The global shared mobility market size was valued at US$ 420.15 billion in 2020 and is expected to reach over US$ 777.85 billion by 2030, expanding growth at a CAGR of 8.5 % from 2021 to 2030.
The increasing internet penetration and the surge in investment for shared mobility businesses have accelerated the growth of the market. Also, the rising on road traffic congestion, lack of parking spaces, high fuel prices, and high cost of personal vehicle ownership are the key attributes that triggers the growth of the shared mobility market.
The rapid growth of the automobile industry along with the growth of an integrated ecosystem within the transport industry and the Government initiatives in promoting the shared mobility solutions in order to reduce traffic congestion on roads is anticipated to fuel the growth of the Shared Mobility Market. For instance, On 12th October 2021, HERE Technologies, the leading location data and technology platform, announced HERE Probe Data, a new data service delivering useful information on how road users and vehicles move across the transportation network. This service addresses the growing demand from public transport agencies, cities, and companies across the automotive, transport and logistics industries, to better understand road-centric mobility patterns.
In the past decade, there has been a significant rise in pollution due to the use of automobile and therefore in order to reduce the amount of air pollution the Governing agencies across the globe are encouraging the use of shared mobility services and this factor drive the market growth. Also, Shared mobility is economical when compared with personal vehicles as it is less expensive than acquiring and maintaining a vehicle and this accelerates the market growth. For instance, On 7th October 2021, DB Regio AG and ZF Friedrichshafen AG announced that they are collaborating in bringing highly automated and autonomous bus shuttles onto the roads in Germany more quickly.
Based on the Type, the Shared Mobility Market is divided into Ride-sharing, Vehicle Rental/Leasing, Ride Sourcing and Private. The Vehicle Rental/Leasing type segment is expected to witness the highest growth accounting for more than 40% of revenue share in 2020 and also it is anticipated to grow at a decent pace during the forecast period owing to increase in population specially in the developing countries.
Furthermore, ride-sharing type segment is also growing significantly during the forecast period owing to the desire of customers opting for more cost-effective and elegant modes of transportation over personal driving preferences. All these factors are estimated to drive the growth of the Shared Mobility Market. For instance, On 30th September 2021, Europe's leading free-floating car sharing provider SHARE NOW announced that it will use artificial intelligence in overcoming traffic in cities. With the introducing of AI in the car sharing services, Share Now will efficiently manage and control its vehicle fleet.
Vehicle Type Insights
Based on the Vehicle Type, the Shared Mobility Market is divided into Passenger Cars, LCVs, Busses & Coaches and Micro Mobility. The Passenger Cars in this segment is forecasted to contribute the largest revenues share of more than 50% in 2020 and is estimated to grow remarkably over the forecast period. It is because of the lucrative features provided in the passenger cars and the driving experience it provides. Also, launch of new services by ride-hailing providers is expected to boost the market growth. For instance, On 6th August 2021, Rapido India's largest bike taxi platform announced their expansion of its auto service to Bengaluru, taking the service to a total of 26 cities in India. These services aim to give them access to safer and more affordable commute options and provide other avenues of earning for the auto drivers.
Business Model Insights
Based on the End-user, the Shared Mobility Market is divided into P2P, B2B and B2C. The P2P business model segment is expected to witness a significant revenue share during the forecast period amounting for more than 55% of the global share. It is also anticipated to grow significantly during the forecast period. It is due to the surge in use of automobiles for rental and leasing services.
Asia Pacific is expected to contribute the largest revenue share of more than 45% in 2020. It is because of the rise in On-road vehicle traffic and costs of vehicle ownership in countries such as China and India. The presence of higher population in these countries of the region is a major factor that drives the growth of Shared Mobility Market in Asia Pacific region. For instance, On 5th October 2021, OLA announced that it has acquired GeoSpoc, a geospatial services provider that will help OLA to bring geospatial technologies to the mass market. Together these two companies will develop technologies which will make mobility universally accessible, sustainable, personalized, and convenient, across shared and personal vehicles.
LAMEA is also expected to grow significantly during the forecast period owing to surge in demand for shared transportation solutions due to increasing number of corporate travelers in this region.
Key Companies Profiled
The global shared mobility market is characterized by the presence of various small and big players. The major market player Avis Budget Group, ANI Technologies Pvt. Ltd. (OLA), car2go NA LLC, Beijing Xiaoju Technology Co, Ltd., The Hertz Corporation, WingzInc., Uber Technologies Inc., Curb Mobility, GrabHoldings Inc., Lyft Inc., Careem Inc., Curb Mobility, Cabify, Europcar Mobility Group, The Hertz Corporation, BayerischeMotoren Werke AG (BMW), Daimler AG, Transdev, General Motors Company, Ford Motor Company, Robert Bosch GmbH, Hyundai Motor Company, Enterprise Holdings Inc., Meru Cabs, Jugnoo, Zoomcar, Revv car, MylesGett Inc., BayerischeMotoren Werke AG (BMW),The Hertz Corporation and Zipcar Inc. As the market is competitive in nature, the players are indulged in rapid adoption of advanced technologies to improve the commuting services and in raising their competitive share by means of strategic initiatives like mergers, new product and acquisitions.
Scope of the Shared Mobility Market Report
|Market Size||USD 777.85 Billion by 2030|
|Growth Rate||CAGR of 8.5% From 2021 to 2030|
|Largest Market||Asia Pacific|
|Fastest Growing Market||LAMEA|
|Forecast Period||2021 to 2030|
|Segments Covered||Type, Vehicle Type, Business Model, Region
|Companies Mentioned||Avis Budget Group, ANI Technologies Pvt. Ltd. (OLA), car2go NA LLC, Beijing Xiaoju Technology Co, Ltd., The Hertz Corporation, WingzInc., Uber Technologies Inc., Curb Mobility, GrabHoldings Inc., Lyft Inc., Careem Inc.|
Segments Covered in the Report
By Vehicle Type
By Business Model
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