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.
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.
Another factor driving the popularity of e-mobility is the lower operating costs of EVs than conventional automobiles. Compared to the latter, EVs have a simpler drivetrain, which leads to easier and cost-effective maintenance. Moreover, electricity is cheaper than gasoline and diesel, thereby offering mobility service providers bigger cost advantages. Further, with the declining prices of lithium-ion (Li-ion) battery packs, the cost of EVs is expected to reach parity with those of conventional automobiles. All such cost advantages for fleet operators are expected to translate into cheaper transportation services for people.
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.
These services are availed of for occasional commuting,daily commuting, last-mile connectivity,and other purposes. Most people opt for e-mobility for last-mile commuting, such as between their home, college, or office and bus stop or metro station. However, in the coming years, the popularity of these services among daily commuters will rise at a rapid rate too. Young professionals and students are shunning their personal vehicles and going for shared mobility to save costs and ownership hassles. With the availability of EVs, the services are becoming cheaper.
Additionally, with even automakers entering the shared mobility space with their own EV fleets, the availability of these services is expected to become easier. For instance, at the 2018 Consumer Electronics Show, Toyota Motor Corp. announced plans to enter the e-mobility space and by 2020, launch the e-Palette self-driving EVs for the services. Similarly, service providers are partnering with government agencies to set up charging stations, the lack of which is one of the major challenges for mass EV adoption. For instance, in November 2019, Bombay Suburban Electric Supply (BSES) and ANI Technologies Pvt. Ltd. (Ola Electric) came together for installing charging infrastructure in Delhi.
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.
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.
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