The global shared mobility market size is estimated to reach USD 731.54 billion by 2030, registering an estimated CAGR of nearly 15.8% from 2023 to 2030, according to a new report by Grand View Research, Inc. The market refers to the various modes of transportation shared by multiple users rather than privately owned or used. Shared mobility has grown significantly during the forecast period, driven by factors such as increasing urbanization, rising concerns about the environmental impact of personal transportation, and the growing popularity of alternative modes of transportation.
Shared Mobility Market Report Highlights
- The two-wheelers vehicle segment is anticipated to witness the fastest CAGR of over 18% from 2023 to 2030. Two-wheelers have always been a popular mode of transportation due to their low cost and fuel efficiency. Shared mobility companies have recognized this trend and have started to offer shared two-wheeler services, such as bike-sharing and scooter-sharing to cater to the market growth
- The bike-sharing service model segment is expected to register the fastest CAGR from 2023 to 2030. Two-wheeler services are expected to flourish in the coming years as two-wheelers are considered the fastest and fastest way to travel on congested city streets
- Middle East and Africa region is anticipated to register the highest CAGR over the forecast period. The growing demand for shared transportation solutions due to increased corporate travelers in countries such as the UAE and South Africa encourages market growth
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Shared mobility refers to a transportation model in which multiple individuals share access to vehicles or transportation services, rather than owning their own cars or using traditional public transportation. Examples of shared mobility include car-sharing programs, bike-sharing systems, and ride-hailing services. Shared mobility offers a number of potential benefits, including reduced traffic congestion, lower carbon emissions, and increased accessibility for individuals who may not be able to afford their own vehicle. Additionally, shared mobility has the potential to change the way people think about transportation, moving from a model of car ownership to one of access and mobility as a service. However, there are also potential challenges associated with shared mobility, including concerns around safety, equity, and sustainability. As shared mobility continues to evolve and become more widespread, it will be important to carefully consider these issues and work to address them in order to realize the full potential of this transportation model.
Latest Trends
The shared mobility market was experiencing a number of developments. One key trend was the growth of electric vehicles (EVs) in shared mobility services, as operators looked to reduce carbon emissions and improve the sustainability of their offerings. In addition, the COVID-19 pandemic was driving changes in shared mobility, as concerns about virus transmission led to increased demand for individual modes of transportation, such as bike-sharing and scooter-sharing. The pandemic also accelerated the adoption of digital technologies in shared mobility, with many operators implementing contactless payment and booking systems. Furthermore, there was a growing emphasis on data-driven insights and analytics in shared mobility, as operators sought to optimize their services and better understand user needs. Overall, the shared mobility market was expected to continue to evolve and grow, driven by changing consumer preferences and transportation needs.
Increasing urbanization has a significant impact on the market as more people move to cities and urban areas, there is a growing need for transportation solutions that are efficient, affordable, and sustainable. Shared mobility services have emerged as a popular solution to meet the need by providing users access to vehicles and transportation options they can share with others. These services make it easier and more affordable for people to get around in urban areas without relying on personal car ownership. In addition, these services are often more environmentally friendly than traditional modes of transportation since they can help reduce congestion, air pollution, and carbon emissions.
The widespread adoption of the internet had a significant impact on the market, it has made it possible for companies to develop and deploy sophisticated platforms and mobile applications that enable users to access shared mobility services more quickly and efficiently. Internet adoption has allowed companies to offer a range of features that enhance the user experience, such as real-time vehicle tracking, payment processing, and user reviews and ratings. These features help users to feel more comfortable and confident using shared mobility services and can help to build trust and loyalty with customers. Furthermore, internet adoption has made it easier for companies to collect and analyze data about how their services are being used. This data can identify trade and patterns in user behavior and inform the development of new services and features that better meet users’ needs.
Shared Mobility Market Insights By Region
Asia Pacific is gaining market traction. The region is home to some of the world’s largest and fastest-growing cities, and as a result, there is a growing demand for convenient and sustainable transportation options. The rapid growth of ride-hailing services in the region due to the presence of companies, as they offer a convenient and affordable alternative to traditional taxis. Furthermore, many of these companies have expanded their services to include other forms of transportation, such as bike sharing and car sharing. Middle East and Africa is the highest growing market. The region is experiencing rapid urbanization and a growing population, contributing to the demand for more sustainable and efficient modes of transportation. Several companies have emerged in the Latin American market, offering services such as car sharing, ride-hailing, bike sharing, and scooter sharing. In addition to traditional services, there has also been a growing interest in electric mobility solutions in the region. This has led to new services such as electric bike-sharing programs and electric scooter-sharing services. There need to be more infrastructure and regulatory frameworks to support these services. However, some cities have begun to develop regulations and infrastructure to encourage the growth of shared mobility services.
Competitive Analysis By Major Companies
Key players in the global market are focusing on mergers, acquisitions, partnerships, and research & development to be able to separate their portfolio from competitors in order to stand out with their market presence and attract new users. Implementing emerging technologies like contactless payment and autonomous driving readiness drives the market towards technological process advancements. Some of the key players in the global shared mobility market include:
- Car2Go
- Deutsche Bahn Connect GmbH
- DiDi Chuxing
- Drive Now (BMW)
- EVCARD
- Flinkster
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Grand View Research has segmented the global shared mobility market based on service model, vehicle, and region.
Research Methodology
We employ a comprehensive and iterative research methodology focused on minimizing deviance in order to provide the most accurate estimates and forecasts possible. We utilize a combination of bottom-up and top-down approaches for segmenting and estimating quantitative aspects of the market. Data is continuously filtered to ensure that only validated and authenticated sources are considered. In addition, data is also mined from a host of reports in our repository, as well as a number of reputed paid databases. Our market estimates and forecasts are derived through simulation models. A unique model is created and customized for each study. Gathered information for market dynamics, technology landscape, application development, and pricing trends are fed into the model and analyzed simultaneously.
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About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S. based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
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