New York, July 18, 2023 (GLOBE NEWSWIRE) -- According to Market.us, the Shared Mobility Market size is projected to surpass around USD 817.4 billion by 2032 and is poised to reach a CAGR of 12.2% from 2023 to 2032.
Shared mobility means sharing transportation services with other people. The vendor of business vehicles shares their vehicles with specific associations, and after that, these vehicles are hired for the riding service. Scooters, cars, taxis, bike sharing, and other sharing vehicles are examples of shared mobility options. These sharing services are cost-effective and friendly. These shared mobility options include scooters, cars, taxis, bike sharing, and other sharing vehicles. Shared mobility is most convincing because of its environmental friendliness and cost-effective services.
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Key Takeaway:
- By Product Type 2022, the Ride Hailing Segment has generated a revenue share of 57.9% in 2022.
- By Application, the Cars Segment has dominated the market and is growing at a CAGR of 85% from 2023 to 2032.
- In 2022, Asia Pacific dominated the market with the highest revenue share of 54%.
- Europe held a 32% revenue share in 2022.
Shared mobility is partially able to replace car ownership. It is observed that most customer demand self-driving taxis to travel to short-distance locations. Advanced services and modes, such as P2P service, electric scooters, and increased ride sharing, are introduced. It is anticipated to develop personalized travel and integration options based on customer demand. In developing regions, fuel costs are rising with the parking issues of road vehicles. These factors contribute to the expansion of the shared mobility market.
Factors affecting the growth of the Shared Mobility Market
- Increase in the geriatric population: Due to the increased geriatric population, the number of vehicles and traffic on the city roads also helps to increase the demand for shared mobility in the market, which will help to drive the market growth.
- Technological Advances: The advanced and innovative technologies to the users during transportation such as GPS trackers and so on, also help the market growth by offering safe and easy transportation with greater suitability increased market growth.
- High cost of fuels: Due to the high cost of fuels and traffic, many peoples choose shared mobility transportation. The increase in demand for shared mobility also helps to boost the growth of the shared mobility market.
Top Trends in Global Shared Mobility Market:
Government agencies are encouraging people to use ridesharing mobility with family and friends, reducing the use of automobiles, which helps to reduce air pollution in the environment. Ridesharing is less expensive compared to owning a car, which helps to expand the market at a faster rate. For example, DB District AG and ZF Friedrichshafen AG reported that they are making associations with independent transport on the roads of Germany.
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Market Growth:
The government in all regions is concerned about the population's growth, which negatively impacts the environment, so the government arranges awareness programs to motivate the citizens to limit the use of automobiles. Also, sharing rides with family and friends is an important government concept to control pollution by choosing shared rides over personal rides. Such things motivate the market's key players to launch several new products. Many government initiatives are taking steps to expand a shared mobility network, and such factors help grow the shared mobility market.
Regional Analysis:
The market is segmented based on geography into North America, Asia Pacific, Europe, Latin America, Middle East, and Africa. The Asia Pacific holds the highest revenue shares in the shared mobility market during the forecast period due to the rapid expansion of smartphones and tablets in this region and the adaption of advanced technology. The growth of the shared mobility market is supported by the increasing number of customers in several regions, including South Africa and the U.A.E. The government also has many ways to cut greenhouse gas emissions, which will help the market growth during the forecast period. The government has come up with a number of ways to cut greenhouse gas emissions, which will help the market growth during the forecast period. Developing advanced features for sharing mobility is a constant focus for many market participants. Additionally, the most recent start-ups are launching and testing advanced mobility applications, which contributes to expanding the global shared mobility market.
Competitive Landscape
The competitive landscape of the market has also been examined in this report. Some of the major players include:
- Grab Holdings Inc.
- Uber Technologies Inc.
- Beijing Xiaoju Technology Co, Ltd.
- Lyft Inc.
- Zipcar Inc.
- Bolt Technology OÜ
- Enterprise Holdings Inc.
- HERTZ SYSTEM, INC.
- Deutsche Bahn Connect GmbH
- ANI Technologies Private Limited
- Polaris Inc.
- Careem Inc.
- Other Key Players
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Scope of the Report
| Report Attributes | Details |
| Market Value (2022) | USD 266.1 Billion |
| Market Size in 2032 | USD 817.4 Billion |
| CAGR (2023 to 2032) | 12.2% |
| Asia-Pacific Revenue Share | 54% |
| Europe Revenue Share | 32% |
| Historic Period | 2016 to 2022 |
| Base Year | 2022 |
| Forecast Year | 2023 to 2032 |
Market Drivers
The Advanced mode and services such as ridesharing, Peer-to-peer car sharing, and shared electric scooters have been accepted for their environment-friendly nature, personalized travel on demand, automated processes, and potential integration.
The expansion and growth of smartphones and cars are the major key factors driving the growth of the market. The production of mobile apps and assistance for non-ownership rides started in several businesses. The rider can book their ride effectively by using this online application as per their requirements for the specific time period. The growing popularity of ridesharing among customers contributes to the expansion of the market by offering more cost-effective and well-designed modes of transportation to their customers.
Market Restraints
The major factors anticipated to hamper market growth are the lack of preference for traveling with strange people while sharing transportation and increasing concern about private information. However, during the forecast period, the major challenges in this market will be taking the individual route while sharing transportation. A lack of organization for vehicles falls under the micro-mobility concept in many nations, which is caused by a lack of charging infrastructure.
Market Opportunities
The developing geriatric population, high customer volumes, and growing awareness among individuals are driving the need for improving shared mobility services all around the world. The rising demand for ride-hailing services is expected to increase passenger comfort, reduce traffic congestion, make booking easier, and increase public awareness to motivate people to ride. The increase in demand for the ride-hailing service model is due to increasing internet adaption in developing regions all around the world. Hence, it creates lucrative opportunities for the growth of the shared mobility market. It is anticipated that the governments of these economies will increase their investments to enhance facilities and services for sharing mobility due to the rising number of self-driving mobility sharing applications, which are anticipated to expand opportunities in the shared mobility market.
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Report Segmentation of the Shared Mobility Market
Service Type Insight:
Based on the service type, the shared mobility market is segmented into ride-sharing, bike-sharing, ride-hailing, car-sharing, and other service types. The ride-hailing segment dominates the shared mobility market. Due to the increase in demand for internet service in developing nations across the world. The increase in new types of services to ensure customer satisfaction is expected to the growth of these segments in the world. For example, shared mobility providers are Uber, UberSUV, Uber Black, UberLux, and Uber Tax, all of which include the utilization of Uber Drivers and vehicles. The increasing demand for ride-hailing services, which can be attributed to increased traffic, simpler booking procedures, increased mobility, and government efforts to raise public awareness of air pollution, motivates riders to participate in riding, particularly ride hailing. The scooter-sharing segment will expand during the projection period. It is anticipated that two-wheeler services will grow in the coming future.
Vehicles Type Insight
Based on vehicle type, the market is segmented into cars, two-wheelers, and others. The car segment dominates the shared mobility market. Two-wheelers are the easiest and most time-consuming mode of transportation, even in the presence of traffic on city roads. That’s why the two-wheeler segment is also expected to grow in the coming years. For example, the majority of individuals have shown interest in the adaption of electric vehicles. It is anticipated that the two-wheeler market will expand in the future. Shared transportation is growing significantly in recent years, with major factors such as an increase in economic concern, natural resources, and limited energy resources estimated to boost the market.
Business Model Insight
On the basis of business models, the market is segmented into three types B2C, B2B, and P2P. Peer-to-peer (P2P) is the most dominant type, and it is anticipated that it will hold the highest shares. By Sharing a vehicle with one or more people traveling in the same direction, the p2p segment is used for transportation. The rising cost of fuel and the growing use of automobiles for rental services support this market expansion over the forecast period. In Addition, the B2B business segment will experience the fastest growth in the coming future. B2B sharing makes it possible for a business to share their mobility services with other businesses in order to decrease pollution and parking spaces. In the market, mobility sharing makes it possible for businesses to make their vehicles available to their employees. These B2C markets will contribute to the expansion of the shared mobility market due to the rising demand for self-driving services.
Market Segmentation
Based on Service Type:
- Ride Hailing
- Bike Sharing
- Ride Sharing
- Car Sharing
- Others
Vehicles Type:
- Cars
- Two-Wheelers
- Others
Business Model:
- P2P
- B2B
- B2C
By Geography
- North America
- The US
- Canada
- Mexico
- Western Europe
- Germany
- France
- The UK
- Spain
- Italy
- Portugal
- Ireland
- Austria
- Switzerland
- Benelux
- Nordic
- Rest of Western Europe
- Eastern Europe
- Russia
- Poland
- The Czech Republic
- Greece
- Rest of Eastern Europe
- APAC
- China
- Japan
- South Korea
- India
- Australia & New Zealand
- Indonesia
- Malaysia
- Philippines
- Singapore
- Thailand
- Vietnam
- Rest of APAC
- Latin America
- Brazil
- Colombia
- Chile
- Argentina
- Costa Rica
- Rest of Latin America
- Middle East & Africa
- Algeria
- Egypt
- Israel
- Kuwait
- Nigeria
- Saudi Arabia
- South Africa
- Turkey
- United Arab Emirates
- Rest of MEA
Recent Development of the Shared Mobility Market
- In April 2021: The ride-hailing starts up get announced a partnership with Curb Mobility to incorporate yellow taxis into its app. Now the app will be available in approximately 65 cities across the United States.
- In April 2021: Altimeter Growth Corp. and Grab Holdings Inc., Southeast Asia’s leading super app, announced their partnership, and it would be going public in the United States. It will help to boost Grab’s Strong business momentum.
Take a Look at our Related Reports
- Mobility Scooters Market size was valued at USD 13.8 billion in 2022 and is projected to reach USD 21.9 billion by 2027, registering a CAGR of 6.2% from 2022 to 2027.
- Travel Mobility Scooter Market size was valued at USD 2.9 billion in 2022 and is projected to reach USD 4.9 billion by 2027, registering a CAGR of 7.2% from 2022 to 2027.
- Europe Bike Locks Market was valued at $419.3 Мn. in 2020, and is projected to register а САGR of 5.8% by 2030.
- Electric Scooter Market size was valued at USD 15.7 billion in 2022 and is projected to reach USD 25.9 billion by 2033, registering a CAGR of 5.1% from 2022 to 2033.
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