PUBLISHER: The Business Research Company | PRODUCT CODE: 1678358
PUBLISHER: The Business Research Company | PRODUCT CODE: 1678358
Shared vehicles are a means of transportation used by commuters without individual ownership. Offering greater flexibility and the comfort of a private vehicle compared to exclusive reliance on public transit, shared automobiles can reduce commuting expenses, decrease the need for parking spaces, enhance air quality, and facilitate access to other modes of transportation such as rail transit.
The primary services offered in shared vehicles encompass car rental, bike sharing, and car sharing. Car rental services present a popular alternative for individuals not consistently requiring a car but needing one for a few days to a month, allowing road trips to nearby tourist attractions and performing regular tasks such as shopping, office commuting, and exploring local areas. Major vehicle types used include passenger cars, light commercial vehicles (LCVs), and micro-mobility with different propulsions such as electric vehicles and IC engine vehicles.
The shared vehicles market research report is one of a series of new reports from The Business Research Company that provides shared vehicles market statistics, including shared vehicles industry global market size, regional shares, competitors with a Shared vehicles market share, detailed shared vehicles market segments, market trends, and opportunities, and any further data you may need to thrive in the shared vehicles industry. This shared vehicles market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The shared vehicles market size has grown rapidly in recent years. It will grow from $159.31 billion in 2024 to $183.89 billion in 2025 at a compound annual growth rate (CAGR) of 15.4%. The growth in the historic period can be attributed to urbanization and population density, environmental concerns and sustainability, cost-effective transportation, last-mile connectivity needs, changing consumer behavior.
The shared vehicles market size is expected to see rapid growth in the next few years. It will grow to $323.54 billion in 2029 at a compound annual growth rate (CAGR) of 15.2%. The growth in the forecast period can be attributed to government policies and incentives, technological integration and connectivity, rising awareness of mobility-as-a-service (MaaS), collaborations and partnerships, post-pandemic transportation trends. Major trends in the forecast period include autonomous and self-driving shared vehicles, subscription-based models, focus on safety and sanitization, regulatory support and infrastructure development, last-mile connectivity solutions.
The increasing travel and tourism activities are expected to drive the growth of the shared vehicles market in the future. Travel refers to the movement of people or goods using various modes of transportation, such as airplanes, boats, and trains, between different geographical locations. Tourism, on the other hand, is a social, cultural, and economic phenomenon that involves individuals traveling to places outside their usual environment for personal or professional reasons. Utilizing car-sharing services for transportation and tourism can lead to a reduction in the number of privately owned vehicles, enhance vehicle utilization, significantly alleviate traffic congestion, conserve energy, and lower emissions. These factors are contributing to the rising demand for shared vehicles. For instance, in November 2022, the Office for National Statistics, a UK-based government agency, reported that in June 2022, the UK welcomed 3.0 million visits from overseas travelers, an increase from 2.8 million visits in May 2022. Therefore, the growth in travel and tourism activities is propelling the expansion of the shared vehicles market.
The growth of the shared vehicles market is anticipated to be driven by increasing urbanization in the coming years. Urbanization refers to the trend of a rising proportion of the population living in urban areas, resulting in the expansion of cities and towns. This phenomenon supports the use of shared vehicles as it addresses urban challenges, creating an environment conducive to shared mobility solutions. For example, in April 2024, the World Economic Forum, a Switzerland-based non-governmental organization, reported that over 4.3 billion people, or 55% of the global population, currently live in urban areas. This number is expected to rise to 80% by 2050, highlighting the ongoing global transition toward urban living. Thus, the increase in urbanization is fueling the growth of the shared vehicles market.
Leading companies in the shared vehicles market are concentrating on the development of advanced technological solutions, such as car-share services, to meet various critical industry needs. A car-share service enables individuals to rent vehicles for short durations, typically by the hour or day, serving as an alternative to car ownership. For example, in January 2024, Vay, a technology company based in Germany, introduced an innovative teledriving car-share service in Las Vegas, allowing users to summon remotely operated electric vehicles. This service enhances convenience by allowing trained drivers to operate the cars from a distance, eliminating the need for users to walk to a vehicle or search for parking. Priced competitively at $0.30 per minute while driving, Vay aims to challenge traditional ride-hailing models. Additionally, Vay is exploring partnerships in logistics and public transportation to maximize the use of its teledriving technology.
The major companies in the shared vehicles sector are driving innovation by adopting new technologies to sustain and improve their market standing. Technological advancements, such as Honda Motor Company's CI-powered micro-mobility technologies, are enhancing user experience, efficiency, and sustainability. Honda's technologies include map-less cooperative driving and user intention understanding, providing a personalized and intuitive experience in micro-mobility machines. This technological initiative aligns with Honda's goal of creating a world where individuals experience happiness and liberation through mobility.
In July 2022, Free2move, a car rental and car-sharing company based in Germany, acquired Share Now for an undisclosed amount. Through this acquisition, Free2move extends its mobility hubs concept to 14 new cities, marking significant growth as a global mobility leader. Share Now GmbH, a free-floating car-sharing service provider in Germany, is now part of Free2move.
Major companies operating in the shared vehicles market include Daimler AG, ANI Technologies Private Limited, Uber Technologies Inc., Enterprise Holdings Inc., Avis Budget Group Inc., The Hertz Corporation, CarShare Ventures BV, Lyft Inc., Sixt SE, Europcar Mobility Group S.A., Grab Holdings Inc., Ola Cabs Private Limited, Turo Inc., Gett Israel Ltd., Wingz Inc., BlaBlaCar France SAS, Getaround Inc., Communauto Inc., GoGet Carshare Inc., Car Next Door Pty Ltd, Curb Mobility LLC, Modo Cooperative, Zoomcar India Private Limited, Hourcar Inc., Co-wheels Car Club, Beijing Xiaoju Technology Co Ltd., Car2Go Europe GmbH, City Car Club Inc., DriveNow GmbH, Mobility Carsharing LLC, RelayRides Inc., Carrot Inc., Carma Mobility BV
Asia-Pacific was the largest region in the shared vehicles market in 2024. Europe is expected to be the fastest-growing region in the global shared vehicles market during the forecast period. The regions covered in the shared vehicles market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the shared vehicles market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The shared vehicle market includes revenues earned by entities by providing services such as free-floating, peer-to-peer (PTP), and ride-hailing car-sharing services. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
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 Vehicles Global Market Report 2025 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 vehicles 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 vehicles ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The shared vehicles 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 forecasts are made after considering the major factors currently impacting the market. These include the Russia-Ukraine war, rising inflation, higher interest rates, and the legacy of the COVID-19 pandemic.