The Shared Vehicles Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Shared Vehicles Global Market Report 2024, The shared vehicles market size has grown rapidly in recent years. It will grow from $138.76 billion in 2023 to $160.69 billion in 2024 at a compound annual growth rate (CAGR) of 15.8%. The growth in the historic period can be attributed to urbanization and population density, environmental concerns and sustainability, cost-effective transportation, last-mile connectivity needs, changing consumer behavior.
The shared vehicles market size is expected to see rapid growth in the next few years. It will grow to $281.81 billion in 2028 at a compound annual growth rate (CAGR) of 15.1%. The growth in the forecast period can be attributed to government policies and incentives, technological integration and connectivity, rising awareness of mobility-as-a-service (MaaS), collaborations and partnerships, post-pandemic transportation trends. Major trends in the forecast period include autonomous and self-driving shared vehicles, subscription-based models, focus on safety and sanitization, regulatory support and infrastructure development, last-mile connectivity solutions.
Growing travel and tourism activities are expected to propel the growth of the shared vehicles market going forward. Travel is the movement of people or objects such as airplanes, boats, trains, and other modes of transportation between different geographical areas. Tourism is a social, cultural, and economic phenomenon that involves individuals traveling to nations or locations beyond their typical environment for personal or business/professional reasons. The use of car sharing for transportation and tourism can reduce the number of private vehicles purchased, increase vehicle utilization, significantly reduce traffic congestion, conserve energy, and lower emissions, all of which are factors that are increasing demand for the shared vehicles market. For instance, in January 2022, according to the World Tourism Organization (UNWTO), a Spain-based United Nations organization for tourism, global tourism increased by 4% in 2021 compared to 2020 (415 million versus 400 million). Tourists’ economic contribution in 2021 (measured in tourism direct gross domestic product) was predicted to be US$1.9 trillion, up from US$1.6 trillion in 2020. The average receipt per arrival is expected to be $1,500 in 2021, up from $1,300 in 2020. Therefore, growing travel and tourism activities are driving the growth of the shared vehicles market.
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The shared vehicles market covered in this report is segmented –
1) By Service: Car Rental, Bike Sharing, Car Sharing
2) By Vehicle Type: Passenger Cars, LCVs (Light Commercial Vehicles), Micro Mobility
3) By Propulsion: Electric Vehicles, IC Engine Vehicles
The companies operating in the shared vehicles sector are innovating new technologies to sustain in the market. Technological innovations greatly benefit shared vehicles by enhancing user experience, efficiency, and sustainability. For instance, in November 2022, Honda Motor Company, a Japan-based Automobile company, unveiled CI-powered micro-mobility technologies that utilize Honda CI (Cooperative Intelligence). The technologies include map-less cooperative driving for safe self-driving and user intention understanding for human-like communication. This technology allows the micro-mobility machine to understand and communicate with users, providing a more personalized and intuitive experience. Honda has been developing micro-mobility technologies driven by CI in order to realize the dream of a world in which every individual may experience the happiness and liberation that comes with mobility.
The shared vehicles market report table of contents includes:
1. Executive Summary
2.Shared Vehicles Market Characteristics
3.Shared Vehicles Market Trends And Strategies
4.Shared Vehicles Market analysis
5.Shared Vehicles Market Size And Growth
6.Shared Vehicles Segmentation
7.Shared Vehicles Regional And Country Analysis
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27.Shared Vehicles Competitive Landscape And Company Profiles
28.Shared Vehicles Key Mergers And Acquisitions
29.Shared Vehicles Future Outlook and Potential Analysis
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