Passenger Cars Shared Mobility Market to Grow with a CAGR of 10.7% through 2028
Environmental Awareness and Sustainability, Cost
Savings and Affordability, Technological Advancements and Connectivity and
Changing Mobility Preferences and Behavior is driving the Global Passenger Cars
Shared Mobility Market in the forecast period 2024-2028.
According to TechSci Research report, “Passenger
Cars Shared Mobility Market – Global Industry Size, Share,
Trends, Competition Forecast & Opportunities, 2028”, the Global Passenger
Cars Shared Mobility Market stood at USD 93 billion in 2022 and is anticipated
to grow with a CAGR of 10.7% in the forecast period, 2024-2028.
The passenger car shared mobility market represents a
dynamic and evolving sector within the broader transportation landscape. This
market is characterized by the concept of sharing vehicles, where individuals
can access cars on a short-term basis, typically through smartphone
applications, without the burdens of ownership. It has gained significant
traction in urban areas worldwide, driven by factors such as urbanization,
sustainability concerns, technological advancements, and changing consumer
preferences. Shared mobility services offer users a cost-effective and convenient
alternative to owning a private car, particularly in densely populated urban
centers. They align with the growing emphasis on sustainability and
environmental responsibility, with many operators incorporating electric
vehicles into their fleets to reduce emissions and contribute to cleaner air in
cities.
Browse over XX market data Figures spread
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Cars Shared Mobility Market.”
The passenger car shared mobility market is at the
forefront of a transformative shift in urban transportation. This market
revolves around the concept of shared mobility, where individuals gain access
to vehicles on a temporary basis, typically through user-friendly mobile
applications, eliminating the need for private car ownership. It represents a
compelling response to the evolving needs and challenges of urban residents and
commuters, underpinned by several key drivers and trends that are reshaping the
way we think about mobility. At the heart of the passenger car shared mobility
market lies the recognition of the profound impact of urbanization on
transportation needs. As more people around the world move to cities, these
urban environments face mounting challenges such as traffic congestion, limited
parking, and increased pollution. Shared mobility services provide a viable
solution to these problems, offering users the convenience of on-demand access
to vehicles without the burdens of ownership. This trend is further fueled by
changing consumer preferences, especially among younger generations who
prioritize experiences over ownership and value convenience and
cost-effectiveness.
A driving force behind the growth of shared mobility
is the commitment to sustainability and environmental responsibility. With an
increasing emphasis on reducing carbon footprints and curbing emissions, shared
mobility operators are incorporating electric vehicles (EVs) into their fleets.
Electric cars offer not only environmental benefits but also lower operating
costs, contributing to more sustainable transportation options in urban areas.
This alignment with sustainability goals and the reduction of greenhouse gas
emissions makes shared electric vehicles an attractive and eco-conscious choice
for users. Technological advancements are a hallmark of the passenger car
shared mobility market. The proliferation of smartphones and the development of
user-friendly mobile applications have made accessing shared vehicles
incredibly convenient. These apps enable users to locate, book, and unlock vehicles
with ease, along with features like real-time tracking, digital payment
options, and integrated navigation systems. Furthermore, telematics and the
Internet of Things (IoT) technology have empowered operators with valuable data
on vehicle usage, maintenance needs, and user behavior, optimizing fleet
management and service quality.
The integration of Mobility as a Service (MaaS) is
another pivotal trend that is revolutionizing the user experience within the
shared mobility market. MaaS platforms aim to consolidate various
transportation options, including shared mobility services, public transit,
ridesharing, and more, into a single, user-friendly application. This seamless
integration offers users a comprehensive, door-to-door transportation solution and
simplifies the travel planning process. Additionally, it enables operators to
gain insights into user preferences and travel patterns, optimizing their
services to meet specific user needs.
Autonomous vehicles (AVs) represent a transformative
trend poised to reshape the passenger car shared mobility landscape. AVs have
the potential to eliminate the need for human drivers, offering users mobility
on demand 24/7. While fully autonomous vehicles are still in development, pilot
programs and partnerships between shared mobility operators and AV technology
companies are emerging. These initiatives provide a glimpse into the future of
transportation, where users can summon a shared autonomous vehicle through a
mobile app for on-demand transportation. Data-driven insights and
personalization are integral components of the passenger car shared mobility
market. Operators are leveraging data analytics to gain a deeper understanding
of user behavior, preferences, and travel patterns. This data-driven approach
allows operators to optimize fleet distribution, pricing models, and vehicle
availability. Moreover, personalization enhances the user experience, with
operators offering customized recommendations, route planning, and incentives
to encourage user loyalty. As data privacy and security concerns are addressed,
the use of data-driven insights and personalization will continue to shape the
growth and sustainability of the passenger car shared mobility market.
Collaborative initiatives and public-private
partnerships are fostering the integration of passenger car shared mobility
services into urban transportation ecosystems. Governments, municipalities, and
transportation authorities recognize the value of shared mobility in addressing
urban mobility challenges and actively seek partnerships with operators. Shared
mobility operators are collaborating with public transit agencies to provide
first- and last-mile solutions, enhancing connectivity between shared mobility
services and traditional public transportation networks. Public agencies are
often offering incentives, such as reduced transit fares or integrated
ticketing, to encourage the use of shared mobility options in conjunction with
public transit. These collaborations not only promote the growth of shared
mobility but also address issues related to congestion, pollution, and
transportation equity.
Major companies operating in Global Passenger
Cars Shared Mobility Market are:
- Uber Technologies
Inc.
- ANI Technologies
Pvt. Ltd.
- Lyft, Inc.
- Careem
- Bolt Technology OÜ
- Gett
- Enterprise Holdings
Inc.
- Europcar
- Curb Mobility
- BlaBla Car
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“The passenger
car shared mobility market is revolutionizing urban transportation, offering a
flexible and sustainable alternative to traditional car ownership. In this
rapidly evolving landscape, individuals can access vehicles on a pay-as-you-go
basis through user-friendly mobile apps, reducing the need for private car
ownership. This shift towards shared mobility is driven by factors such as
increasing urbanization, environmental consciousness, and technological
advancements. Shared mobility services, including ridesharing and car-sharing,
not only alleviate traffic congestion and reduce emissions but also provide
cost-effective solutions for users. As cities continue to grow and face
mobility challenges, the passenger car shared mobility market is poised to play
a pivotal role in creating more efficient, accessible, and eco-friendly
transportation systems, transforming the way people move within urban
environments.,” said Mr. Karan Chechi, Research Director with TechSci Research,
a research-based management consulting firm.
“Passenger Cars Shared Mobility Market – Global
Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028, Segmented
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 Passenger Cars 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 Passenger Cars Shared Mobility Market.
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