PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1515379
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1515379
Shared Mobility Market size was valued at USD 312,234.21 Million in 2023, expanding at a CAGR of 14.5% from 2024 to 2032.
Shared mobility encompasses the collective utilization of vehicles, motorcycles, scooters, or other transportation modes on an as-needed basis, allowing multiple occupants to utilize the same vehicle. It encompasses various forms of transportation, including public transit, micromobility (such as bike and scooter sharing), automobile-based modes (like car sharing, ride-hailing services, and microtransit), as well as commute-based modes or ridesharing (such as carpooling and vanpooling). This approach to mobility offers numerous benefits, including efficient travel, reduced transportation costs, decreased fuel consumption, improved traffic conditions, and lower emissions of greenhouse gases.
Shared Mobility Market- Market Dynamics
The surge in venture capital and strategic investments, coupled with government initiatives to propel market demand
The global shared mobility market is experiencing robust growth, driven by increased venture capital and strategic investments, coupled with government initiatives aimed at fostering smart cities, which are driving market expansion. The inclusion of e-bikes in sharing fleets is also contributing to this growth trajectory. However, challenges such as low internet penetration rates in developing regions hinder market growth. Despite this, opportunities abound, particularly with the surge in government initiatives to develop bike-sharing infrastructure. Governments worldwide are incentivizing service providers to expand their reach by subsidizing station development and encouraging the adoption of environmentally friendly transport solutions like bicycles and electric bikes. For example, in 2022, the Delhi government in India introduced a scheme offering financial incentives for electric bike purchases, providing buyers with a 25% discount on the purchase price. Additionally, governments are investing in bike charging infrastructure, dedicated bike lanes, and parking zones to enhance the cycling experience. The expansion of bike-sharing services in cities like Helsinki and Pittsburgh showcases a commitment to improving urban mobility and sustainability. As governments continue to prioritize the development of reliable bike-sharing infrastructure and the advancement of smart cities, the shared mobility market is poised for lucrative growth opportunities.
Shared Mobility Market- Key Insights
As per the analysis shared by our research analyst, the global market is estimated to grow annually at a CAGR of around 14.5% over the forecast period (2024-2032)
Based on Service Model segmentation, Car sharing was predicted to show maximum market share in the year 2023
Based on Vehicle type segmentation, Passenger cars were the leading type in 2023
Based on region, North America was the leading revenue generator in 2023
The Global Shared Mobility Market is segmented based on Service Model, Vehicle Propulsion, Sales Channel, Vehicle Type, and Region.
The market is divided into four categories based on the Service Model: bike sharing, car sharing, public transit, and microtransit. Car sharing emerges as the dominant service model in the shared mobility market due to its versatility and convenience. Unlike other modes of transportation, car sharing offers users the flexibility to access a vehicle on-demand without the commitment of ownership. This flexibility is particularly attractive in urban areas where parking spaces are limited and owning a car may not be practical. Car sharing services also cater to diverse needs, ranging from short trips for errands to longer journeys for commuting or leisure. Additionally, advancements in technology have streamlined the reservation, pickup, and payment processes, enhancing the user experience. As a result, car sharing has become a preferred choice for individuals seeking cost-effective, convenient, and environmentally friendly transportation options.
The market is divided into four categories based on Vehicle type: two-wheelers, passenger cars, buses & rails, and others. Passenger cars dominate the vehicle type model in the shared mobility market due to their widespread availability and versatility. Passenger cars offer a comfortable and convenient mode of transportation for individuals and small groups, making them suitable for various trip purposes, including commuting, running errands, and leisure travel. Moreover, advancements in vehicle-sharing technologies and infrastructure have made it easier for passengers to access and utilize shared cars efficiently. The popularity of passenger cars in the shared mobility market is also driven by the growing preference for on-demand transportation solutions over traditional car ownership. Additionally, the increasing focus on sustainability and environmental conservation has led to the introduction of electric and hybrid passenger cars in shared mobility fleets, further enhancing their appeal to eco-conscious consumers.
Shared Mobility Market- Geographical Insights
This market caters to a geographically scattered customer base, spanning North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. Participating nations within these regions create sub-segments within the market. North America emerges as the dominant region in the shared mobility market due to several key factors. Firstly, the region has a well-developed transportation infrastructure, making it conducive to the adoption of shared mobility services. Major cities in North America, such as New York City, Los Angeles, and Toronto, experience high population density and traffic congestion, creating a demand for efficient and convenient transportation solutions. Additionally, North America has a strong culture of innovation and technological advancement, which has led to the rapid development and adoption of shared mobility platforms and applications.
In the Shared Mobility market, major players employ strategic initiatives like partnerships and technological innovations to maintain their competitive advantage. Collaborations with transportation authorities, urban planners, and local governments enable the establishment of robust shared mobility networks catering to diverse commuter and traveler needs. These partnerships facilitate the integration of shared mobility services into existing transportation infrastructure, promoting seamless connectivity and multimodal travel options. Additionally, alliances with technology providers and data analytics firms aid in the development of innovative mobility platforms and applications, enhancing user experience, trip planning, and payment convenience. Furthermore, ongoing innovation in vehicle technology, including electric and autonomous vehicles, enables companies to provide sustainable and efficient shared mobility solutions in line with evolving environmental and regulatory standards. Through strategic partnerships and technological innovations, companies in the Shared Mobility market can solidify their market presence, broaden their service portfolios, and drive the adoption of shared transportation as a sustainable and convenient mobility solution for urban communities.
In June 2024, the CEO of Car Caring, a French executive car service provider, introduces MoveMyFleet, a pioneering fleet management service. MoveMyFleet empowers fleets in France to oversee car-sharing operations, manage vehicle transfers to new employees, handle vehicle cleaning and maintenance tasks, and arrange the retrieval of impounded cars, exemplifying the industry's dedication to advancing shared mobility solutions.
GLOBAL SHARED MOBILITY MARKET KEY PLAYERS- DETAILED COMPETITIVE INSIGHT
ANI Technologies Pvt. Ltd.
Autocrypt Co., Ltd.
BlaBlaCar
Blu-Smart Mobility Pvt. Ltd.
Bolt Technology OU
Cabify Espana S.L.U.
DiDi Global Inc.
EasyMile
Free2move
Getaround, Inc.
Lyft, Inc.
Meru Mobility Tech Pvt. Ltd
Uber Technologies, Inc.
Yandex N.V.
Zoomcar India Pvt. Ltd.
Others