Due to the lower ownership costs associated with offering shared mobility services on electric vehicles (EV) than via a conventional diesel or petrol vehicle, the global electric (e)-mobility service market is projected to reach $78,898.3 million by 2030, from $3,189.8 million in 2019, at a 40.7% CAGR between 2020 and 2030. Compared to the cost of fuel, the expenses for charging an EV are quite low.
Moreover, the powertrain of an EV has up to 70% fewer moving parts than a traditional internal combustion engine (ICE) variant, which makes the maintenance of the former type of automobiles easier and cheaper. In addition, the cost of the battery, which is the most important and expensive EV component, is declining fast, and in the age of continuously rising gasoline and diesel prices, EVs are becoming a more cost-effective option for shared mobility companies, which is a primary reason behind the e-mobility service market progress.
To make sure the COVID-19 situation does not worsen than it already is, numerous countries have put a restriction on the movement of people for non-essential purposes. This has not only caused a dip in the demand for shared rides, but also in an acute driver shortage, thereby affecting the e-mobility service market negatively.
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E-Mobility Service Market Segmentation Analysis
The ride-hailing category, under the service type segment, would dominate the e-mobility service market in 2030, because of the strong efforts being put in by major ride-hailing firms, such as Beijing Xiaoju Technology Co. Ltd. and Uber Technologies Inc., to electrify their fleet.
In 2019, the passenger car bifurcation, on the basis of vehicle type, accounted for the larger e-mobility service market size. This was a result of a high demand for carsharing, ride-hailing, and car rental services; many companies have already pressed electric passenger cars for such operations.
The daily commuting category, based on commuting pattern, would experience the highest CAGR in the e-mobility service market, of over 40%, owing to the rising usage of such services by young professionals and students, to travel between home and college/office. Moreover, the younger population is more conscious about the environment and reeling under the rising fuel prices, therefore prefers to use e-mobility services for daily commuting.
