Shared transport or shared mobility refers to a transportation system and resources that are shared among users, either concurrently or one after another. This includes public transit, micro-mobility, automobile-based modes, and commuter-based modes, or ridesharing. The shared mobility is used to share transportation services with other commuters.
Sizing and Forecast
The shared mobility market size has grown rapidly in recent years. It will grow from $298.61 billion in 2023 to $334.61 billion in 2024 at a compound annual growth rate (CAGR) of 12.1%. The growth in the historic period can be attributed to increased sales of hybrid electric vehicles (hevs), a surge in urbanization, increased occurrences of vehicle theft, and a lack of parking spaces.
The shared mobility market size is expected to see rapid growth in the next few years. It will grow to $535.2 billion in 2028 at a compound annual growth rate (CAGR) of 12.5%. The growth in the forecast period can be attributed to the strict environmental regulations and emission requirements, a rise in demand for ride hailing and ride sharing services, and an increase in fuel prices. Major trends in the forecast period include focus on innovative vehicle fleet-sharing platforms, the adoption of autonomous vehicle technology, technology advancements, upgrading of mobility sharing apps, and strategic partnerships and collaborations.
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Segmentation & Regional Insights
The shared mobility market covered in this report is segmented –
1) By Service: Ride Hailing, Bike Sharing, Ride Sharing, Car Sharing, Other Services
2) By Mobility Vehicle: Cars, Two-wheelers, Others Mobility Vehicles
3) By Business Model: P2P, B2B, B2C
Asia-Pacific was the largest region in the shared mobility market in 2022. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the shared mobility market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
An increase in fuel prices is expected to drive the growth of the shared mobility market in the forecast period. The prices of fuel are rising frequently, which presents a business opportunity for shared mobility companies due to the rising demand for vehicle fuel and supply chain problems brought on by Russia’s invasion of Ukraine. For instance, according to the Bureau of Transportation Statistics, part of the United States Department of Transportation, from January to June 2022, in the USA, the price of regular motor gasoline rose 49% and the price of diesel fuel rose slightly more at 55%. Also in Singapore, on average, the first five-month petrol prices in 2022 till May rose by 49.95% over the same period last year. Therefore, the rise in fuel prices drives the growth of the shared mobility market in the forecast period.
Key Industry Players
Major companies operating in the shared mobility market report are Didi Chuxing Technology Co, Uber Technologies Inc., Avis Budget Group, Lyft Inc., The Hertz Corporation, Grab Taxi Holdings Pvt. Ltd., Deutsche Bahn Connect GmbH, BlaBlaCar, Gett Inc, ANI Technologies Private Limited, Cao Cao Mobility, Grab, Gojek, Ofo, Yulu, Zoomcar, Sixt Share, Flinkster, Bolt, Miles, Beryl, Serco, Dott, Tier, Voi, Ginger, Neuron, Hourbike, Veturilo, MOL BuBi, Uklon, CityBee, Skok, Nextbike, Citymapper, Keolis, LimeBike, Mobike, Motivate, Ola, Scoot Networks, Transit, Via, Zipcar, Micromobility Inductries, Lalamobility, Awto, Alstom, Contxto, Bogotá, AlgoLion, Anagog, Arbe, DiDi Chuxing, Drive now, Ekar, ZayRide, Bole Meter Taxi, Yookoo Ride, Shuttlers, Careem
The shared mobility market report table of contents includes:
1. Executive Summary
2. Market Characteristics
3. Market Trends And Strategies
4. Impact Of COVID-19
5. Market Size And Growth
6. Segmentation
7. Regional And Country Analysis
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27. Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
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