ASIA’S cities are undergoing a momentous transformation. Fuelled by new digitised and shared services, mobility options like ride-hailing, car rentals, and even air taxis are growing rapidly and redefining how people travel. And while North America and Europe also are expecting large increases in new mobility services, Asia will retain a larger market share than the other two continents combined.

Asia’s mobility service market is expected to climb to US$337 billion by 2030 – higher than that of North America (US$175 billion) and Europe’s (US$144 billion), according to research by the Oliver Wyman Forum. And while these figures include all digital and shared services – from micromobility to electric vehicle charging stations – ride-hailing, taxi, and car-as-a-service models will account for 91 per cent, or US$308 billion, of Asia’s market share. A much faster growth in ride-hailing and air taxis will fuel higher revenues in the region than anywhere else.

Europe’s growth centres around shared micromobility and a widening EV fleet, while North America’s car-centric culture gives an open road for smart parking payment services to expand quickly. Where Asia differs lies in an expanding middle class, increased urbanisation, and a rising use of smartphones equipped with super apps that are driving Asia’s dominance in mobility market share.