Published Date : 22 May 2023
The global shared mobility market value is expanding to USD 533.15 billion in 2023 and is expected to touch around USD 945.83 billion by 2030, poised to grow at a noteworthy CAGR of 8.5% from 2022 to 2030. The market's growth has been spurred by the rising use of the internet and the spike in investments in shared mobility companies.
The term "shared mobility" refers to travel options that separate the use of mobility resources from their ownership in order to increase their practical utilization. Hence, shared mobility is the temporary usage of shared automobiles as needed and convenient for the user. The contributions and added value of this work are to give scholars and practitioners in the transportation industry an up-to-date and well-organized review of the subject of shared mobility.
The government's attempts to promote shared mobility solutions in order to minimize traffic congestion on highways, together with the fast-growing integrated ecosystem within the transportation industry. Due to the fact that the use of automobiles has significantly increased pollution over the past ten years, governments all over the world are promoting the use of shared mobility services, which is what is driving the market's expansion. The market growth is accelerated by the fact that shared mobility is less expensive than purchasing and maintaining a car when compared to personal automobiles.
Regionally, the United States has the most activity, although tech-heavy places like Israel also have a significant impact on the mobility ecosystem.
Moreover, the automobile sector is rapidly evolving into a genuine mobility ecosystem. OEMs and tier-one suppliers have always collaborated closely, but a wider ecosystem is now beginning to form. This ecosystem is coming together as high-tech businesses enter the market, established players create new alliances, and tier-two suppliers jump ahead of tier-one suppliers to sell goods and services directly to OEMs.
In practically every nation, private automobiles continue to be the most common form of transportation. Worldwide, 67 percent of poll participants claimed to often (i.e., at least once per week) use their private automobiles, whereas just 38 percent claimed to frequently utilize public transit. The average customer now uses car sharing the least, which may be shown by the fewer trips. Brazil, China, and the US are the three countries where e-hailing is most widely used by customers; in China, 90% of customers said they use e-hailing services at least once a week.
Private automobiles are often the favored mode, particularly in the United States, when it comes to commuting, which is the most significant mobility use case. China has a comparatively low affinity for this, most likely as a result of the uneven distribution of vehicles. Nonetheless, if all forms of transportation were accessible, almost 33% of Chinese respondents would choose shared mobility as their top choice for commuting, with the usage of private automobiles coming in second.
Shared Mobility Market Report Scope:
|Market Revenue in 2023||USD 533.15 Billion|
|Projected Forecast Revenue in 2030||USD 945.83 Billion|
|Growth Rate from 2022 to 2030||CAGR of 8.5%|
|Largest Market||Asia Pacific|
|Forecast Period||2022 to 2030|
|Regions Covered||North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa|
Market Drivers: Lessened traffic congestion, improved economic activity, and availability of eco-friendly transportation driving the market
Cities and commuters may both profit from shared transportation in numerous ways. During the COVID-19 epidemic, shared mobility's practicality and effectiveness stood up as a noteworthy advantage. Ride-sharing services have developed into a reliable and cost-effective substitute for public transit. During the epidemic, ride-sharing services for bicycles, electric bikes, and scooters were very helpful. Outside the pandemic, additional long-term benefits of shared mobility include lessened traffic congestion, improved economic activity, accessibility to more urban locations, availability of eco-friendly transportation, fewer carbon emissions, and inexpensive personal transportation.
The use of mobile applications to reserve transportation services like automobiles, motorcycles, scooters, or buses is made possible through carpooling and e-hailing services. Private cars are utilized to provide public transportation services for passengers and fleet operators when they are reserved through these platforms.
With new discoveries come new difficulties that may have an impact on the infrastructure, legislation, and transportation systems already in place. What difficulties will commuters, legislators, and the transportation sector encounter if shared mobility continues to advance in the market? Managing enormous volumes of data is another obvious challenge of shared mobility with regard to the digital infrastructure of shared mobility systems.
Market Opportunities: Rise in the investment
Shared mobility is on the rise as customers demand easy, affordable, and environmentally friendly transportation options in cities. From 5.5 trillion in 2016 to 16.5 trillion in 2019, the number of e-hailing trips quadrupled. Shared mobility has grown to be a lucrative industry over the last ten years. More than $100 billion has been invested in shared mobility enterprises since 2010 by private investors, technological firms, and other parties. To combat the climate catastrophe, cities are working to reduce their emissions, and this decade may witness an even more drastic transition toward flexible, shared, and sustainable modes of transportation. Now, efforts are being made in more than 150 communities to implement policies that would limit the use of private vehicles.
The market for shared mobility is segmented into four categories based on type: ride-sharing, car rental/leasing, ride sourcing, and private. Due to the rising population, particularly in emerging nations, the sector of vehicle rental/leasing is estimated to rise at a respectable rate over the forecast period and account for more than 45% of revenue share in 2022. Also, the ride-sharing type sector will experience considerable growth over the course of the projection period because to consumer preferences for more affordable and opulent means of transportation over personal driving preferences. All of these elements are predicted to fuel the market's expansion.
Vehicle Type Insights:
The shared mobility market is segmented into Passenger Cars, LCVs, Busses & Coaches, and Micro Mobility based on Vehicle Type. The passenger cars market share in this segment is anticipated to reach more than 55% in 2022 and is expected to increase significantly during the forecast period. That is due to the enjoyable driving experience and lucrative amenities included in the passenger automobiles.
Business Model Insights:
The market for shared mobility was driven by the ride-hailing category, which held the biggest share at 60.6% in 2022, and is anticipated to increase over the course of the forecast period. The increase is the result of more individuals globally and in emerging nations becoming online. From 2023 to 2032, it is expected that the bike-sharing market will grow at a CAGR of 25.3%. Due to the fact that two-wheelers are thought of as the quickest and quickest mode of transportation on congested city streets, two-wheeler services are anticipated to expand in the next years.
Major Key Players:
Segments Covered in the Report:
By Vehicle Type
By Business Model
By Vehicle Propulsion
By Sales Channel
By Sector Type
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