Shared Mobility Market
Shared Mobility Market - Global Industry Assessment & Forecast
- By Service Models Ride Hailing, Bike Sharing, Ride Sharing, Car Sharing, Other Service Models
- By Vehicles Cars, Two-Wheelers, Other Vehicles
- By Region North America, Europe, Asia Pacific, Latin America, Middle East & Africa
|Forecast Years:||2022 - 2030|
|Historical Years:||2017 - 2021|
|Revenue 2022:||USD 169.5 Billion|
|Revenue 2030:||USD 493.6 Billion|
|Revenue CAGR (2022 - 2030):||16.5%|
|Fastest Growing Region (2022 - 2030)||Asia Pacific|
|Largest Region (2022):||Asia Pacific|
- Cross-segment Market Size and Analysis for Mentioned Segments
- Additional Company Profiles (Upto 5 With No Cost)
- Additional Countries (Apart From Mentioned Countries)
- Country/Region-specific Report
- Go To Market Strategy
- Region Specific Market Dynamics
- Region Level Market Share
- Import Export Analysis
- Production Analysis
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The Global Shared Mobility Market was valued at USD 169.5 Billion in 2022 and is projected to reach a value of USD 493.6 Billion in 2030 at a CAGR (Compound Annual Growth Rate) of 16.5% over the forecast period.
Shared Mobility is the transpired use of a vehicle or bicycle using an innovative transportation mode that enables users to gain short-term access for traveling from point A to point B. These include carsharing, bike sharing, ridesharing (carpooling and vanpooling), and on-demand services. The global market for Shared Mobility is expected to rise during the forecast period due to its cost-effectiveness and convenience. Factors such as the ability to replace car ownership at a fraction of the cost and rising consumer demand for self-driving taxis and shuttles will cause a surge in the market's volume. The emergence of new riding modes and services will further catapult the market towards a growth increment.
Shared Mobility Market Size, 2022 To 2030 (USD Billion)
New driving modes such as peer-to-peer car sharing, pooled ridesharing, shared electric scooters, and carpooling services are expected to contribute towards the growth trajectory of the global Shared Mobility market during the forecast period. These services are widening in functionality due to potential integration, automation processes, and rising personalized travel on demand. The rising penetration of connected cars and smartphones will add value to the budding market. The rising cost of fuel and increasing cost of vehicle ownership in emerging economies is expected to boost the growth of the global Shared Mobility market during the forecast period.
Studies have concluded that Shared Mobility services are comparatively less when compared to other modes of transport as they eliminate limited parking problems. Reduced parking space among various establishments is observed, especially for four-wheelers in a global space. Consumers are often found to be parking illegally or in inconvenient spaces whenever private transportation is concerned. Various government agencies are working towards launching programs for reducing traffic and congestion issues. A significant impact on the commuters' lifestyle is found due to increased traffic. Shared Mobility services eliminate many issues related to private ownership and can also reduce traffic congestion as they can carry multiple users.
Factors such as increased accessibility of applications for Shared Mobility, rising demand for reduced driving, and lowering ownership of private vehicles are expected to add to the global Shared Mobility market value. However, a few factors can cause hindrances to the growth of the global market. Factors such as the lack of preference for traveling with strangers while sharing transportation and rising concerns regarding the theft of private information are expected to harm the growth pattern. Additionally, the responsibility of traveling longer routes because of shared transportation will also disrupt the market a fair bit.
According to a recent World Bank warning, developing economies will be the hardest to hurt by the impending recession. It will be a harsh, protracted slowdown. The World Bank report also predicted that several variables, such as high inflation, rising interest rates, and decreased investments, would cause a slowdown in global economic growth. The world economy will enter a recession if the COVID-19 epidemic flares up. The initiation of the continuing hostilities between Russia and Ukraine occurred in February 2022. The actual war, however, has been simmering for many years. However, on February 20, 2022, Russia invaded Ukraine without warning, sparking the bloodiest war in Europe since World War II.
Top Market Trends
1. Higher Fuel Prices: A dominant contributor to the growth of the global market can be attributed to increasing fuel prices. As the Russia-Ukraine conflict widens, natural gas prices and other energy sources are expected to increase as Russia controls a major portion of the supply. Increasing transportation prices using air or rail travel will allow fuel prices to fluctuate as manufacturers and distributors struggle to maintain a constant supply during these difficult times.
2. Rising Adoption of Electric Vehicles: The leading market players are focused on working with car manufacturers to improve their portfolio of electric-car sharing services. These developments are taking place within the Asian sub-continent. Adopting advanced/uninterrupted technologies and rising market investors are expected to fuel the number of EVs entering the Shared Mobility space.
3. Increasing Traffic Congestion: Factors that support the growth of the global Shared Mobility market are increased traffic congestion on the road, higher cost of personal ownership of vehicles, and rising employment within the private sector. As the pandemic opened the world for in-person work after two years, increased demand for transportation has increased. Additionally, lessening reliance on government transport services and the need for increased short-travel-based transportation needs is expected to fuel the growth of the Shared Mobility market share.
4. Government Initiatives: Internet penetration among rural and urban areas has led to widening Shared Mobility services. The rapid growth of the automotive industry, combined with the increased participation of various government agencies in promoting Shared Mobility services, will fuel increased market adoption. For instance, in October 2022, HERE Technologies, a market leader in providing data and technology platforms, announced HERE Probe Data, a new data service that delivers useful information on how road users and vehicles move across the transportation network.
5. Rising Concerns About the Environment: Increasing concerns regarding environmental degradation due to rising private transport usage have led to rising consumer awareness regarding the effects of greenhouse emissions. To reduce air pollution, various governing agencies advise utilizing Shared Mobility services as acquiring and maintaining a vehicle is less expensive.
6. Smart Cities: Various government initiatives aim to implement Shared Mobility within their smart city networks. For instance, in June 2019, the Ministry of Economy, Trade, and Industry (MEIT) and the Ministry of Land, Infrastructure, Transport, and Tourism in Japan jointly announced the creation of a smart mobility challenge subsidy program. This program generated a revenue of USD 27.6 million.
The global Shared Mobility market can be categorized into the following segmentation: Service Models, Vehicles, and Region. Based on the Service Models, the market can be segmented across Ride Hailing, Bike Sharing, Ride Sharing, Car Sharing, and Other Service Models. In terms of Vehicles, the market can be further fragmented into Cars, Two-Wheelers, and Other Vehicles. Likewise, based on Region, the market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
Below tree is interactive. You can click the nodes to get more information.
Based on Service Models
Ride-Hailing Segment to Dominate Market Owing to Rising Internet Penetration
Ride-hailing services are expected to widen their segmental growth during the forecast period in terms of growth and revenue. Factors such as rising internet penetration among the general population and increasing types of services for ensuring ultimate customer service are expected to propel the segment's growth during the forecast. Riding demand for ride-hailing services can often be attributed to the addition of easier bookings, increased traffic congestion, passenger comfort, and increased government programs. These factors are expected to contribute to segmental growth. Bike sharing will grow with the fastest-growing CAGR during the forecast period because bikes are considered the most compatible and fastest way to travel on congested city routes.
Based on Vehicles
Cars to Dominate Segmental Growth While Two-Wheelers to Grow with the Fastest CAGR
Cars are expected to dominate the market for Shared Mobility and capture the maximum revenue share. The segment's dominance is expected to continue during the forecast period owing to the rising prominence of four-wheelers due to their ability to service multiple users simultaneously. The rising EV fleet within the prominent players is also expected to propel the segmental growth further. Studies have indicated that once a user gets accustomed to electric vehicles, they are likely to realize the cost of travel per kilometer is lesser by 4-5 times than that of their petrol counterpart. Two-wheelers are expected to grow with the fastest-growing CAGR during the forecast period due to rapid urban development, rising natural resources, limited energy resources, and economic concerns.
Based on Region
Asia Pacific to Fuel Largest Market Share Owing to Utilization of Extensive Technology
Global Shared Mobility is expected to be dominated by the region of Asia Pacific owing to the rapid adoption of technology combined with an exploding market for smartphones. Additionally, improving internet connectivity among the rural population and rising connectivity options will fuel the growth of Shared Mobility during the forecast period. The region is also prone to extreme traffic congestion on its roads. Exhaustive car ownership costs within emerging economies such as China and India and a supportive regulatory environment will pave the way for a flourishing market to extend. These factors will contribute to the Asia Pacific Shared Mobility market.
Middle East & Africa are expected to grow with moderate CAGR during the forecast period due to rising demand for shared transportation, rising number of corporate travelers, and rising government alternatives for private transportation. Technological developments and increasing demand for reducing greenhouse emissions will also lead to fruitful market growth.
The global Shared Mobility industry is full of various players occupying varying market sizes. The competition between the players is expected to be intense as they deal with the rapid adoption of advanced technologies to improve their commuting services. Players are also investing heavily within their R&D departments to integrate advanced functions.
The key players in the global Shared Mobility include - 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.) among others.
Recent Market Developments
· March 2022: Chalo, a Bengalore-based mobile application, announced they were acquiring Vogo, a two-wheeler Shared Mobility business startup. Chalo allows integrated travel among cities by allowing users to book cab rides. Vogo plans to switch to EVs in all their vehicles, extend services beyond two-wheelers, and extend other EV models into the market.
· June 2022: Uber Technologies Inc. announced the launch of UberX Share, which offers shared rides across New York, San Francisco, Chicago, and Los Angeles, among others. The company plans to expand the services of UberX Share, enabling users to get a ride, extend their savings, and stay on schedule.
· June 2022: IFC, a private sector arm of the World Bank Group, announced that they were signing an agreement with BlaBlaCar to invest USD 15 million to support Shared Mobility platform growth across Brazil to boost access to environmental-friendly and affordable travel.
Segmentation of the Global Shared Mobility Market
|Regions & Countries Covered||
|Report Coverage||Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and North America, company market share analysis, and COVID-19 impact analysis|
Frequently Asked Question
What is the global demand for Shared Mobility in terms of revenue?
The global Shared Mobility valued at in 2020 and is expected to reach in 2028 growing at a CAGR of 16.5%.
Which are the prominent players in the market?
The prominent players in the market are 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.).
At what CAGR is the market projected to grow within the forecast period?
The market is project to grow at a CAGR of 16.5% between 2021 and 2028.
What are the driving factors fueling the growth of the market.
The driving factors of the Shared Mobility include
- Increase in the cost of vehicle ownership globally
Which region accounted for the largest share in the market?
Asia Pacific was the leading regional segment of the Shared Mobility in 2020.