Wilmington, Delaware, United States, Dec. 20, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - Shared mobility market was worth US$127.45 billion in 2021. Between 2022 and 2031, it is projected to expand at a CAGR of 12.05%. By 2031, the global market for shared mobility will reach US$ 397.61 billion. Shared mobility is likely to be impacted by the shift towards electric and autonomous vehicles. Shared mobility services can reduce operating costs by using electric vehicles (EVs), while sustainability goals can be met by using autonomous vehicles (AVs).
Traffic congestion and parking space limitations increase as urban populations grow. Due to new mobility services such as ridesharing and car sharing, traditional transportation has become more convenient and vehicle ownership has become less necessary. In addition, riders can choose from a wide range of business models for shared mobility, such as bike-sharing, ride-sharing, car-sharing, and scooter-sharing, allowing providers to accommodate a wide range of user needs. Because of this flexibility, the market is able to adapt and maintain a high level of resilience.
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Shared mobility initiatives are being promoted throughout different regions to promote sustainable urban transportation. A supportive regulatory environment, incentives, and policies can accelerate the growth of the shared transportation market.
Key Findings of Market Report
- The unorganized sector segment held a substantial share of the global market in 2021 owing to the growth of local taxi fleets and non-internet-based companies.
- Based on shared mobility type, demand for ride-sharing is predicted to drive the market in coming years.
- In terms of business model, business to customer (B2C) is likely to drive demand for shared mobility in coming years.
- Based on vehicle type, light commercial vehicles are likely to see growth for shared mobility in coming years.
- Diesel IC engine vehicles are expected to create a market in coming year.
Global Shared Mobility Market: Growth Drivers
- Shared mobility is expected to transform the development and deployment of autonomous vehicles. As ride-sharing services increase their efficiency and safety, self-driving cars could reduce their operational costs.
- The cost of owning a personal vehicle is often greater than the cost of using shared mobility. The use of this service will save users money on fuel, vehicle maintenance, insurance, and parking expenses. Individuals who are searching for affordable transportation options are attracted by this economic advantage.
- As environmental concerns and a desire to reduce carbon footprints have increased, sustainable transportation has become increasingly important. The use of electric vehicles in shared mobility services contributes to reducing emissions and contributing to environmental conservation.
- Several technological innovations have made it easier to use and access shared mobility services. These innovations include smartphone apps, GPS navigation, and real-time connectivity. As a result, these technologies provide a more convenient and efficient user experience.
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Global Shared Mobility Market: Regional Landscape
- Shared mobility is likely to be driven by the Asia Pacific region. Rapid urbanization is taking place in many countries of the Asia-Pacific region, which has led to congestion and transportation challenges. Densely populated urban areas benefit from the convenience and cost-effectiveness of shared mobility services.
- Mobile app technology advancements and the proliferation of smartphones have made sharing mobility services more accessible. Using a mobile app makes booking and paying for rides easy, which helps ride-sharing be popular. As environmental issues get more attention and people look for greener transportation options, people are exploring shared mobility solutions. Electric scooters and bike-sharing services are becoming more popular.
- Shared mobility services are being promoted and regulated by some governments in the Asia-Pacific region. As part of these initiatives, traffic congestion can be reduced, air quality can be improved, and mobility can be enhanced. The consumer preference is shifting towards access over ownership to satisfy their needs. Especially in urban areas, many people prefer using shared mobility services rather than driving their vehicles.
Global Shared Mobility Market: Key Players
New products are being developed by shared mobility equipment manufacturers to increase their product offerings. Mergers, acquisitions, joint ventures, and collaborations are ways for companies to increase their global market share.
- Uber Technologies Inc.
- ANI Technologies Pvt. Ltd. (OLA)
- BlaBlaCar
- Lyft, Inc.
- Wingz, Inc.
- Grab SG
- Taxify OÜ
- Avis Budget Group, Inc.
- Europcar
- Curb Mobility
- Careem
- The Hertz Corporation
- Enterprise Holdings, Inc.
- Beijing Xiaoju Technology Co Ltd. (Didi Chuxing)
Key Developments
- In October 2023, The International Association of Public Transport (UITP) introduced its Shared Mobility Division to promote collaboration among professionals in the shared mobility industry. In addition to promoting best practices and experience, this division seeks to advance knowledge.
- In December 2023, CarDekho acquired Revv, which will be integrated into its products. BikeDekho, Gaadi.com, ZigWheels and InsuranceDekho will all offer Revv's services as part of CarDekho's brand portfolio.
Global Shared Mobility Market: Segmentation
By Sector Type
- Unorganized
- Organized
By Shared Mobility Type
- Ride Sourcing
- Ride Sharing
- Vehicle Rental/Leasing
- Private
By Business Model
- Passenger to Passenger (P2P)
- Business to Business (B2B)
- Business to Customer (B2C)
By Vehicle Type
- Passenger Cars
- Light Commercial Vehicles
- Buses & Coaches
- Micro Mobility
By Propulsion
- IC Engine Vehicles
- Gasoline/Petrol
- Diesel
- Electric Vehicles
- Battery Electric Vehicles (BEV)
- Plug-in Hybrid Electric Vehicles (PHEV)
By Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
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