summers too. The reason behind this is the increasing amount of greenhouse gas (GHG) being emitted from power plants, factories, houses, and vehicles. As air pollution is directly tied to respiratory diseases, such as asthma, lung cancer, cystic fibrosis, and chronic obstructive pulmonary disease (COPD), countries around the world have begun taking initiatives to achieve a carbon-free economy.

E-Mobility Services Market Outlook

This is the primary reason that, as per P&S Intelligence, will propel the e-mobility services market from $3,189.8 million in 2019 to $78,898.3 million in 2030, at an explosive 40.7% CAGR during 2020–2030 (forecast period). The concept relates to the provision of shared transportation services exclusively via electric vehicles (EV). As these automobiles are a lot less polluting than conventional petrol and diesel alternatives, they are being promoted around the world. Countries are offering substantial incentives, purchase subsidies, and tax rebates to the buyers of these vehicles.

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Two-wheeler sharing, ride-hailing, carsharing, and car rental are the various categories when the market is segmented based on service type. Among these, the two-wheeler sharing category held the largest share in the e-mobility services market in 2019, as these services are cost-effective, convenient, and time-saving. Additionally, two-wheeler sharing is being considered important in solving the issue of first- and last-mile commute. The rise-hailing category is predicted to witness the fastest growth during the forecast period due to service providers rapidly including EVs in their fleets.

Owing to such initiatives, Asia-Pacific (APAC) dominated the e-mobility services market during the historical period (2014–2019), and it will continue doing so till 2030. China is the largest producer and user of EVs in the world, driven by the stringent government emission control targets and strong support for clean-fuel automobiles. Moreover, China also manufactures Li-ion batteries in the largest numbers, which is a key reason behind the relative cost-effectiveness of EVs here compared to the rest of the world.

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Hence, with governments going all out to reduce GHG emissions and clean up the environment, the popularity of the e-mobility concept is bound to increase.