Digital tech will fuel Asia's US$573 billion mobility market
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.
And while global tariff circumstances may hinder development to some extent, much of Asia's mobility growth will come from digital services that may be less sensitive to potential trade barriers within the region.
These mobility services are fuelling Asia's next decade:
Advanced driver-assistance systems
Capital and technical expertise from the region's leading tech firms and fierce competition between Asia's equipment manufacturers are accelerating the development of 'Level 2 and 3' driver-assist abilities.
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These features offer partial autonomous features, such as steering and acceleration, to decision-making abilities, like moving past a slow-moving vehicle. Those forces are enabling Asia's Adas market to skyrocket by 56 per cent annually, from US$798 million in 2023 to a likely US$170 billion by 2035.
Asian consumers also are more willing to pay a premium for an autonomous vehicle, and more eager to switch car brands for better driver assistance offerings than consumers in other regions, according to an Oliver Wyman Forum survey of more than 16,700 respondents in 17 nations completed in the last quarter of 2024.
Some 68 per cent of consumers from India, Indonesia, Hong Kong and Singapore are willing to pay premium prices for autonomous features, compared to the global average of 61 per cent. Additionally, 91 per cent would switch car brands to access superior driver-assistance systems – again, higher than the 82 per cent global average.
And while recent accidents with driver-assistance technology in the region may shake consumer sentiment in the short term, the market is still set to grow exponentially.
Government and industry players are accelerating investment and on-road testing of autonomous vehicles, particularly in China. At least 16 cities across China, for example, allow autonomous vehicle providers to test on public roads, with roughly 20 Chinese automakers and suppliers involved as at 2024.
In 2034, China is projected to sell enough 'Level 4' autonomous vehicles – those that are fully autonomous under certain conditions – that it nearly matches that of the combined American and European markets, according to an S&P forecast.
Private capital is following Asia's lead. The region's entire value chain, from autonomous driving startups to microchip suppliers, secured US$6.5 billion in 2024, more than double the US$2.9 billion raised in 2023, according to an Oliver Wyman analysis.
Ride-hailing
Ride-hailing in the region is expected to almost double in size to US$150 billion, up from US$98 billion at a 3.6 per cent annual rate, as a growing middle class seeks more convenient travel in dense cities – some of which have restrictive paths to car ownership. That is a larger market size than the combined forecast for Europe, Africa, the Middle East and North America, which is expected to be roughly US$134 billion.
Nearly three-fourths of Asian consumers regularly use ride-hailing services – far exceeding the global average of 44 per cent, according to an Oliver Wyman Forum survey. Super-app providers have boosted this demand by creating seamless ecosystems that make ride-hailing more affordable than in Western markets. Asian consumers pay an average of US$0.92 per kilometre compared to US$2.34 in Europe and US$1.78 in North America, research by Oliver Wyman Forum found.
Across Asia, proactive regulation will continue to grow the market: Japan lifted a ban on ride-hailing services in Tokyo in 2024, with services now operating in all 47 of Japan's prefectures as of 2025. Elsewhere, Singapore's Land Transport Authority granted two provisional licences to ride-hailing operators to begin operating in 2025, while one ride-hailing platform began operating in Hong Kong in November 2024.
Electric vehicle charging
Asia is historically a leader in EV adoption, particularly in China, but many other Asian economies are following suit. EV sales rose 40 per cent from 2023 to 2024 in the region's emerging and developing economies, according to the International Energy Agency. Indeed, roughly 43 per cent of consumers in Asia plan to buy an EV, according to a November 2024 Oliver Wyman Forum survey, compared to the global average of 38 per cent.
A widening EV market share in Asia is in part fuelling a charging services industry that is expected to grow from US$1.9 billion in 2023 to US$27 billion by 2035, at a 25 per cent annual rate.
Many providers and governments are working in tandem to accommodate strong consumer demand. One Chinese automaker, for example, announced in March 2025 an ultra-fast charging system that it claims can power up a battery nearly as fast as refuelling a petrol-powered car. Elsewhere, Singapore aims to build 60,000 charging points by 2030.
The broader EV ecosystem – from raw material miners to battery manufacturers and recyclers – is also expanding through a surge in venture capital into startups that support the full battery life cycle. Chinese startups collected US$5.3 billion in funding between 2021 and 2024, according to an Oliver Wyman analysis.
The writers are from Oliver Wyman. Dr Andreas Nienhaus is a partner in the firm's automotive and mobility, and private capital practices. He is also co-lead of its think tank Oliver Wyman Forum's mobility initiative. Frank Fang is a principal in Oliver Wyman's transportation and advanced industrials practice, and Jonas Junk is an engagement manager in the firm's automotive and mobility practice.
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