ULTRA LIGHT VEHICLE (ULV) MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2024-2031)
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Development of Mobility as a Service
The emergence of shared mobility solutions through vehicle subscription services, car sharing, ride-hailing, and rental schemes present a sizeable market opportunity for ultra light electric vehicles. These services aim to address people's transport needs in urban areas through on-demand access rather than individual ownership. For a provider of such mobility services, small low-cost vehicles designed for intra-city use could serve their business needs well by allowing for flexible scaling, high vehicle utilization rates and reduced operating expenses per ride given their lower purchase price compared to conventional vehicles. Companies operating these services are incentivized to pass on cost savings to customers to gain market share over personal car ownership. Growing acceptance of shared mobility models among consumers indicates that the demand for such innovative transport solutions could rise steadily. This helps bolster the business for service providers and manufacturers to collaborate on developing purpose-built ultra light electric vehicles for shared mobility applications.
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