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SHARED MOBILITY MARKET REPORT OVERVIEW
The global shared mobility market size was USD 53708.12 million in 2022 and the market is projected to touch USD 1219238.56 million by 2031, at CAGR of 41.47% during the forecast period.
The shared mobility market has witnessed significant growth in recent years, driven by changing consumer preferences and urbanization. It encompasses various forms of transportation services that are shared among multiple users, including ride-hailing, bike-sharing, car-sharing, and scooter-sharing. Companies like Uber, Lyft, and Didi dominate the ride-hailing segment, while firms like Lime and Bird lead in the scooter-sharing space. Car-sharing services such as Zipcar and Turo provide flexible access to vehicles on a short-term basis.
The market is characterized by technological advancements, with the integration of mobile apps and GPS tracking playing a crucial role in service accessibility and user experience. Environmental concerns and congestion in urban areas have also spurred the adoption of shared mobility solutions, as they offer more efficient and sustainable transportation options. As regulatory frameworks evolve and investments in infrastructure continue, the shared mobility market is expected to continue its upward trajectory, revolutionizing the way people move in cities around the world.
COVID-19 Impact: Market Growth Restrained by Pandemic due to Supply Chain Disruptions
The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden market growth reflected by the rise in CAGR is attributable to market’s growth and demand returning to pre-pandemic levels.
The COVID-19 pandemic had a profound impact on the shared mobility market. Lockdowns, social distancing measures, and hygiene concerns led to a sharp decline in demand for shared transportation services, particularly ride-hailing, bike-sharing, and scooter-sharing. Many operators experienced significant revenue losses and had to implement cost-cutting measures. However, as restrictions eased and vaccination rates increased, there was a gradual recovery in demand, with a notable shift towards more individualized modes of shared mobility like bike rentals and personal vehicle rentals. The pandemic also accelerated the adoption of contactless payment systems and enhanced cleaning protocols to ensure passenger safety and restore confidence in shared transportation options.
LATEST TRENDS
"Electric and Micro-Mobility Dominance Is a Better Option For a More Sustainable World"
One prominent trend in the shared mobility market is the increasing adoption of electric vehicles (EVs) and micro-mobility solutions. As sustainability gains prominence, operators are transitioning their fleets to electric, reducing carbon emissions and offering eco-friendly options to users. Additionally, micro-mobility services like e-scooters and e-bikes have witnessed a surge in demand, especially in urban areas, providing convenient and cost-effective alternatives for short-distance travel. This shift towards cleaner and more compact modes of transportation reflects a growing commitment to environmental stewardship and addresses the last-mile connectivity challenge in cities.
SHARED MOBILITY MARKET SEGMENTATION
- By Type
Based on type the global market can be categorized into ride sharing, vehicle rental/leasing, others
Ride-hailing dominates shared mobility, led by companies like Uber and Lyft, offering convenient on-demand transportation services via mobile apps.
Vehicle rental/leasing is a service that allows individuals or businesses to use a vehicle for a specified period in exchange for payment.
- By Application
Based on application the global market can be categorized into unorganized, organized.
Organized shared mobility markets use technology platforms to connect users with various transportation options, promoting efficient, accessible, and convenient travel solutions.
Unorganized shared mobility lacks formal structure, often involving ad-hoc arrangements without standardized platforms or regulated services, leading to variability and unpredictability.
DRIVING FACTORS
"Urbanization and Congestion Causing Parking Issues Is a Significant Factor For The Growth of Market "
As cities grow, congestion and limited parking space become significant issues. Shared mobility services like ride-hailing, bike-sharing, and carpooling provide convenient alternatives to traditional car ownership, reducing traffic and alleviating urban gridlock.
"Environmental Concerns and Sustainability Leading to The Demand In Such Market"
Increasing awareness of environmental issues drives demand for sustainable transportation options. Shared mobility services often incorporate electric or hybrid vehicles, contributing to reduced emissions and a greener urban environment.
RESTRAINING FACTORS
"Regulatory Hurdles and Compliance Issues Lead To Uncertain Legal Frameworks And Potential Restrictions"
One significant restraining factor for the shared mobility market is the complex and evolving regulatory landscape. Local governments often struggle to keep pace with the rapid emergence of new mobility services, leading to uncertain legal frameworks and potential restrictions. Compliance with safety, licensing, and insurance requirements can pose challenges for providers, causing delays in service expansion and creating uncertainty for investors. Navigating these regulatory hurdles requires significant time and resources, potentially impeding the growth and scalability of shared mobility offerings.
SHARED MOBILITY MARKET REGIONAL INSIGHTS
"Asia Pacific Region Dominating the Market due to Presence of a Large Consumer Base"
The Asia-Pacific region is poised to dominate the shared mobility market growth. Its dense urban populations, rapidly expanding middle class, and strong technological infrastructure provide a fertile ground for the growth of various shared transportation services. Additionally, government initiatives and increasing environmental awareness in countries like China, India, and Southeast Asian nations are driving the adoption of sustainable mobility solutions. This, coupled with the rising demand for convenient and cost-effective transportation options, positions the Asia-Pacific region as a key player in shaping the future of shared mobility.
KEY INDUSTRY PLAYERS
"Key Industry Players Shaping the Market through Innovation and Market Expansion"
Key industry players in the shared mobility sector are continuously driving innovation and expanding their market presence. Companies like Uber, Lyft, and Didi Chuxing lead the ride-hailing segment, leveraging advanced technology to enhance user experiences and broaden service offerings. In the bike-sharing realm, firms such as Lime and Bird have introduced innovative e-scooters and bicycles, revolutionizing last-mile transportation. Car rental giants like Avis Budget Group and Enterprise Holdings are venturing into car-sharing platforms, catering to a diverse range of transportation needs. Additionally, automakers like BMW (with ReachNow) and General Motors (through Maven) are entering the market with their unique mobility solutions, demonstrating the industry's convergence with traditional automotive players. These key players are not only shaping the market but also setting trends for sustainable, convenient, and connected urban transportation.
List of Market Players Profiled
- Gett ( U.K.)
- Cambio CarSharing (Germany)
- Yandex (Russia)
- Grab (Singapore)
- Uber (U.S.)
- The Hertz Corporation (U.S.)
- DriveNow (Germany)
- BlaBlaCar (France)
- Wingz (U.S.)
- Sixt SE (Germany)
- Taxify (Estonia)
- Lyft (U.S.)
- Easy Taxi (Brazil)
- Careem (U.A.E)
- ANI Technologies (Ola Cabs) (India)
- Haxi (Denmark)
- Dida Chuxing (China)
- Didi Chuxing (China)
- Cabify (Spain)
- Enterprise Holdings (U.S.)
- Maven (U.S.)
- Mobility Carsharing (Switzerland)
- Europcar (France)
- Car2go (Germany)
- Via Transportation (U.S.)
- Avis Budget Group (U.S.)
- Turo (U.S.)
INDUSTRIAL DEVELOPMENT
2010: The industrial development year for the shared mobility market can be traced back to the early 2010s. This period saw the emergence of pioneering companies like Uber and Lyft, which introduced the concept of ride-hailing and transformed urban transportation. Since then, the market has experienced rapid growth and innovation, with various players entering different segments such as bike-sharing, car-sharing, and peer-to-peer rentals. The continued expansion and evolution of shared mobility services have since become a significant disruptor in the transportation industry.
REPORT COVERAGE
The shared mobility market share is dynamic and transformative force in the transportation industry. The advent of innovative technologies and shifting consumer preferences have propelled the growth of ride-hailing, bike-sharing, and car-sharing services, offering convenient and cost-effective alternatives to traditional modes of transportation. With key industry players continuously pushing the boundaries of innovation and expanding their market presence, shared mobility is poised to play an integral role in shaping the future of urban transportation. However, regulatory challenges and the need for sustainable practices remain critical considerations. As the market continues to evolve, collaboration between industry stakeholders, policymakers, and urban planners will be essential in harnessing the full potential of shared mobility for more efficient, accessible, and environmentally-friendly urban mobility solutions.
REPORT COVERAGE | DETAILS |
---|---|
Market Size Value In |
US$ 53708.12 Million in 2022 |
Market Size Value By |
US$ 1219238.56 Million by 2031 |
Growth Rate |
CAGR of 41.47% from 2022 to 2031 |
Forecast Period |
2024-2031 |
Base Year |
2023 |
Historical Data Available |
Yes |
Regional Scope |
Global |
Segments Covered |
Type and Application |
Frequently Asked Questions
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What value is the shared mobility market expected to touch by 2031?
The global shared mobility market is expected to reach USD 1219238.56 million by 2031.
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What CAGR is the shared mobility market expected to exhibit by 2031?
The shared mobility market is expected to exhibit a CAGR of 41.47% by 2031.
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Which are the driving factors of the shared mobility market?
Urbanization, environmental consciousness, technological advancements, and cost-efficiency are key drivers of the shared mobility market. These factors respond to evolving urban needs, sustainability concerns, and technological progress in transportation.
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What are the key shared mobility market segments?
The shared mobility market segmentation that you should be aware of, which include, Based on type the shared mobility market is classified as ride sharing, vehicle rental/leasing, others. Based on application the shared mobility market is as organized, unorganized.