North America E-Mobility Rental Market CAGR of 14.44%
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated North America e-mobility rental market size at USD 1.64 billion in 2022. During the forecast period between 2023 and 2029, BlueWeave expects the North America e-mobility rental market size to grow at a robust CAGR of 14.44% reaching a value of USD 4.83 billion by 2029
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated North America e-mobility rental market size at USD 1.64 billion in 2022. During the forecast period between 2023 and 2029, BlueWeave expects the North America e-mobility rental market size to grow at a robust CAGR of 14.44% reaching a value of USD 4.83 billion by 2029. Rising environmental awareness and concern have increased demand for electric vehicles (EVs) as a cleaner transportation option. Government programs that encourage EV use, like tax breaks and subsidies, have pushed the market even further. Charging infrastructure advancements have also played an important role in increasing the use of e-mobility services. The ease and cost-effectiveness of renting e-vehicles for short-distance travel have piqued customer interest, adding to the region's market boom.
North America E-Mobility Rental Market – Overview
E-mobility rental refers to the emerging trend of offering electric vehicles (EVs) and electric micro-mobility solutions for short-term rental purposes. This innovative concept aims to promote sustainable transportation options and reduce carbon emissions. Users can access a fleet of electric scooters, bicycles, or cars through smartphone apps or rental stations. E-mobility rental services are gaining popularity in urban areas, offering convenient, eco-friendly, and cost-effective transportation choices for commuters and tourists alike. These services play a crucial role in promoting greener transportation solutions and contributing to the ongoing transition toward a cleaner and more sustainable future.
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Impact of COVID-19 on North America E-Mobility Rental Market
The COVID-19 pandemic significantly impacted North America e-mobility rental market. The initial surge in demand for eco-friendly transportation solutions took a hit as lockdowns and travel restrictions dampened consumer mobility. However, as restrictions eased, the market witnessed a shift toward contactless services, promoting the adoption of e-scooters and e-bikes for short-distance commuting. Growing environmental concerns and government incentives for green initiatives have also accelerated the recovery of the e-mobility rental sector. With safety and sustainability taking center stage, stakeholders are adapting strategies to cater to the evolving needs of health-conscious and environmentally aware consumers.
North America E-Mobility Rental Market – By Commuting Pattern
By commuting pattern, North America e-mobility rental market is divided into Daily Commuting, Last-mile Connectivity, and Occasional Commuting segments. The daily commuting segment is the largest contributor to the growth of North America e-mobility rental market. The segment caters to individuals who regularly commute to work or other daily activities using e-mobility rental services. With a focus on providing convenient and eco-friendly transportation options for everyday travel needs, the daily commuting segment has gained significant popularity and represents a substantial portion of the overall e-mobility rental market in North America.
Competitive Landscape
North America e-mobility rental market is fiercely competitive. Major companies in the market include Neutron Holdings, Bird Rides, Uber Technologies, Grab Holdings, Donkey Republic Aps, TIER Mobility, and Lyft. These companies use various strategies, including increasing investments in their R&D activities, mergers, and acquisitions, joint ventures, collaborations, licensing agreements, and new product and service releases to further strengthen their position in North America e-mobility rental market.
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