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Guidehouse Insights Estimates Number of EVs in Shared Mobility Services is Projected to Grow at a Compound Annual Growth Rate of Nearly 50% by 2032
News provided byGuidehouse Insights
Sep 19, 2023, 5:15 AM ET
Market drivers include government regulations for greenhouse gas emissions and ESG reporting
BOULDER, Colo., Sept. 19, 2023 /PRNewswire/ -- A new report from Guidehouse Insights examines the transition of shared mobility services offerings from internal combustion engine (ICE) powered vehicles to EVs.
The EV and corresponding EV charging infrastructure market, buoyed by government regulations and incentives and environmental, social, and corporate governance (ESG) concerns, is rapidly growing around the world. Along with national government initiatives, municipal governments in densely populated areas are instituting their own laws to cut down on tailpipe emissions. According to a new report from Guidehouse Insights, the number of EVs in mobility services on the road is projected to grow at an overall compound annual growth rate of 49.6% from an estimated 7.9 million EVs in 2023 to an estimated 299.3 million EVs by 2032.
"EVs are expected to increase as a proportion of shared mobility services vehicles and to grow in overall number of shared mobility services vehicles," says Elizabeth Wilson, research analyst with Guidehouse Insights. "Individual car ownership is likely to decrease as city dwellers become more aware of rising ownership costs, their carbon footprint, and less costly multimodal transportation options. These consumers will likely look to shared mobility vehicles—including ride-hailing, carshare programs, and corporate leasing—to meet their car needs."
These shared mobility vehicles will be required to follow increasingly stringent national and subnational regulations for vehicle emissions, along with laws specifically aimed at mobility services companies in certain regions. In some cases, those using these services will look for low emissions solutions, which will prompt companies to look for opportunities to transition their fleets to EVs. Increasingly, shared mobility services are partnering with original equipment manufacturers to provide drivers with ready EVs and charging solutions and are developing EV-specific options for riders, according to the report.
The report, EVs in Shared Mobility, examines the transition of shared mobility services offerings from ICE powered vehicles to EVs, with attention to market drivers (government regulations for greenhouse gas emissions and ESG reporting) and barriers (cost and availability of vehicle procurement, charging infrastructure limitations, and consumer price sensitivity). EVs in shared mobility have ample opportunity to grow over the outlook period, if governments continue their subsidy programs and regulation, partnerships continue between shared mobility platforms and charge point operators, and consumer demand for shared mobility services exceeds individual car ownership in urban areas. An executive summary of the report is available for free download on the Guidehouse Insights website.
About Guidehouse Insights
Guidehouse Insights, the dedicated market intelligence arm of Guidehouse, provides research, data, and benchmarking services for today's rapidly changing and highly regulated industries. Our insights are built on in-depth analysis of global clean technology markets. The team's research methodology combines supply-side industry analysis, end-user primary research, and demand assessment, paired with a deep examination of technology trends, to provide a comprehensive view of emerging resilient infrastructure systems. Additional information about Guidehouse Insights can be found at www.guidehouseinsights.com.
Guidehouse is a leading global provider of consulting services to the public sector and commercial markets, with broad capabilities in management, technology, and risk consulting. By combining our public and private sector expertise, we help clients address their most complex challenges and navigate significant regulatory pressures focusing on transformational change, business resiliency, and technology-driven innovation. Across a range of advisory, consulting, outsourcing, and digital services, we create scalable, innovative solutions that help our clients outwit complexity and position them for future growth and success. The company has over 16,500 professionals in over 55 locations globally. Guidehouse is a Veritas Capital portfolio company, led by seasoned professionals with proven and diverse expertise in traditional and emerging technologies, markets, and agenda-setting issues driving national and global economies. For more information, please visit www.guidehouse.com.
* The information contained in this press release concerning the report, EVs in Shared Mobility, is a summary and reflects the current expectations of Guidehouse Insights based on market data and trend analysis. Market predictions and expectations are inherently uncertain and actual results may differ materially from those contained in this press release or the report. Please refer to the full report for a complete understanding of the assumptions underlying the report's conclusions and the methodologies used to create the report. Neither Guidehouse Insights nor Guidehouse undertakes any obligation to update any of the information contained in this press release or the report.
For more information, contact:
Cecile Fradkin for Guidehouse Insights
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