Digital tech will fuel Asia’s US$573 billion mobility market
Much of the growth will come from digital services that may be less sensitive to potential trade barriers within the region
ASIA is expected to have the world’s largest mobility market by 2035, thanks to technological developments, infrastructure investments and a growing middle class eager to spend on next-generation transport.
While other regions will see significant growth in electric vehicle (EV) charging, ride-hailing, car rentals and advanced driver-assistance systems (Adas), the Asian market is set to climb from US$161 billion in 2023 to US$573 billion by 2035 and account for half of the global market, which is expected to be $1.1 trillion, according to research by the Oliver Wyman Forum.
Some Asian nations, like China, are at an advantage in deploying cutting-edge mobility technology thanks to access to massive amounts of data available, significant investments in infrastructure, and a rich ecosystem of leading startups and workforce talent. Consumers are also eager to adopt these new solutions, translating into an above-average willingness to pay more for these services compared to those from other regions.
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