The mobility industry is clearly going through one of its most disruptive periods with electrification being one of the major drivers of this transformation. Over 100 new models of electric Scooters are launched globally each year, and it is estimated that by 2040, one in three cars sold will be EVs. The EV disruption in the automobile industry is also quite democratic, as the focus on new technologies has presented an opportunity for new players to enter the sector. Many established automobile manufacturers have been slow to act, giving EV startups the opportunity to gain a foothold in the market. However, despite these opportunities, EV startups need a supportive ecosystem to help them grow and achieve their full potential.
The Rise of Electric Scooters
Electric scooters are small, affordable, and better for the environment compared to traditional scooters or cars. As a result, their popularity is skyrocketing worldwide. With over 100 new models hitting the market each year, these are sustainable and convenient ways to travel within cities.
The Growing Popularity of Electric Vehicles
Electric vehicles are becoming more prominent and now the people are highly concerned about pollution and governments enforce stricter emission standards. This shift in preferences is driving the growth of the EV market like never before. Experts estimate that by 2040, an astonishing one-third of all cars sold will be electric—a clear indication of how much things are changing in the automotive industry.
An Opportunity for New Innovators
In the past, only a few big players dominated the automobile industry. However, the rise of electric vehicles has created opportunities for new entrants to challenge the status quo. Unlike traditional car manufacturers burdened by existing infrastructure and production processes, EV startups are agile and skilled at using the latest technologies. This has leveled the playing field, allowing innovation to flourish. While many established automakers have been slow to adapt to this new landscape, EV startups have been able to gain a competitive edge.
