Shared Mobility Market Size, Share, Growth, Report 2032

Shared Mobility Market Insights

According to the report published by Zion Market Research, the global Shared Mobility Market size was valued at USD 5.69 Billion in 2023 and is predicted to reach USD 54.90 Billion by the end of 2032. The market is expected to grow with a CAGR of 28.65% during the forecast period. The report analyzes the global Shared Mobility Market's growth drivers, restraints, and impact on demand during the forecast period. It will also help navigate and explore the rising opportunities in the Shared Mobility industry.

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Global Shared Mobility Market: Overview

In recent years, the trend of shared transportation has increased tremendously owing to various factors such as rapid urbanization, increasing environmental issues, limiting resources of energy, and economic concerns. Thus rental car companies and automobile manufacturers have come up with solutions to solve these issues with the help of the internet and technology. Shared mobility is a term used for sharing transportation services with other individuals. This can include car sharing, bike sharing, taxis, cycles, and much more.

Global Shared Mobility Market: Growth Factors

One of the key factors escalating market growth is the growing penetration of smartphones and connected vehicles. The growing traffic on the roads, high fuel costs, and decreasing parking spaces are other factors contributing to the growth of the shared mobility market. Provisions are provided by shared mobility such as canceling or modifying the rides and also these rides are cost-effective compared to other modes of transportation thus increasing their demand in emerging economies. Several governments are taking initiatives to encourage people to use shared mobility to solve issues regarding traffic and greenhouse emissions. In addition, the high cost of vehicle ownership is forcing people to opt for solutions/ transportation modes that are cost-effective. Increasing adoption of rail-hailing services is expected to positively influence the growth of the shared mobility market.

Certain factors limiting the growth of the shared mobility market are reluctance nature of individuals toward sharing their vehicle with strangers and less knowledge about such type of service models. Low network infrastructure and poor internet connectivity also negatively impact the shared mobility market.

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Global Shared Mobility Market: Segmentation

The global shared mobility market is segmented based on vehicle type and service model.

According to the vehicle type, the global market is divided into two-wheelers and cars. In terms of the service model, the shared mobility market is categorized into bike-sharing, car-sharing, and ride-hailing.

Shared Mobility Market: Report Scope

Global Shared Mobility Market: Regional Analysis

Major shared mobility market shares are expected to be held by the Asia Pacific region. It is anticipated that in the coming years also the Asia Pacific will register a good growth rate in the shared mobility market. The market growth is quite visible in this region as the cost of vehicle ownership is increasing along with on-road automobile traffic, especially in countries such as India and China. Furthermore, the urban population in these countries is growing and the transport infrastructure is also developing at a rapid rate thus contributing positively to the market growth. Regions such as the Middle East and Africa also anticipate registering a significant growth rate in the future.

In countries such as UAE and South Africa, demand for shared transportation is increasing owing to the rise in the number of corporate tourists in these countries. The UAE government is shifting its focus and is taking initiatives to bring under control traffic congestion and greenhouse emissions thus supporting the market growth.

Global Shared Mobility Market: Competitive Players

Some of the major players involved in the shared mobility market include;

• Uber
• DiDi Chuxing
• Lyft

The global shared mobility market is segmented as follows;

Global Shared Mobility Market: By Vehicle Type Segment Analysis

• Two-Wheelers
• Cars

Global Shared Mobility Market: By Service Model Segment Analysis

• Bike Sharing
• Car Sharing
• Ride-Hailing

Global Shared Mobility Market: Regional Segment Analysis

• North America
  • The U.S.
• Europe
  • The UK
  • France
  • Germany
• The Asia Pacific
  • China
  • Japan
  • India
• Latin America
  • Brazil
• The Middle East and Africa

What Reports Provide

• Full in-depth analysis of the parent market
• Important changes in market dynamics
• Segmentation details of the market
• Former, ongoing, and projected market analysis in terms of volume and value
• Assessment of niche industry developments
• Market share analysis
• Key strategies of major players
• Emerging segments and regional markets
• Testimonials to companies to fortify their foothold in the market.