With rising economic uncertainty and high unemployment rates, consumer purchasing habits have had to alter to adapt to the current climate, including modes of transportation.
Euromonitor International analysed the top trends in the post-lockdown mobility market and how COVID-19 impacts the future of transport, consumers purchasing habits and social distancing measures.
- Personal transport: the demand for new cars is predicted to decline by 20% in 2020, although current aversion to public transports and growth in online sales could help vehicles demand to recover in the long-term.
- Shared mobility: companies are looking to revive their businesses by diversifying into new lines of business, improving hygiene measures and adapting alternative pricing strategies.
- Electric vehicles: electric vehicles are forecasted to sustain growth momentum and expand by 25% on average annually over 2019-2025, backed by government incentives and stricter environmental standards.
- Public transport: the ridership in public transport fell as lockdown measures reduced demand for consumer mobility in cities. Nonetheless, restrictions are easing, and municipal governments and public transport operators are implementing strict measures for more social distancing and better hygiene control.
- Autonomous vehicles: the coronavirus outbreak is expected to delay deployment of autonomous vehicles as companies faced liquidity issues and must cut spending on innovations.
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