Ride-hailing platforms will lead the global EV transition
Jasmeet Khurana, REmobility Project Manager at the World Business Council for Sustainable Development (WBCSD), explains why ride-hailing is the perfect market in which to prove the environmental and economic benefits that electric vehicles can provide.
App-based ride-hailing comes in all forms and sizes; you can ask for a luxury vehicle to pick you up as you leave your London office, call a two- or three‑wheeler to your housing complex in New Delhi or Jakarta, or use a dedicated app to order safe rides for your children in California. On‑demand rides are just a screen touch away in cities across the world.
In recent months, the ride-hailing market has suffered a significant decline, mainly due to the consequences of COVID-19. The global ride-hailing market is expected to decline from $60.5 billion in 2019 to $52.07 billion in 2020 at a compound annual growth rate (CAGR) of -14 per cent. Despite, the COVID-19 induced setback, the market is expected to recover swiftly and reach $85.5 billion in 2023 at a CAGR of 18 per cent.
The continued growth of the ride-hailing industry can make mobility convenient, affordable and accessible – but it can also result in increased carbon emissions and pollution.
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