The Global Shared Mobility Market is referred to the mobility solutions that are availed for shared use on an as-needed basis. This includes options such as ride-hailing, car-sharing, bike-sharing, scooter sharing, and others. Shared mobility solutions provide an efficient and cost-effective transportation alternative as compared to private vehicle ownership. With rising traffic congestion and air pollution levels, there has been a growing emphasis on greener transportation solutions. Shared mobility options help reduce emissions and reliance on personal vehicles. The accessibility and affordability of services such as Uber, Ola, Lyft, and others have boosted their adoption worldwide.
The Global Shared Mobility Market is estimated to be valued at US$ 732.20 Bn in 2024 and is expected to exhibit a CAGR of 12% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the Global Shared Mobility Market are Uber Technologies Inc., Lyft Inc., Didi Chuxing Technology Co., Grab Holdings Limited, Ola , BlaBlaCar, Lime, Bird Rides, Inc., TIER Mobility, Mobike , Spin , JUMP Bikes , Yulu, Zipcar , Citymapper, Blu-Smart Mobility Pvt. Ltd., Bolt Technology, Autocrypt Co., Ltd., Cabify Espaa S.L.U., EasyMile SAS, Meru Mobility Tech Pvt. Ltd., Zoomcar India Private Limited, Getaround, Inc., Free2move, Lyft, Inc., and Yandex LLC. The global shared mobility market players are undertaking strategic initiatives such as partnerships, offerings of multiple mobility services, and expanding to new geographies to gain market share.
The key opportunities in the Global Shared Mobility Market Growth include the development of autonomous and electric shared vehicles. Advancing technologies are paving the way for self-driving and electric shared vehicles which can address issues of safety, emission, and traffic congestion to a large extent. There is growing investments in mobility startups focused on new mobility services and transportation technologies.
The global shared mobility market is also witnessing rapid expansion driven by increasing adoption in major economies across North America, Europe, Asia Pacific, Middle East & Africa and Latin America. Growing urbanization, rising disposable income, and availability of attractive financing options are fueling the demand for shared mobility in developing regions.
Market drivers
The major market driver for the Global Shared Mobility Market is the increasing need for affordable and efficient transportation alternatives amid rising transportation costs and traffic congestion levels. Shared mobility services provide an effective solution for last-mile connectivity and potential replacement of privately-owned vehicles. With their carbon emission reduction benefits, shared mobility options are gaining traction as a sustainable transportation option. Moreover, the convenience of on-demand apps, flexible payment methods and expanding service coverage are boosting the demand for shared mobility services globally.
PEST Analysis
Political: Shared mobility services are impacted by regulations around vehicle ownership, insurance, licensing and taxes. Favorable regulations can help the market grow while restrictive regulations can hamper it.
Economic: Changes in economic conditions influence people’s disposable incomes and spending power which in turn dictates their demand for shared mobility services. A strong economy leads to rising incomes and more demand.
Social: Younger generations are adopting shared mobility services in large numbers due to their preference for flexibility and access over ownership. This social trend is a major driver of market growth.
Technological: Advancements in connectivity, electric vehicles, autonomous vehicles and sharing platforms are revolutionizing shared mobility. Technologies like AI, blockchain and big data are enabling new offerings and business models to emerge.
Asia Pacific is a major geographical region where the shared mobility market is highly concentrated in terms of value. Countries like China and India have seen explosive growth due to large populations, rapid urbanization, favorable policies and strong investments in shared mobility infrastructure and services.
The Middle East and Africa region is expected to be the fastest growing market for shared mobility during the forecast period. This is due to rising income levels, urbanization, increased smartphone and internet penetration along with investments by regional shared mobility providers to tap into the region’s high growth potential. Countries like Saudi Arabia, UAE and South Africa are spearheading the adoption of shared mobility services in the region.
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1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it