Market
Last updated
Last updated
With the rise of the sharing economy in the early 21st century, bicycle-sharing and car-sharing transportation services began to appear, and Uber took its place as a different type of taxi service, bringing about a change in transportation services. In terms of public transport usage, Finland's Whim and Sweden's Ubigo, which appeared in 2016, are currently the representative platforms for MaaS. MaaS is divided into 5 Levels (0~4 levels) according to the degree of connection and integration, and although it can be said that the current commercialization stage in South Korea is low level of Level 1, it is rapidly expanding.
Demand in South Korea for personal mobility is growing more slowly than the global market due to insufficient regulatory policies, but it is showing continuous growth. However, if legal guidelines are established in the future, higher growth than the previous forecast is expected.
The global personal mobility market is expected to see a rapid increase in demand as it is recognized as an eco-friendly means of transportation and can avoid traffic congestion in the city.
According to the Boston Consulting Group (BCG) analysis report, the cost structure of eletornic scooter is largely divided into Payments Cost, Tax & Insurance, and Operations & Charging. The parts related to operation and charging, such as collection, charging, and maintenance, account for most of the total cost. In particular, in the case of South Korea, due to the lack of economies of scale, the cost of developing, operating, and maintaining the platform accounts for 20-30% of the total cost. WeWing has its own solutions for platform operation and payment, so it can secure higher profitability than existing operators.
As the international crisis of COVID-19 is over, WeWing will manage 500 units in Busan, South Korea by the end of 2022 and 7,000 units in major domestic hub cities by the end of 2027 in parallel with the Busan city's public transportation transfer hub construction project to take a leap forward in the electric scooter business. From 2025 to the end of 2027, we aim to expand 3,000 electric scooter to major overseas cities in cooperation with overseas partners. Through this, WeWing plans to supply 10,000 electric scooters at home and abroad by 2027, and achieve sales of 16.1 billion won.
It is predicted that the global electric vehicle supply will reach about 23 million units by 2025, and the electric vehicle charging infrastructure market will reach $64.9 billion annually.
The South Korean government plans to supply 1.13 million electric vehicles cumulatively by 2025 and 3 million electric vehicles by 2030. We set a goal to make the use of charging stations more convenient than gas stations.
Currently, the installation and operation of charging stations depend on government subsidies, so profitability is affected by linking with government policies. WeWing intends to promote business centered on the operation of the platform (development and operation of solutions such as authentication, payment, control, etc.) required for charging station operation rather than the establishment and operation of charging station infrastructure.
We will start full-scale business expansion from 2023 by establishing the system in 2022. In return for platform construction and operation, 7-8% of the electric vehicle charging amount is paid as a fee from partner companies.
