The Shared Mobility Market size was valued at USD 255.96 Billion in 2023 and is expected to reach USD 810 Billion by 2031, and grow at a CAGR of 17.3% over the forecast period 2024-2031.
Shared Mobility is a commuting service that allows commuters to share transportation services. In a Shared Mobility service, a commercial vehicle owner shares their vehicle with an organization that subsequently uses it for ride-sharing, hiring, and mobility services, with a price based entirely on the distance and duration of the journey. Taxis, car sharing, bike sharing, scooter sharing, limousines, ridesharing, and a variety of other vehicles are all examples of shared mobility.
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Shared mobility is a commuting service in which businesses arrange for commercial cars to transport people from one location to another. The owner of a fleet of commercial cars lends it to the organization, which utilizes it to deliver services including hiring, ride-sharing, and mobility. The charge is entirely determined by the customer's travel distance and time to the destination. Due to various factors such as rapid urbanization, increased environmental concerns, limited energy resources, and economic concerns, the trend of shared transportation has exploded in recent years, and this trend is expected to continue to boost the global shared mobility market over the forecast period.
Vilnius, Lithuania's capital, has created the Vilnius Shared Mobility Hub, a mobility cluster aimed at enhancing the city's car-sharing services and economic innovations while also encouraging sustainability by lowering the number of private automobiles in the city. Vilnius has been implementing car-sharing programs for ten years and now has roughly 1.5 million shared vehicle rides per year, making it the European city with the most. Almost one-fifth of Vilnius inhabitants have used a car-sharing service at some time, and the city has the highest car-sharing density in the area, with 800 vehicles per one million people.
KEY DRIVERS:
Globally, the cost of owning a vehicle is rising.
Internet usage is increasing.
Increasing road traffic congestion, a scarcity of parking spots, and expensive gasoline prices.
RESTRAINTS:
Lack of knowledge about shared transportation options.
Unease about traveling with strangers as drivers and passengers.
As the COVID-19 crisis unfolded, public life in several nations was disrupted, with the epidemic affecting nearly every sector. The most immediate and evident effect of COVID-19 in the traditional automobile sector has been the production halt of numerous OEMs, which has had an impact on the market. Ridership in public transportation has declined significantly over the world, and operators are faced with uncertainty and the probable need to establish rigorous regulations. Ride-hailing firms have also seen a drop in business, and numerous micro-mobility and carpooling businesses have shut down. Some governments have started programs to help mobility businesses that have been badly impacted by the crisis, but low financial reserves and a lack of market funding are anticipated to have an impact.
The ride-hailing category dominated the shared mobility market in 2023, accounting for the highest share, and is predicted to continue to increase during the forecast period. The increase is attributable to the increasing use of the internet in emerging nations and by individuals all over the world. The emergence of new sorts of services aimed at ensuring complete client satisfaction is also likely to boost the segment's growth. Easy reservations, increased traffic congestion, passenger comfort, and expanded government efforts to raise public awareness about air pollution and encourage participation in riding, particularly ride-hailing, might all contribute to the growing demand for ride-hailing services. From 2024 to 2031, the bike-sharing category is expected to increase at a positive CAGR. Two-wheeler services are likely to grow in popularity in the next years since they are regarded as the quickest and most efficient mode of transportation on congested city streets.
In 2023, the vehicles sector led the shared mobility market, capturing the biggest revenue share. During the projected period, this category is expected to dominate the shared mobility market. Two-wheeler services are projected to grow in popularity in the future years since motorcycles are seen as a cost-effective and substantially speedier means of transportation on congested city roads. From 2024 to 2031, growth in the two-wheeler market is expected to be favorable. Various reasons, such as growing urbanization, increased natural resources, restricted energy resources, and economic worries, are likely to enhance the global tourism industry throughout the forecast period. In comparison to other modes of transportation, two-wheeler sharing is a cost-effective and quick choice for commuters. Many industrial firms profit handsomely from expanding their service offerings, while vehicle sharing is expected to see large growth in demand throughout projections. Due to features like flexibility and automation, the advent of free-floating free models in developed nations is projected to increase automobile share in the foreseeable term.
The market is divided into P2P, B2B, and B2C segments based on the business model. P2P is now dominating the market and is predicted to continue to do so. The P2P category has a substantial market share due to the rising usage of vehicles for rental and leasing services.
On The Basis of Service Model
Ride-Hailing
Bike Sharing
Ride Sharing
Car Sharing
Others
On The Basis of Vehicles
Cars
Two-Wheelers
Others
On The Basis of Business Model
P2P
B2B
B2C
On The Basis of Power Source
Fuel Powered
Hybrid Electric Vehicle (HEV)
Plug-in Hybrid Electric Vehicle (PHEV)
Battery Electric Vehicle (BEV)
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Because of rising on-road vehicle traffic and vehicle ownership prices in countries such as China and India, the Asia-Pacific (APAC) region dominates the shared mobility industry.
The Middle East and Africa (MEA) area is predicted to develop significantly from 2024 to 2031, owing to a strong demand for shared transportation solutions due to an increase in the number of business travelers in various countries.
REGIONAL COVERAGE:
North America
USA
Canada
Mexico
Europe
Germany
UK
France
Italy
Spain
The Netherlands
Rest of Europe
Asia-Pacific
Japan
south Korea
China
India
Australia
Rest of Asia-Pacific
The Middle East & Africa
Israel
UAE
South Africa
Rest of Middle East & Africa
Latin America
Brazil
Argentina
Rest of Latin America
The major key players are Avis Budget Group, car2go NA LLC, Beijing Xiaoju Technology Co Ltd., global car-sharing car rental Ltd., Grab, Uber Technologies Inc., ANI Technologies Pvt. Ltd., Lyft Inc., Careem, Gett.
| Report Attributes | Details |
|---|---|
| Market Size in 2023 | US$ 225.96 Billion |
| Market Size by 2031 | US$ 810 Billion |
| CAGR | CAGR of 17.3% From 2024 to 2031 |
| Base Year | 2023 |
| Forecast Period | 2024-2031 |
| Historical Data | 2020-2022 |
| Report Scope & Coverage | Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook |
| Key Segments | • by Service Model (Ride-Hailing, Bike Sharing, Ride Sharing, Car Sharing, Others) • By Vehicles (Cars, Two-Wheelers, Others) • by Business Model (P2P, B2B, B2C) • by Power Source(Fuel Powered, Hybrid Electric Vehicle, Plug-in Hybrid Electric Vehicle, Battery Electric Vehicle) |
| Regional Analysis/Coverage | North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe] Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]), Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East], Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia, Rest of Latin America) |
| Company Profiles | Avis Budget Group, car2go NA LLC, Beijing Xiaoju Technology Co Ltd., global car-sharing car rental Ltd., Grab, Uber Technologies Inc., ANI Technologies Pvt. Ltd., Lyft Inc., Careem, Gett. |
| Key Drivers |
• Globally, the cost of owning a vehicle is rising. • Internet usage is increasing. |
| RESTRAINTS |
• Lack of knowledge about shared transportation options. • Unease about traveling with strangers as drivers and passengers. |
Ans: - The Shared Mobility market size was valued at USD 164.23 Bn in 2021.
Ans: - Globally, the cost of owning a vehicle is rising and Internet usage is increasing.
Ans: - The Asia-Pacific (APAC) region dominates the shared mobility industry.
Ans: - The primary growth tactics of Shared Mobility market participants include merger and acquisition, business expansion, and product launch.
Ans: - The study includes a comprehensive analysis of Shared Mobility Market trends, as well as present and future market forecasts. DROC analysis, as well as impact analysis for the projected period. Porter's five forces analysis aids in the study of buyer and supplier potential as well as the competitive landscape etc.
Table of Contents
1. Introduction
1.1 Market Definition
1.2 Scope
1.3 Research Assumptions
2. Research Methodology
3. Market Dynamics
3.1 Drivers
3.2 Restraints
3.3 Opportunities
3.4 Challenges
4. Impact Analysis
4.1 COVID-19 Impact Analysis
4.2 Impact of Ukraine- Russia war
4.3 Impact of ongoing Recession
4.3.1 Introduction
4.3.2 Impact on major economies
4.3.2.1 US
4.3.2.2 Canada
4.3.2.3 Germany
4.3.2.4 France
4.3.2.5 United Kingdom
4.3.2.6 China
4.3.2.7 Japan
4.3.2.8 South Korea
4.3.2.9 Rest of the World
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. Shared Mobility Market Segmentation, By Service Model
8.1 Ride-Hailing
8.2 Bike Sharing
8.3 Ride Sharing
8.4 Car Sharing
8.5 Others
9. Shared Mobility Market Segmentation, by Vehicles
9.1 Cars
9.2 Two-Wheelers
9.3 Others
10. Shared Mobility Market Segmentation, by Business Model
10.1 P2P
10.2 B2B
10.3 B2C
11. Shared Mobility Market Segmentation, by Power Source
11.1 Fuel Powered
11.2 Hybrid Electric Vehicle (HEV)
11.3 Plug-in Hybrid Electric Vehicle (PHEV)
11.4 Battery Electric Vehicle (BEV)
12. Regional Analysis
12.1 Introduction
12.2 North America
12.2.1 USA
12.2.2 Canada
12.2.3 Mexico
12.3 Europe
12.3.1 Germany
12.3.2 UK
12.3.3 France
12.3.4 Italy
12.3.5 Spain
12.3.6 The Netherlands
12.3.7 Rest of Europe
12.4 Asia-Pacific
12.4.1 Japan
12.4.2 South Korea
12.4.3 China
12.4.4 India
12.4.5 Australia
12.4.6 Rest of Asia-Pacific
12.5 The Middle East & Africa
12.5.1 Israel
12.5.2 UAE
12.5.3 South Africa
12.5.4 Rest
12.6 Latin America
12.6.1 Brazil
12.6.2 Argentina
12.6.3 Rest of Latin America
13. Company Profiles
13.1 Avis Budget Group
13.1.1 Financial
13.1.2 Products/ Services Offered
13.1.3 SWOT Analysis
13.1.4 The SNS view
13.2 car2go NA LLC
13.3 Beijing Xiaoju Technology Co Ltd.
13.4 global car-sharing car rental Ltd.
13.5 Grab
13.6 Uber Technologies Inc.
13.7 ANI Technologies Pvt. Ltd.
13.8 Lyft Inc.
13.9 Careem
13.10 Gett
14. Competitive Landscape
14.1 Competitive Benchmarking
14.2 Market Share analysis
14.3 Recent Developments
15. Conclusion
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