The global shared mobility market size is expected to reach USD 188.43 billion by 2030 according to a new study by Polaris Market Research. The report “Shared Mobility Market Share, Size, Trends, Industry Analysis Report, By Type (Ride-sharing, Vehicle Rental/Leasing, Ride Sourcing, Private), By Vehicle Type (Passenger Cars, LCVs, Busses & Coaches, Micro Mobility), By Business Model; By Region; Segment Forecast, 2022 - 2030” gives a detailed insight into current market dynamics and provides analysis on future market growth.
The growing proliferation of smartphones and increasing demand for connected vehicles are the chief driving factor for the industry growth. In addition, unavailability of the parking spaces, especially in developed nations, tied with the growing prices of fuel and increasing on-road vehicle traffic is also attributed to the industry demand. Furthermore, the development of the automobile industry and integrated ecosystem across the transport sector and the introduction of several government initiatives to promote the growth of shared mobility are also creating lucrative opportunities for industry demand in forthcoming years.
Based on the type, the ride-sharing segment is dominating the global industry with the highest revenue shares owing to the emergence of technologically advanced autonomous ride-sharing and changing customer preferences. Whereas the vehicle rental/leasing segment shows the most elevated CAGR rate that leads to industry demand. Factors such as rising vehicle ownership prices and the increasing fuel & maintenance cost are bolstering the segment demand. Moreover, escalating international tourism activities further leads the segment growth over the forecast period.
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The growing investment by the regulatory bodies for strengthening shared mobility systems is the major driving factor for the market growth. The increasing population-level leads to increasing concern as it may negatively impact the environment and human health. Consequentially, governments persuade the population to hold back themselves from using automotive as much as they can. Furthermore, customers renting personal drivers for their vehicles because of their cost-effectiveness tend to travel through shared transportation. Therefore, the rising trend of sharing rides with families and friends instead of personal rides is surging the demand for shared mobility across the globe.
Market participants such as Aptiv, ANI Technologies Pvt. Ltd., Avis Budget Group, Bolt Technology OÜ, car2go NA, Beijing Xiaoju Technology Co, Ltd., Careem, Enterprise Holdings Inc., Grab, Gett, HERTZ SYSTEM, INC., Lyft, Inc., MOBIKO, Mobiag, movmi Shared Transportation Services Inc., Uber Technologies Inc., The Hertz Corporation, limited liability Company (LLC), and Zipcar Inc. are some of the key players operating in the global market.
The frequent tactical movements such as mergers & acquisitions, product developments & launches, and others by the prominent market players support global market development. For instance, in September 2021, Transdev partnered to boost the company’s services with the introduction of the “Transit On-Demand booking platform.”
Polaris Market Research has segmented the shared mobility market report on the basis of type, vehicle type, business model, and region:
Shared Mobility, Type Outlook (Revenue - USD Billion, 2018 - 2030)
Shared Mobility, Vehicle Type Outlook (Revenue - USD Billion, 2018 - 2030)
Shared Mobility, Business Model Outlook (Revenue - USD Billion, 2018 - 2030)
Shared Mobility, Regional Outlook (Revenue - USD Billion, 2018 - 2030)