Mobility is characterized by the diversity of very different methods of transport. In recent years, the global mobility market has been experiencing a sharp decrease in worldwide sales. During COVID-19 pandemic 2020, mobility market sales were estimated to be 59.5%. Car sales were calculated as 80 million in 2019 and decreased continuously after then. Restricted mobility during this time has affected mobility market rates for public transport. However, enthusiasm and love of youth for bikes and scooters give an alternative to stabilize the mobility market.
New trends in lightweight technology are emerging and evolving every day, such as micromobility OEMs, which enhance direct-to-consumer sales instead of B2B sales. You can watch your SHLO stock to see how it rises or falls. The platforms which are sharing ubiquitous mobility have emerged with new revenue models. They use strategies for rental plans for new customers. The mobility market has become appealing for many potential investors, including tech companies, venture capital funds, and private equity companies. New and advanced stakeholders are the prominent investing figures in the mobility market.
Advancement in technology-driven trends changes the traditional growth in mobility markets. Automotive products are evolving along with electronics and software development. Vehicle software products are growing every year by 11%, which would increase the vehicle value by 30% in 2030.
Examples of transformation in the mobility market due to technology are as follows:
Mobility-as-a-service (MaaS model)
The technology changes will provide a range of innovations that shift the dimensions of the mobility market. The ownership model is changing into a mobility-as-a-service model according to the changing concepts and demands of consumers. Most of all, the needs of younger changes prompt technology to evolve and develop innovations in the mobility market.
With the changing trends in technology and trends in the e-commerce industry, electric vehicle EVs are also evolving. At the moment, EVs are playing a bit smaller role in the global mobility markets. But the global share of EVs in the mobility market is expected to increase because of government trending incentives. Also, the EVs producing materials have minimized costs as lithium-ion batteries are required, which are comparatively cheap.
These incremental advances in reducing EVs cost increase the customer attention towards these products. In addition, this will result in more demand for them worldwide. Andhra Pradesh has taken advantage, at least on its own, “by making use mainly of battery power stations with fast charging capabilities available via public transport systems such buses and ferries.” As per our data collected over three years in the Hyderabad region, almost 80% passenger car ownership among auto passengers took place during morning peak hour while 55% was done outside that time,” said Parrikar. As mentioned before, there was an alarming number (over 50%) of road fatalities.
Vehicle-to-everything (V2X) will make life simpler
Vehicle-to-everything has included wireless technologies which allow the data exchange between vehicles and their surroundings. The devices which connect to the wireless services increase safety beyond the typical line of sight sensors. V2X has increased efficiency by giving warnings for traffic congestions and greenhouse gas emissions.
Autonomous driving will transform mobility
The technology has progressively moved towards automotive vehicles and provides significant benefits by Automated Driving System (ADS). They are continuously working on making driverless cars a reality. This innovation would increase the safety, timings, and mobility for nondrivers. Also, they would play a significant role in reducing environmental harm along with minimized transport costs.
Technology is redefining the navigation of cities
The significant shifts in mobility trends provide a societal shift. The adoption of new innovative thoughts allows mobile users to plan for a train, bus, taxi, etc., in one single application at a fixed price. The externality of social distancing is shifting the youth towards vehicle space and ownership. Hence, the technology provides software for personal use, public transport innovations, shared mobility facilities, and commercial use mobility devices, which would increase the mobility market trends. For instance, a large number of Indian cities like New Delhi/Mumbai have installed electric cars, where people pay taxes on their usage as per different laws with no obligation or even an expectation from paying tax after purchase.
At present, there are over six lakh EVs within India alone. “There is enormous potential growth,” says Swaran Sharma, co-founder and CEO, Global Business Partnerships, Ltd., who has invested $10 million in three eBizCar startups – Abhishek Ravi, Vinod Srivastava & Anil Kumar Gupta.