Global Shared Mobility Market to Grow with a CAGR of 14.7% through 2028
Urbanization and Congestion Relief, changing consumer
preferences and regulatory support and policy initiatives is driving the Global
Shared Mobility Market in the forecast period 2024-2028.
According to TechSci Research report, “Shared
Mobility Market – Global Industry Size, Share, Trends, Competition
Forecast & Opportunities, 2028”, the Global Shared Mobility Market
stood at USD 163 billion in 2022 and is anticipated to grow with a CAGR of 14.7%
in the forecast period, 2024-2028.
The global shared mobility market is experiencing
significant growth, revolutionizing the way people access transportation
services. This market encompasses a variety of mobility solutions, including
ride sharing, car sharing, bike sharing, and scooter sharing, all aimed at
reducing the need for private car ownership, especially in urban areas.
Key drivers of this market include rapid urbanization,
changing consumer preferences, technological advancements, environmental
concerns, and regulatory support. Urbanization has led to increased traffic
congestion and environmental challenges, making shared mobility an attractive
alternative. Consumers, particularly younger generations, prefer on-demand,
app-based mobility services, aligning with the sharing economy's ethos of
access over ownership.
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The global shared mobility market is undergoing a
significant transformation, reshaping how people access transportation
services. This market, characterized by the sharing of vehicles and rides, has
witnessed substantial growth in recent years due to a combination of
urbanization, changing consumer preferences, technological advancements,
environmental concerns, and regulatory support.
Shared mobility encompasses a wide range of services,
including ridesharing, car sharing, bike sharing, scooter sharing, and even
emerging forms of shared autonomous mobility. These services provide users with
more flexible and cost-effective alternatives to traditional car ownership,
reducing the need for private vehicle ownership in urban areas.
The rapid urbanization of the world's population has
driven the growth of shared mobility services. As more people move to cities,
traffic congestion, air pollution, and parking challenges become increasingly
problematic. Shared mobility offers a solution by providing convenient
transportation options that reduce the number of private vehicles on the road.
This trend is particularly evident in densely populated urban centers, where
residents are seeking alternatives to car ownership.
Changing consumer preferences have played a pivotal
role in the evolution of the shared mobility market. Millennials and Generation
Z, in particular, are showing a decreasing interest in car ownership. Instead,
they prefer on-demand services that align with their digital lifestyles. The
convenience of booking a ride or accessing a vehicle through a smartphone app
has made shared mobility an appealing choice for these demographics.
Additionally, the sharing economy ethos of "access over ownership"
resonates with many consumers, further driving the adoption of shared mobility
services.
Technological advancements have been a key enabler of
the shared mobility market's growth. Mobile apps, GPS tracking, and
connectivity have made it easier for users to find, book, and pay for shared
mobility services. Real-time data and algorithms optimize vehicle allocation
and routing, ensuring efficient operations for service providers. Moreover, the
integration of payment systems within apps simplifies transactions, enhancing
user convenience. In the context of emerging technologies like electric and autonomous
vehicles, shared mobility services are also exploring how to incorporate these
innovations into their fleets.
Regulatory support and partnerships have been
instrumental in the growth of the shared mobility market. Governments and local
authorities recognize the potential benefits of shared mobility in reducing
traffic congestion and promoting efficient land use. Consequently, they are
increasingly crafting policies and regulations that support the development of
shared mobility services. Some cities have implemented dedicated lanes or
parking spots for rideshare and carshare vehicles, further incentivizing their
use. Partnerships between shared mobility providers and public transit agencies
are also becoming more common, creating seamless, multi-modal transportation
networks that benefit users.
The shared mobility market is a global phenomenon,
with growth occurring in various regions worldwide. North America, Europe, and
Asia-Pacific are among the key markets, each with its unique characteristics
and players. In North America, ridesharing platforms like Uber and Lyft have
gained widespread popularity, while car sharing services such as Zipcar have
established a strong presence in urban areas. In Europe, cities like London and
Paris have embraced shared mobility solutions, including bike sharing and
scooter sharing. Meanwhile, Asian markets, notably China, have seen explosive
growth in ridesharing and bike sharing, driven by a large population and the
adoption of mobile technology.
Despite its remarkable growth, the shared mobility
market faces certain challenges and considerations. Infrastructure limitations,
particularly in developing regions, can hinder the expansion of shared mobility
services. Inadequate public transportation systems and lack of dedicated lanes
for shared mobility vehicles can deter users from adopting these services.
Additionally, the market is highly competitive, with numerous startups vying
for market share. Sustaining profitability while offering competitive pricing
remains a challenge for many shared mobility providers.
Furthermore, issues related to safety, driver and
rider compensation, and labor rights have garnered attention in the shared
mobility sector. Ensuring the safety of passengers and drivers, addressing
concerns about driver earnings, and navigating the regulatory landscape are
ongoing challenges for shared mobility companies. Balancing the need for
affordability and accessibility with fair compensation for drivers is a complex
issue that requires continuous consideration.
Major companies operating in
Global Shared Mobility Market are:
- Uber Technologies Inc.
- ANI Technologies Pvt. Ltd.
- Lyft, Inc.
- Careem
- Bolt Technology OÜ
- Gett
- Enterprise Holdings Inc.
- Europcar
- Curb Mobility
- BlaBlaCar
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“The global
shared mobility market is experiencing a profound transformation, driven by
changing urban dynamics, evolving consumer preferences, technological
advancements, and sustainability goals. Shared mobility services, including
ridesharing, car sharing, bike sharing, and scooter sharing, are reshaping
urban transportation by providing cost-effective, convenient, and eco-friendly
alternatives to private vehicle ownership. The adoption of electric and hybrid
vehicles is reducing carbon emissions, aligning with environmental objectives.
Multi-modal integration, micro-mobility solutions, shared autonomous mobility,
subscription-based models, data-driven insights, and evolving business
strategies are driving innovation and enhancing user experiences. The shared
mobility market continues to evolve rapidly, offering flexible, comprehensive,
and sustainable transportation options that address the challenges of
urbanization and contribute to more efficient and eco-conscious urban mobility
ecosystems,” said Mr. Karan Chechi, Research Director with TechSci Research, a
research-based management consulting firm.
“Shared Mobility Market – Global Industry Size,
Share, Trends, Opportunity, and Forecast, 2018-2028, Segmented By Vehicle Type
(Two wheeler, Passenger Car), By Propulsion Type (ICE, Electric), By Mobility
Type (Ride Sharing, Vehicle Leasing, Private), By Region, By Competition.”,
has evaluated the future growth potential of Global Shared Mobility Market and
provides statistics & information on market size, structure, and future
market growth. The report intends to provide cutting-edge market intelligence
and help decision makers take sound investment decisions. Besides, the report
also identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in Global Shared Mobility Market.
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