PUBLISHER: The Business Research Company | PRODUCT CODE: 1429945
PUBLISHER: The Business Research Company | PRODUCT CODE: 1429945
Shared transport or shared mobility refers to a transportation system and resources that are utilized collectively by users, either simultaneously or sequentially. This encompasses public transit, micro-mobility, modes based on automobiles, and commuter-based options, including ridesharing. Shared mobility involves the practice of sharing transportation services with fellow commuters.
The primary types of shared mobility services encompass ride-hailing, bike-sharing, ride-sharing, car-sharing, and various other services. In the context of the car market, shared mobility involves the shared use of cars as a mode of conveyance, offering advantages such as financial savings for individuals. Cars, being comfortable and capable of transporting four individuals, play a significant role in shared mobility. The diverse types of mobility vehicles include cars, two-wheelers, and other mobility vehicles. Business models in the shared mobility sector vary and include P2P (peer-to-peer), B2B (business-to-business), and B2C (business-to-consumer).
The shared mobility market research report is one of a series of new reports from The Business Research Company that provides shared mobility market statistics, including shared mobility industry global market size, regional shares, competitors with a shared mobility market share, detailed shared mobility market segments, market trends and opportunities, and any further data you may need to thrive in the shared mobility industry. This shared mobility market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
The shared mobility market size has grown rapidly in recent years. It will grow from $298.61 billion in 2023 to $334.61 billion in 2024 at a compound annual growth rate (CAGR) of 12.1%. The expansion observed in the historical period can be attributed to increased sales of Hybrid Electric Vehicles (HEVs), a surge in urbanization, heightened occurrences of vehicle theft, and a shortage of parking spaces.
The shared mobility market size is expected to see rapid growth in the next few years. It will grow to $535.2 billion in 2028 at a compound annual growth rate (CAGR) of 12.5%. The anticipated growth in the forecast period can be attributed to stringent environmental regulations and emission requirements, an increase in demand for ride-hailing and ride-sharing services, and a rise in fuel prices. Key trends expected during this period include a focus on innovative vehicle fleet-sharing platforms, the adoption of autonomous vehicle technology, advancements in technology, upgrades to mobility-sharing apps, and strategic partnerships and collaborations.
The anticipated rise in fuel prices is poised to propel the growth of the shared mobility market in the upcoming forecast period. Frequent increases in fuel prices present a business opportunity for shared mobility companies, especially amid the growing demand for vehicle fuel and supply chain disruptions resulting from the Russia-Ukraine conflict. Notably, in the USA, data from the Bureau of Transportation Statistics indicates a 49% increase in the price of regular motor gasoline and a slightly higher rise of 55% in diesel fuel prices from January to June 2022. Similarly, in Singapore, average petrol prices for the first five months of 2022 increased by 49.95% compared to the same period the previous year. The upward trajectory of fuel prices is expected to drive the growth of the shared mobility market.
Stringent environmental regulations and emission requirements are anticipated to be pivotal drivers for the shared mobility market in the forecast period. Governments worldwide are actively working to reduce emissions and address climate change, implementing regulations that mandate automakers to produce vehicles with lower emissions. Shared mobility is gaining prominence as a solution aligned with these regulations. For instance, in December 2021, the Environmental Protection Agency (EPA) in the USA approved guidelines for new vehicle emissions through 2026, projecting a reduction of 3.1 billion tons of CO2 emissions by 2050. Furthermore, the U.S. government has set a goal for 50% of all new vehicles produced in 2030 to be electric or plug-in hybrid versions. The increasing focus on environmental regulations and emission standards is expected to drive the demand for shared mobility services.
A notable trend gaining traction in the shared mobility market is the emergence of Mobility-as-a-Service (MaaS). MaaS is a digital platform that allows users to book and pay for integrated mobility services through a single platform. Major companies in the shared mobility sector are actively providing MaaS solutions to lead the market. For example, Carzonrent, an India-based car rental company, introduced Plug Mobility, an electric MaaS platform focused on sustainable mobility solutions for various purposes such as business travel, fleet employee transfers, and airport transportation. This platform aims to drive the transition to electric vehicles and reduce pollution.
Strategic partnerships and collaborations are becoming increasingly prominent in the shared mobility market as companies seek to expand service offerings and geographical presence. In July 2022, Moove, a Nigeria-based provider of revenue-based vehicle financing and financial services, partnered with Uber to launch a mega fleet for ride-hailing in India, offering increased business opportunities for drivers. Additionally, in November 2022, Volkswagen, a Germany-based automotive manufacturer, collaborated with MILES Mobility, a German carsharing and modern mobility firm, to accelerate the expansion of their car-sharing portfolio.
In February 2022, Cogo, a Denmark-based shared mobility company, acquired eScoot with the aim of enhancing its eco-friendly and shared mobility services and expanding its footprint in France, the UK, and Germany. This acquisition positioned Cogo as a stronger player in the shared mobility aggregator space.
Major companies operating in the shared mobility market report are Didi Chuxing Technology Co, Uber Technologies Inc., Avis Budget Group, Lyft Inc., The Hertz Corporation, Grab Taxi Holdings Pvt. Ltd., Deutsche Bahn Connect GmbH, BlaBlaCar, Gett Inc., ANI Technologies Private Limited, Cao Cao Mobility, Grab, Gojek, Ofo, Yulu, Zoomcar, Sixt Share, Flinkster, Bolt, Miles, Beryl, Serco, Dott, Tier, Voi, Ginger, Neuron, Hourbike, Veturilo, MOL BuBi, Uklon, CityBee, Skok, Nextbike, Citymapper, Keolis, LimeBike, Mobike, Motivate, Ola, Scoot Networks, Transit, Via, Zipcar, Micromobility Inductries, Lalamobility, Awto, Alstom, Contxto, Bogota, AlgoLion, Anagog, Arbe, DiDi Chuxing, Drive now, Ekar, ZayRide, Bole Meter Taxi, Yookoo Ride, Shuttlers, Careem
Asia-Pacific was the largest region in the shared mobility market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the shared mobility market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the shared mobility market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada.
The shared mobility market consists of revenues earned by entities by providing mass transit, micro transit, and ride-splitting services. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Shared Mobility Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on shared mobility market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for shared mobility? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The shared mobility market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of covid 19 on supply chains and consumption patterns.