Shared Mobility Market Market Trends, Share, Size and Forecast Report 2024-2032

Shared Mobility Market Valuation – 2024-2031

The rising urban population and growing environmental concerns are propelling the shared mobility sector, which provides a convenient, cost-effective, and sustainable alternative to car ownership. The increasing population in urban areas is driving the market size to surpass USD 187.6 Billion in 2023 to reach a valuation of around USD 546.7 Billion in 2031.

In comparison to traditional public transportation, it unlocks unused automobiles reduces traffic congestion, and provides more trip planning freedom. Thus, the feature of unlocking underutilized vehicles is enabling the market to grow at a CAGR of 14.3% from 2024 to 2031.

Shared Mobility Market: Definition/ Overview

Shared mobility refers to the collaborative or community use of transportation modes and resources, which is often enabled by a variety of service models such as ride-hailing, car-sharing, bike-sharing, scooter-sharing, and carpooling.

The shared mobility market is a dynamic and transformational aspect of modern transportation systems, reshaping how individuals navigate metropolitan environments. This emerging business, distinguished by the collaborative usage of transportation modes such as ride-hailing, car-sharing, bike-sharing, and scooter-sharing, is changing traditional concepts of ownership and mobility. With rising urbanization, congestion, and environmental issues looming, shared mobility solutions present a promising alternative that promotes efficiency, sustainability, and accessibility.

Using technological improvements, smartphone applications, and GPS tracking, providers connect consumers to accessible transportation options, allowing for seamless travel experiences. Shifting customer preferences toward on-demand services, as well as a desire for cost-effective and flexible transportation solutions, are driving growth in this industry. Furthermore, shared mobility programs are consistent with larger societal trends that prioritize experiences over possession, driving a cultural change toward a more collaborative and resource-efficient lifestyle. As this sector evolves and innovates, it has the potential to drastically alter urban environments, redefining the future of transportation in a more connected, efficient, and sustainable way.

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How the Growing Environmental Awareness is Driving the Shared Mobility Market?

The growing awareness of climate change has resulted in a dramatic shift in transportation preferences toward more sustainable alternatives. Shared mobility is at the vanguard of this movement, providing an effective way to minimize reliance on personal automobiles and so contribute to the reduction of harmful emissions. As people grow more aware of their carbon footprints, the use of shared transportation options gaining popularity as a viable method to counteract environmental damage.

Shared mobility platforms frequently prioritize the inclusion of environmentally friendly vehicles, such as electric or hybrid automobiles and bicycles, which improves their environmental credentials. These services improve access to sustainable mobility options by leveraging digital platforms and innovative technologies, making them more accessible and desirable to environmentally aware consumers.

The convenience provided by shared mobility apps goes beyond simple accessibility; it radically alters how individuals approach urban mobility. Users now summon a ride or unlock a bike with a few clicks on their cellphones, eliminating the need to wait for scheduled buses or trains. This real-time accessibility not only increases convenience but also develops a sense of empowerment and control over one’s travel experience.

Shared mobility applications transform travel planning by giving users rapid access to a wide range of transportation options, from bicycles and scooters for short trips to ride-hailing services for longer journeys. This exceptional freedom allows customers to make spontaneous travel choices, releasing them from the confines of set public transportation schedules. Individuals may easily navigate metropolitan landscapes by tapping into these platforms and personalizing their transit options to their immediate requirements and preferences.

How the Lack of Specialized Infrastructure is Hampering the Growth of the Shared Mobility Market?

In several urban areas, the lack of specialized infrastructure makes it difficult to seamlessly integrate shared mobility choices such as designated scooter parking areas or dedicated bike lanes. This issue not only reduces the efficiency of shared transportation services but also increases congestion and safety concerns for both shared vehicles and traditional traffic.

The lack of specified parking spots for shared scooters and bikes frequently results in haphazard placement, cluttering pavements, and hindering pedestrian paths. This is not only an eyesore, but it also poses a safety danger, especially to vulnerable road users like pedestrians and cyclists. Furthermore, the lack of clearly defined parking zones causes inefficiencies in vehicle distribution, as users may struggle to locate available scooters or bikes when needed, heightening dissatisfaction and disrupting the smooth flow of traffic.

The data-collecting tactics used by shared transportation firms have raised serious privacy concerns among users. These worries originate from the massive quantity of personal information collected by these corporations, which includes location data, travel history, and payment information. Ensuring transparent data usage and adopting strong security measures are critical for establishing and sustaining confidence in these services.

Robust security measures are required to protect user data from unwanted access, breaches, or abuse. This includes encryption techniques, access controls, and periodic security audits to discover and remedy flaws. By putting data security first, shared mobility providers demonstrate their commitment to protecting user privacy and providing a secure digital environment for their clients.

Category-Wise Acumens

How High Availability and Low Infrastructure Cost is Driving the Passenger Car Segment in the Shared Mobility Market?

The passenger car segment holds a substantial market share in the shared mobility market and is expected to continue its growth throughout the forecast period. Passenger cars are widely available, making them a practical transit option ideal for a wide range of journeys, as opposed to specialized ones like scooters. Cars’ ubiquitous presence guarantees that users may quickly access them from a variety of locales, providing a dependable mode of transportation for both short commutes and longer trips. Passenger automobiles’ accessibility fulfills the demand for flexibility and spontaneity in urban travel, allowing people to go on journeys whenever they choose without being constrained by limited availability.

Using conventional cars for shared mobility requires far less infrastructure investment than setting up dedicated docking stations for bikes or scooters. Unlike shared bicycles and scooters, which require specialized parking places and charging stations, shared automobiles use existing parking infrastructure and can be readily parked anywhere within a designated service area. This cost-effective strategy lowers the financial obstacles to launching shared mobility services, making car-sharing a more viable choice for both service providers and users.

Widespread familiarity with driving vehicles contributes to its popularity as a means of shared transportation, providing users with a sense of comfort and predictability as compared to experimenting with other kinds of transportation. Most people have prior experience driving passenger vehicles, which eliminates the learning curve associated with mastering new transportation systems or navigating unfamiliar routes. This familiarity boosts user confidence and encourages the usage of shared mobility services since users can use their existing driving skills to safely and effectively navigate urban surroundings.

Will the Increasing Vehicle Utilization Drive the Growth of the P2P Segment in the Shared Mobility Market?

The P2P segment is substantially growing in the shared mobility market. Peer-to-peer (P2P) sharing allows vehicle owners to earn money from unused vehicles, while renters receive access to low-cost transportation options as needed. This novel strategy maximizes vehicle utilization by linking underutilized cars with people who need temporary mobility, hence minimizing the need for excessive car ownership.

P2P sharing systems capitalize on the untapped potential of privately owned cars by harnessing existing resources and providing shared access to vehicles, transforming them into valuable assets in the shared mobility ecosystem. This collaborative strategy allows owners to cover the costs of vehicle ownership while simultaneously providing renters with a convenient and cost-effective alternative to standard automobile rental services.

As a result, peer-to-peer sharing helps better use transportation resources, boosting sustainability and affordability while reducing the environmental impacts associated with excessive car ownership.

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Country/Region-wise Acumens

Will Asia Pacific Hold Major Share in Shared Mobility Market?

Asia-Pacific is substantially leading in the shared mobility market and is expected to continue its growth throughout the forecast period.

The Asia-Pacific (APAC) region’s huge cities with high population density drive a strong demand for convenient and economical transportation solutions. This demand stems from the constraints given by urban congestion and limited space, pushing citizens to look for efficient alternatives to traditional modes of mobility such as private car ownership. As a result, the APAC area is fertile ground for developing and expanding shared mobility services that cater to the specific needs of densely populated urban environments.

The rising economies of the APAC region have resulted in a rise in disposable incomes among its citizens. People with more financial resources are increasingly interested in exploring alternative modes of mobility outside traditional car ownership. This shift in consumer behavior presents an opportune setting for the growth of shared mobility services that provide flexibility, affordability, and convenience, aligning with the changing desires of a wealthier population.

Many governments in the APAC area acknowledge the importance of promoting sustainable transportation solutions to solve traffic congestion and environmental degradation. As a result, there is a concentrated push to promote and incentivize the use of shared mobility programs as a means of alleviating urban congestion, lowering emissions, and improving overall environmental sustainability. Government policies and initiatives targeted at promoting shared mobility have a considerable impact on its proliferation and adoption in the Asia Pacific area.

How the Technological Breakthroughs in the Region Surge the Growth of the Shared Mobility Market?

North America is the fastest-growing region in the shared mobility market throughout the forecast period.

The shared mobility environment, which includes established firms such as Uber and Lyft, is changing dramatically, with a trend toward electric cars (EVs) and self-driving technology. Recognizing the need to address environmental concerns and embracing technological breakthroughs, industry leaders are increasingly emphasizing the integration of EVs into their fleets and investigating the potential of autonomous vehicles (AVs) to transform the shared mobility experience.

The adoption of electric vehicles is a critical step toward attaining sustainability and lowering carbon emissions in the shared mobility industry. As governments around the world impose stronger restrictions to tackle climate change, shared mobility firms are embracing electric vehicles (EVs) as a cleaner and more ecologically friendly alternative to traditional gasoline-powered vehicles. Companies like Uber and Lyft are not only lowering their carbon footprint, but also appealing to environmentally aware consumers who value eco-friendly transportation options.

Competitive Landscape

The shared mobility market is a dynamic and competitive space with a mix of established players and innovative startups vying for dominance. The competitive landscape constantly evolves as companies form partnerships, acquire rivals, and develop innovative offerings. Success hinges on factors like user experience, pricing strategies, geographic reach, technological advancements, and effective collaboration with cities and public transport authorities.

The organizations focus on innovating their product line to serve the vast population in diverse regions. Some of the prominent players operating in the shared mobility market include:

• Avis Budget Group
• Car2go NA
• LLC
• Beijing Xiaoju Technology Co Ltd
• Uber Technologies
• Grab Lyft Inc
• Creem
• Gett
• Hertz Corporation
• Zipcar Inc
• Mabiag
• Movmi Shared Transportation Services Inc
• Bolt Technology

Latest Developments

• In November 2023, Zipcar announced a partnership with the Philadelphia Housing Authority, this partnership provides shared vehicles to residents of the Philadelphia Housing Society. The Zipcar aims to provide low-income Philadelphia people with access to affordable homes, economic opportunities, and safe, sustainable neighborhoods.
• In October 2023, Zipcar announced the launch of the Signature Back-to-School Campaign for the students with a drive to support the next generation of mission-driven leaders.

Report Scope

Shared Mobility Market, By Category

Type:

• Ride-sharing
• Vehicle Rental
• Ride Sourcing
• Private

Vehicle Type:

• Passengers Cars
• LCVs
• Busses & Coaches
• Micro Mobility

Business Model:

• P2P
• B2P
• B2C

Autonomy Level:

• Manual
• Autonomous
• Semi-Autonomous

Region:

• North America
• Europe
• Asia-Pacific
• South America
• Middle East & Africa

Research Methodology of Market Research

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Reasons to Purchase this Report

• Qualitative and quantitative analysis of the market based on segmentation involving both economic as well as non-economic factors• Provision of market value (USD Billion) data for each segment and sub-segment• Indicates the region and segment that is expected to witness the fastest growth as well as to dominate the market• Analysis by geography highlighting the consumption of the product/service in the region as well as indicating the factors that are affecting the market within each region• Competitive landscape which incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions, and acquisitions in the past five years of companies profiled• Extensive company profiles comprising of company overview, company insights, product benchmarking, and SWOT analysis for the major market players• The current as well as the future market outlook of the industry with respect to recent developments which involve growth opportunities and drivers as well as challenges and restraints of both emerging as well as developed regions• Includes in-depth analysis of the market of various perspectives through Porter’s five forces analysis• Provides insight into the market through Value Chain• Market dynamics scenario, along with growth opportunities of the market in the years to come• 6-month post-sales analyst support

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