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
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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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