COVID-19 led to global automotive sales plummeting by 16% in 2020, as lockdowns curtailed business and consumer activity. Passenger vehicle sales will, however, recover and grow by 28% over 2020-2025. Shared mobility was also squeezed, with gross bookings dropping by 30%. Ride hailing and ridesharing were most affected, while micro-mobility better weathered the drop, as more people turned to solo mobility. Over 2020-2025, shared mobility gross bookings will double in constant value terms.
Micro-mobility has seen a resurgence in interest, especially during the COVID-19 pandemic. Social distancing measures have made public transport less appealing, while a sustainable, safe and effective solution to travel with scooters, e-bikes and pedal bicycles has emerged.
This will be further pushed ahead by growing urban localisation, as evidenced by an increasing number of cities aiming to incorporate the 15-minute model, which seeks to ensure all essential services are within a 15 minute walk or bicycle ride of a person’s home.
Stricter fuel emission standards are pushing automotive companies to transition from internal combustion engine to electric car production. Between 2020-2025, electric car registrations across 46 major markets are forecast to rise fourfold, to 23.5 million.
This will open up opportunities in electric cars both for incumbents and new market entrants. Numerous opportunities will also emerge for electric car battery production and recycling, and rapid electric charging stations.
The COVID-19 pandemic increased the automotive industry’s market potential in e-commerce. Several automotive retailers have already developed platforms offering a complete online experience, allowing customers to purchase a car without the need to go to a dealership in person.
Consumers are also demanding greater connectivity in their vehicles. This will push ahead the market for connected cars with infotainment services, advanced driver assistance and telematics data.
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