WASHINGTON, March 17, 2023 (GLOBE NEWSWIRE) -- Global Shared Mobility Market will be valued at USD 169.5 Billion in 2022. It is projected to reach a value of USD 493.6 Billion by 2030 at a CAGR (Compound Annual Growth Rate) of 16.5% over the forecast period 2022-2028.
Market Overview
Peer-to-peer automobile sharing, shared electric scooters, and other new modes and services have all arisen. Their potential for integration, automated operations, customized travel on demand, and eco-friendliness have all been cited as reasons for their development. One of the main factors influencing the Shared Mobility market is the increased adoption of linked vehicles and smartphones. It is anticipated that in the upcoming years, the cost of fuel and road vehicles will rise while parking will decrease, particularly in industrialized nations worldwide.
We forecast that sales of the car category in the Shared Mobility market will account for more than 83.7% of total sales by 2030. It is due to the enjoyable driving experience and lucrative amenities included in the passenger cars. Additionally, introducing new services by ride-hailing companies is anticipated to spur market expansion. For instance, Rapido, India's largest bike taxi platform, announced the addition of Bengaluru to its auto service, bringing the number of Indian cities served by the service to 26. These services are intended to offer people access to more economical and safe means of commuting and additional ways for auto drivers to make money.
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Market Dynamics
Increase in demand for carpooling and e-hailing services to boost the market
With smartphone applications, carpooling and e-hailing services offer a platform to reserve a transportation service, such as automobiles, motorcycles, scooters, or buses. Private vehicles reserved through these platforms provide fleet operators and passengers public transportation services. Additionally, the carpooling and e-hailing aggregator gives access to drivers and passengers and directs them with information on passenger pick-up and drop locations, payment methods, and travel routes, among other things.
Rise in venture capital and strategic investments to Drive the Market Growth
The huge increase in commuters' preference for carpooling and bike pool services is the key reason influencing the expansion of ride-hailing and ride-sharing services. Consumers are being encouraged to adopt ride-hailing and ride-sharing services due to the expansion of services provided by the major companies in the Shared Mobility sector, such as Uber and Ola, and the ability to select convenient pick-up and drop-off locations. The Shared Mobility market is also expanding due to a large increase in ride-hailing and ride-sharing services, including bike and car sharing.
Top Players in the Shared Mobility Market
- Car2Go (U.S.)
- Deutsche Bahn Connect GmbH (Germany)
- DiDi Chuxing (China)
- Drive Now (BMW) (Germany)
- EVCARD (China)
- Flinkster (Germany)
- Grab (Singapore)
- GreenGo (Italy)
- Lyft (U.S.)
- Uber (U.S.)
- Zipcar (U.S.)
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Top Trends in the Shared Mobility Market
- One trend that Vantage Market Research (VMR) expects to see in the Shared Mobility market is the increasing adoption of e-bike sharing. E-bikes are overtaking the streets. With a top speed of 25 km/h (15 mph) and varying degrees of pedal assistance, e-bikes are typically the best way to get around the city, cutting travel time and increasing range. E-bikes can appeal to a broader group of people than just those more experienced cyclists. Additionally, they have a higher load-carrying capability and can be used on roadways. With features like GPS monitoring and smart lock technology, e-bikes offer greater trip flexibility and eliminate the need for fixed docking stations. Users can choose where their travels begin and conclude.
- Another trend that VMR predicts will continue in the Shared Mobility market is the growing ride-hailing. The service provided when a consumer requests personalized transport online, typically through a smartphone app, is called ride-hailing. In a ride-hailing platform, the consumer uses a middleman who arranges for the service between the driver and the passenger to order the ride. Uber and Lyft are the best-known service providers. By merging services provided by taxis, rental vehicles, car sharing, and even public transportation under a single platform accessible via a smartphone, ride-hailing lessens the reliance on individually owned cars or several transportation apps.
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Top Report Findings
- Based on the Model Outlook, the ride-hailing category controls most of the Shared Mobility market's revenue. The increase results from more individuals globally and in emerging nations becoming online. A factor for the segment's growth is also anticipated to be the emergence of new services designed to guarantee complete customer pleasure. For instance, Uber, a supplier of Shared Mobility, has created various commercial variations, like UberSUV, Uber Black, UberTax, and UberLUX, which use exclusive Uber vehicles and drivers in the rental industry.
- Based on the Vehicle Outlook, most of the Shared Mobility market's revenue is controlled by the car segment and is anticipated to expand significantly during the predicted period. It is due to the enjoyable driving experience and lucrative amenities included in the passenger cars. Additionally, introducing new services by ride-hailing companies is anticipated to spur market expansion. For instance, Rapido, India's largest bike taxi platform, announced the addition of Bengaluru to its auto service, bringing the number of Indian cities served by the service to 26. These services are intended to offer people access to more economical and safe means of commuting and additional ways for auto drivers to make money.
Recent Developments in the Shared Mobility market
- In 2022: The Intimidator Group Inc., a manufacturer of side-by-side vehicles with headquarters in the U.S., was acquired by The Toro Company. With this acquisition, the Toro Company hopes to strengthen its position in the zero-turn mower market and establish itself as a significant participant in the global market.
- In 2020: RideReady, an industry-first on-demand digital service platform, was introduced by Polaris Inc. By utilizing digital technology and solutions, the new RideReady digital strategy seeks to provide market-leading tools that lower the barriers to developing affinities, ownership, and loyalty with current consumers. Indian Motorcycle and RideReady are connected so that servicing appointments can be scheduled online.
Ride-hailing Category in Shared Mobility market to Generate a Majority Chunk of Revenue Share
For better understanding, based on the Model Type, the Shared Mobility market is divided into ride-hailing and bike-hailing.
During the forecast period, the market for Shared Mobility is anticipated to experience the highest CAGR for the ride-hailing category. A factor for the segment's growth is also anticipated to be the emergence of new services designed to guarantee complete customer pleasure. Easy reservations, increased traffic congestion, passenger comfort, and greater government campaigns to raise public awareness about air pollution all to contribute to the growing demand for ride-hailing services. Ride-hailing, in particular, is becoming more and more popular.
On the other hand, the two-wheeler category is anticipated to grow significantly. Since two-wheelers are considered the quickest and quickest mode of transportation on congested city streets, two-wheeler services are anticipated to expand in the next years. The United States, China, Spain, and Italy have all seen the largest uptake of these services. These government initiatives are also anticipated to increase the demand for two-wheeled transportation.
Asia Pacific Region in Shared Mobility market to Generate Majorly in terms of Revenue Globally
The Asia Pacific dominates the market throughout the projection period. The widespread use of technology and the quick growth of smart houses in the area are the key causes. Traffic and car ownership expenses are consistently rising in nations like China and India. These services have a significant potential for expansion in developing nations like India, where urban populations are expanding and transportation infrastructure is being built. This has led to a regulatory climate that is favorable for their adoption.
The Asia Pacific region is expected to be the fastest-growing region in the Shared Mobility market due to rapid urbanization, increasing traffic congestion, and the need for sustainable and cost-effective transportation options. Additionally, the presence of large populations in countries like China and India and the growing middle-class population in the region is expected to drive the demand for Shared Mobility services. The rise of technology companies offering Shared Mobility solutions and supportive government initiatives in the region are also expected to contribute to the growth of the Shared Mobility market in Asia Pacific.
Browse market data Tables and Figures spread through 142 Pages and in-depth TOC on Shared Mobility Market Forecast Report (2023-2030).
Shared Mobility Market Segmentation
By Model Outlook
- Ride Hailing
- Bike Sharing
- Ride Sharing
- Car Sharing
- Other Models
By Vehicle outlook
- Cars
- Two-Wheelers
- Other Vehicles
By Region
- North America
- United States
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- South-East Asia
- Rest of Asia Pacific
- Latin America
- Brazil
- Argentina
- Rest of Latin America
- Middle East & Africa
- GCC Countries
- South Africa
- Rest of MEA
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Scope of the Report:
| Report Attributes | Details |
| Market Size in 2022 | USD 169.5 Billion |
| Revenue Forecast by 2030 | USD 493.6 Billion |
| CAGR | 16.5% from 2022 to 2030 |
| Base Year | 2022 |
| Forecast Year | 2022 to 2030 |
| Key Players | Car2Go, Deutsche Bahn Connect GmbH, DiDi Chuxing, Drive Now (BMW), EVCARD, Flinkster, Grab, GreenGo, Lyft, Uber, Zipcar |
| Customization Options | Customized purchase options are available to meet any research needs. Explore customized purchase options |
Key Questions Answered in the Report:
- What is shared mobility and how does it work?
- What are the different types of shared mobility services available in the market?
- What is the size of the shared mobility market and what are its growth prospects?
- What are the major trends driving the growth of the shared mobility market?
- What are the key challenges faced by players in the shared mobility market?
- Who are the major players operating in the shared mobility market and what are their strategies?
- What are the key regulations governing the shared mobility market?
- What is the competitive landscape of the shared mobility market?
- What are the key factors that are likely to impact the future of the shared mobility market?
- What are the opportunities for growth and investment in the shared mobility market?
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