Newark, May 18, 2023 (GLOBE NEWSWIRE) -- As per the report published by The Brainy Insights, the global shared mobility market is expected to grow from USD 192.34 billion in 2022 to USD 796.31 billion by 2031, at a CAGR of 17.10% during the forecast period 2023-2031.
The shared mobility market includes services like pooled ridesharing, peer-to-peer car sharing, and shared electric scooters, among others. Recent trends are also suggesting that car sharing has become the least used means on average by consumers, which is getting reflected due to lower trip numbers. Also, E-hailing is the most preferred way for shared mobility by consumers in China, Brazil and the US. For instance, in China, around 90% of the consumers agreed to use e-hailing services a minimum of once a week. Based on one of the articles, till October 2016, car sharing operated in 46 countries and six continents, with around 2,095 cities and approximately 15 million members sharing more than 157,000 vehicles. Similarly, till May 2018, there were around 1,600 information technology-based public bike-sharing systems globally, with more than 18.17 million bicycles. Shared mobility is a means of transport in which the operator owns the vehicle but rents it to the public for a limited period of time. Users could share the vehicle concurrently or one after another.
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Report Coverage Details
| Report Coverage | Details |
| Forecast Period | 2023-2031 |
| Base Year | 2022 |
| Market Size in 2022 | USD 192.34 Billion |
| Market Size in 2031 | USD 796.31 Billion |
| CAGR | 17.10% |
| No. of Pages in Report | 236 |
| Segments Covered | The research segment is based on Product, Distribution Channel, Regions. |
| Drivers | The surge in mobility trends Environment concern and government initiatives |
| Opportunities | Emerging economies |
| Restraints | High prices for the service post-pandemic |
Competitive Strategy
To enhance their market position in the global shared mobility market, the key players are now focusing on adopting the strategies such as product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships.
• For example, in July 2022, Free2move, which is a global mobility player for B2B and B2C customers, acquired Share Now, the market leader and founder of free-floating car sharing in Europe. This acquisition aligned with the organization's strategic growth plan as a global mobility leader and expanded the mobility hub's conception to 14 new cities.
Market Growth & Trends
Many governments worldwide have started initiatives to encourage congestion reduction solutions. Moreover, enhanced accessibility, reduction in driving, and declining personal car ownership is changing the lifestyle of commuters. Also, based on one of the surveys, around 60% of the people agreed to share their shared mobility ride with a stranger if that adds below 15% of their travel time but decreases the cost. Also, shared mobility projects eventually benefit the environment, society and transportation system; the Micro-mobility trend is also growing. In the US, around 84 million trips happened on shared micro-mobility in 2018. Moreover, it was found that the number of e-hailing trips tripled in 4 years, and the number of micro-mobility journeys doubled in one year. All these factors are driving the shared mobility market. Between the years 2010 to 2018, around 207 million shared micro-mobility trips were completed in the US. Around 36.5 million trips were completed by station-based bike sharing, 9 million travels were on dockless bike sharing, and around 38.5 million journeys were on shared e-scooters in 2018. In China, till May 2018, around 6.1 million bicycles were shared by more than 640 bike-sharing programs. These factors are driving the growth of the shared mobility market.
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Key Findings
• In 2022, the ride hailing segment dominated the market with the largest market share of 61.11% and market revenue of 117.54 billion.
The service segment is divided into ride hailing, bike sharing, ride sharing, car sharing and others. In 2022, the ride hailing segment dominated the market with the largest market share of 61.11% and market revenue of 117.54 billion. This share is attributed to ride-hailing being the most accepted mode of shared mobility. Leading countries such as China have a market share of around 88%, and the US, with more than 75% of the market.
• In 2022, the shared vehicles segment dominated the market with the largest market share of 70.12% and market revenue of 134.87 billion.
The vehicle segment is divided into shared rides and shared vehicles. In 2022, the shared vehicles segment dominated the market with the largest market share of 70.12% and market revenue of 134.87 billion. Shared vehicles are present in all countries and generally needs hubs or infrastructure. These are also integrated into governmental institutions.
• In 2022, the online segment dominated the market with the largest market share of 61.33% and market revenue of 117.96 billion.
The sales channel segment is divided into online and offline. In 2022, the online segment dominated the market with the largest market share of 61.33% and market revenue of 117.96 billion. This share is attributed to the growing use of smartphone users and fast internet facilities.
Regional Segment Analysis of the Shared Mobility Market:
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
The Asia Pacific region occurred as the largest market for the global shared mobility industry, with a market share of 49.51% and a market value of around 95.23 billion in 2022. Didi Chuxing of China, along with US’ Uber, are the leading shared mobility companies that focus on ride-hailing and account for around 40% of the total shared mobility bookings. China and India seem to be the most promising market due to their large population. Further, countries like India and Taiwan have underdeveloped transportation infrastructure along with high air pollution thus driving the market in the region. The Europe is anticipated to have second highest market share for the global shared mobility market. This market share is attributed to the factors such as growing consumer willingness to use shared vehicles; also, there is a regulatory push to drive people from private car ownership to other mobility options.
Key players operating in the global shared mobility market are:
• Uber
• Car2Go
• Lyft
• Flinkster
• DiDi Chuxing
• EVCARD
• Zipcar
• Grab
• Deutsche Bahn Connect GmbH
• GreenGo
• Drive Now (BMW)
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This study forecasts revenue and volume at global, regional, and country levels from 2019 to 2031. The Brainy Insights has segmented the global shared mobility market based on below mentioned segments:
Global Shared Mobility Market by Service:
• Ride Hailing
• Bike Sharing
• Ride Sharing
• Car Sharing
• Others
Global Shared Mobility Market by Vehicle:
• Shared Rides
• Shared Vehicles
Global Shared Mobility Market by Sales Channel:
• Online
• Offline
About the report:
The global shared mobility market is analysed based on value (USD Billion). All the segments have been analysed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution and marketing channels analysis.
About The Brainy Insights:
The Brainy Insights is a market research company aimed at providing actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimation model to meet the clients' objectives of high-quality output within a short span of time. We provide both customized (clients' specific) and syndicate reports. Our repository of syndicate reports is diverse across all the categories and sub-categories across domains. Our customized solutions are tailored to meet the clients' requirements whether they are looking to expand or planning to launch a new product in the global market.
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