Shared Mobility Market (By Type: Ride-sharing, Vehicle Rental/Leasing, Ride Sourcing, Private; By Vehicle Type: Passenger Cars, LCVs, Busses & Coaches, Micro Mobility; By Business Model: P2P, B2B, B2C) - Global Industry Analysis, Size, Share, Growth, Trends, Regional Outlook, and Forecast 2022 - 2030

The global shared mobility market was estimated at USD 454.70 billion in 2021 and is expected to reach over USD 945.90 billion by 2030, expanding growth at a CAGR of 8.9% from 2022 to 2030.

Key Takeaways:

• The market is being driven by shared mobility convenience. Growing usage of shared mobility in the peer-to-peer car sharing segment will propel the overall market during the forecast period

• The bike sharing segment is expected to witness the highest CAGR of 20.5% during the forecast period. This is attributed to an increase in the number of bike sharing schemes, particularly in developed countries around the world

• In Asia Pacific, the market accounted for the largest revenue share of 24.9% in 2021

• In Middle East and Africa, the market is expected to witness a significant CAGR of 18.6% during the forecast period, owing to the advancements in technology

Growth Factors:

Shared mobility is an emerging market wherein transportation resources and services are shared concurrently or one after the other among its users. Apart from being cost-effective and environmentally friendly, shared mobility is also convenient. Because of this, shared mobility will only partially be able to replace car ownership. There has been observed a rise in customer demand for self-driving taxis and shuttles in comparatively lower density locations.

New modes and services have emerged like peer-to-peer car sharing, pooled ride-sharing, shared electric scooters, etc. This emergence has been attributed to their potential integration, automated processes, personalized travel on demand, and environment-friendly nature. The growth in penetration of connected cars and smartphones is one of the key factors driving the market for shared mobility. The increase in the cost of road vehicles and the cost of fuel, combined with a reduction in parking, especially in developed countries around the world, is estimated to boost the market growth in the coming years.

Additionally, shared mobility solutions are less expensive compared to other modes of transportation and eliminate limited parking problems. Various governments worldwide are launching programs to promote the growth of these solutions to reduce congestion. This has a significant impact on commuters' lifestyles and the market as a whole, such as increased accessibility, improved transportation, reduced driving, and decreased personal car ownership. Environmental, social, and transportation system benefits are frequently realized through shared mobility schemes. Multiple ways in which commuters commute are public transit which is through shared public transport, Micro mobility (bike-sharing or scooter sharing), Automobile-based mode (via car sharing, rides, micro-transit, and Ride on-demand), Commute-based modes or ridesharing (car or vanpooling).

Other reasons that support the growth of the market for shared mobility would be lack of parking space, growing traffic congestion on the road, high cost of owning personal vehicles, and mainly high fuel prices. With rising growth in private sector employment, the market is expected to grow further since many private-sector employees would want to commute through shared mobility services. COVID-19 has had a negative impact on expanding the market for shared mobility due to changes in mobility patterns of people worldwide. Mobility of people during the pandemic decreased significantly, also diminishing the number of visits to workplaces which was one of the main reasons and drivers of the market.

The pandemic has also led to a shift in priorities regarding Commute. Pre-COVID, the emphasis of commuters would be the cost of service, convenience, and other variables like time taken and mode of transport. Now, commuters look for safe, sanitized, and lower risk of infection modes of transportation. Hence, considering health as a priority is likely to decrease the use of sharing and public transport. Moreover, due to the loss of demand in the market, car-sharing services were either reduced or suspended during the global pandemic.

The leading market players are always focused on working with car manufacturers to improve their portfolio of electric car-sharing services in Asian countries. Adopting such strategies will likely work for the market during the forecast period. The market for shared mobility is expected to witness many opportunities during new product development. The introduction of advanced/uninterrupted technology and the rise in investors in the market are essential strategies that most industry players are expected to expand their customer base in the next few years.

Report Scope of the Shared Vehicles Market

Type Insights

Based on the type, the shared mobility market is divided into ride-sharing, vehicle rental/leasing, ride sourcing and private. The vehicle rental/leasing type segment is expected to witness the highest growth accounting for more than 41% of revenue share in 2021 and also it is anticipated to grow at a decent pace during the forecast period owing to increase in population specially in the developing countries.

Furthermore, ride-sharing type segment is also growing significantly during the forecast period owing to the desire of customers opting for more cost-effective and elegant modes of transportation over personal driving preferences. All these factors are estimated to drive the growth of the market. For instance, On 30th September 2021, Europe's leading free-floating car sharing provider SHARE NOW announced that it will use artificial intelligence in overcoming traffic in cities. With the introducing of AI in the car sharing services, Share Now will efficiently manage and control its vehicle fleet.

The bike sharing service model segment is predicted to witness a CAGR of 20.3% from 2022 to 2030.

Vehicle Type Insights

Based on the Vehicle Type, the shared mobility market is divided into Passenger Cars, LCVs, Busses & Coaches and Micro Mobility. The passenger cars in this segment is forecasted to contribute the largest revenues share of more than 51% in 2021 and is estimated to grow remarkably over the forecast period. It is because of the lucrative features provided in the passenger cars and the driving experience it provides. Also, launch of new services by ride-hailing providers is expected to boost the market growth. For instance, On 6th August 2021, Rapido India's largest bike taxi platform announced their expansion of its auto service to Bengaluru, taking the service to a total of 26 cities in India. These services aim to give them access to safer and more affordable commute options and provide other avenues of earning for the auto drivers.

Business Model Insights

Based on the End-user, the Shared Mobility Market is divided into P2P, B2B and B2C. The P2P business model segment is expected to witness a significant revenue share during the forecast period amounting for more than 55% of the global share. It is also anticipated to grow significantly during the forecast period. It is due to the surge in use of automobiles for rental and leasing services.

Regional Insights

Asia Pacific dominated the market for shared mobility and accounted for the largest revenue share of 53.8% in 2021 and is anticipated to witness significant growth over the forecast period. This is mainly due to extensive technology adoption and the rapid expansion of smart homes in the region. Traffic and car ownership costs constantly rise in countries like China and India. Developing countries such as India, where urban populations are growing and transportation infrastructure is being developed, show high growth potential for these services. This, in turn, has resulted in a supportive regulatory environment for their adoption.

In the Middle East and Africa, the market for shared mobility is predicted to witness a CAGR of 18.6% from 2022 to 2030. The growing demand for shared transportation solutions due to the increase in corporate travelers in various countries such as the U.A.E. and South Africa encourages market growth. The government is creating alternative ways to reduce congestion and emissions of Greenhouse Gases (GHG) and is likely to boost the regional market during the forecast period. Several players in the region are constantly developing new features for shared mobility. In addition, lots of new start-up companies are testing and starting new shared mobility applications to enter the booming market.

Some of the prominent players in the Shared Vehicles Market include: 

Avis Budget Group, ANI Technologies Pvt. Ltd. (OLA), car2go NA LLC, Beijing Xiaoju Technology Co, Ltd., The Hertz Corporation, WingzInc., Uber Technologies Inc., Curb Mobility, GrabHoldings Inc., Lyft Inc., Careem Inc., Curb Mobility, Cabify, Europcar Mobility Group, The Hertz Corporation, BayerischeMotoren Werke AG (BMW), Daimler AG, Transdev, General Motors Company, Ford Motor Company, Robert Bosch GmbH, Hyundai Motor Company, Enterprise Holdings Inc., Meru Cabs, Jugnoo, Zoomcar, Revv car, MylesGett Inc., BayerischeMotoren Werke AG (BMW),The Hertz Corporation and Zipcar Inc

Segments Covered in the Report

This research report offers market revenue, sales volume, production assessment and prognoses by classifying it on the basis of various aspects. Further, this research study investigates market size, production, consumption and its development trends at global, regional, and country level for the period of 2017 to 2030 and covers subsequent region in its scope:

Segments Covered in the Report

By Type

• Ride-sharing
• Vehicle Rental/Leasing
• Ride Sourcing
• Private

By Vehicle Type

• Passenger Cars
• LCVs
• Busses & Coaches
• Micro Mobility

By Business Model

• P2P
• B2B
• B2C

By Vehicle Propulsion

• IC Engine Vehicles
  • Gasoline / Petrol
  • Diesel
• Electric Vehicles
  • Battery Electric Vehicles (BEV)
  • Plug-in Hybrid Electric Vehicles (PHEV)

By Sales Channel

• Offline
• Online

By Sector Type

• Unorganized
• Organized

By Geography

North America

• U.S.
• Canada

Europe

• Germany
• France
• United Kingdom
• Rest of Europe

Asia Pacific

• China
• Japan
• India
• Southeast Asia
• Rest of Asia Pacific

Latin America

• Brazil
• Rest of Latin America

Middle East & Africa (MEA)

• GCC
• North Africa
• South Africa
• Rest of Middle East & Africa

Key Points Covered in Shared Vehicles Market Study:

• Growth of Shared Vehicles in 2022
• Market Estimates and Forecasts (2017-2030)
•  Brand Share and Market Share Analysis
•  Key Drivers and Restraints Shaping Market Growth
•  Segment-wise, Country-wise, and Region-wise Analysis
•  Competition Mapping and Benchmarking
•  Recommendation on Key Winning Strategies
•  COVID-19 Impact on Demand for Shared Vehicles and How to Navigate
•  Key Product Innovations and Regulatory Climate
•  Shared Vehicles Consumption Analysis
•  Shared Vehicles Production Analysis
•  Shared Vehicles and Management