Market Analysis and Insights:
The market for Global Shared Mobility was estimated to be worth USD 96.11 billion in 2021, and from 2022 to 2030, it is anticipated to grow at a CAGR of 8.21%, with an expected value of USD 188.34 billion in 2030.
The immense growth and popularity of the shared mobility sector in recent times can be attributed to various significant drivers. To begin with, the escalating traffic congestion and limited availability of parking spaces within urban settings have prompted individuals to explore alternative modes of transportation, including services like car-sharing, bike-sharing, and ride-sharing. This shift has been further propelled by the mounting awareness surrounding environmental issues and the imperative to minimize carbon footprints, motivating people to embrace more eco-friendly transportation alternatives. Moreover, the widespread adoption of smartphones and the pervasive reach of internet connectivity have simplified the process of booking and utilizing shared mobility services, rendering them more convenient and accessible to a broader audience. The increasing prevalence of the sharing economy, alongside a growing inclination towards flexible mobility solutions, has significantly stoked the demand for shared mobility services. Furthermore, the cost-effectiveness and affordability of these services as opposed to owning a private vehicle have enticed numerous individuals, notably millennials and younger demographics, who prioritize convenience and financial savings.
Consequently, the shared mobility sector is projected to witness continued expansion in the foreseeable future driven by these pivotal factors.
Shared Mobility Market Scope:
| Metrics | Details |
| Base Year | 2023 |
| Historic Data | 2018-2022 |
| Forecast Period | 2024-2030 |
| Study Period | 2018-2030 |
| Forecast Unit | Value (USD) |
| Revenue forecast in 2030 | USD 188.34 billion |
| Growth Rate | CAGR of 8.21% during 2022-2030 |
| Segment Covered | By Service Model, By Vehicle Type, By Vehicle Propulsion, By Sales Channel, By Region. |
| Regions Covered | North America, Europe, Asia Pacific, South America, Middle East and Africa |
| Key Players Profiled | Uber, Lyft, Didi Chuxing, Grab, Lime, Bird, Ola, Zipcar, Car2Go, and BlaBlaCar. |
Market Definition
Shared mobility is the practice of utilizing temporary transportation services like car-sharing or ride-sharing, enabling multiple individuals to use a single vehicle at different times. This approach helps to minimize the necessity for individual car ownership.
The concept of shared mobility plays a crucial role in addressing issues like traffic congestion, air pollution, and scarcity of parking spaces by providing sustainable and cost-effective transportation solutions. Through initiatives like ride-hailing services, car-sharing platforms, and bike-sharing programs, shared mobility promotes the sharing of vehicles, leading to a decrease in private vehicle ownership and a more efficient utilization of resources. This transition towards shared mobility has the capacity to relieve pressure on urban infrastructure, improve accessibility for non-car owners, and contribute towards a sustainable and enhanced quality of life in the future.
Key Market Segmentation:
Insights On Key Service Model
Ride-hailing
Ride-hailing is expected to dominate the Global Shared Mobility Market. The rise of platforms like Uber and Lyft has revolutionized the way people travel, providing convenient and affordable transportation options. With the increasing popularity of ride-hailing services, more people are opting for the ease and convenience of booking rides on their smartphones. This part offers flexible and on-demand transportation, allowing users to book a ride anytime and anywhere. Additionally, ride-hailing services provide a wide range of vehicle options, catering to different passenger needs. The convenience, accessibility, and variety of services offered by ride-hailing platforms make it the dominating part in the global shared mobility market.
Bike Sharing
Bike sharing, while not expected to dominate the global shared mobility market, holds significant potential. In urban areas with high population densities, bike sharing services provide an environmentally friendly alternative for short-distance commutes. This part offers shared bicycles that can be rented and returned at various locations throughout a city. Bike sharing is often popular among eco-conscious individuals, tourists, and commuters looking for a cost-effective and convenient way to travel short distances. The expansion of bike-sharing infrastructure, availability of electric bikes, and integration with smart city initiatives further contribute to its growth in certain markets.
Car Sharing
Car sharing is another part of the global shared mobility market that has gained popularity. Car sharing services provide users with access to vehicles that can be rented by the hour or day. This part targets individuals who require a private vehicle for specific trips but do not own a car themselves. Car sharing platforms often offer a variety of vehicle types, including sedans, SUVs, and electric cars, catering to different user preferences. Car sharing provides greater flexibility compared to traditional car rentals, as it allows users to book a car for shorter periods and eliminates the need for long-term commitments and ownership costs. While not expected to dominate the market, car sharing services are likely to continue growing in areas with high urbanization and limited parking availability.
Public Transit
Public transit is a well-established form of shared mobility and remains a prominent mode of transportation in urban areas. While not the dominating part in the global shared mobility market, public transit plays a crucial role in providing affordable transportation options for a large population. Public transit systems include buses, trains, trams, subways, and other modes of mass transportation. These services are operated by government authorities or private companies and facilitate the movement of a significant number of commuters daily. Public transit is often subsidized by the government to ensure affordable fares for passengers. Despite the challenges faced by public transit systems, including congestion and limited infrastructure, it remains a vital component of shared mobility solutions.
Microtransit
Microtransit is a nascent part of the global shared mobility market, which utilizes technology platforms to provide on-demand transportation services with smaller vehicles. Microtransit services typically operate within a defined area, offering personalized transportation for groups of passengers. These services often bridge the gap between public transit systems and ride-hailing services, providing shared rides to areas that are underserved by traditional modes of transportation. Microtransit aims to offer greater flexibility compared to fixed-route public transit while being more cost-effective than ride-hailing services for certain trips. While microtransit is an emerging part with opportunities for growth, it is not expected to dominate the global shared mobility market at present.
Insights On Key Vehicle Type
Passenger Cars
Passenger cars are expected to dominate the global shared mobility market. This part holds a significant share due to its versatility and widespread usage. Passenger cars offer comfortable and convenient transportation options for individuals and small groups. They are well-suited for various shared mobility services such as ride-hailing, car-sharing, and carpooling. With advancements in technology and the growing preference for sustainable transportation, passenger cars have witnessed a rise in demand for shared mobility services. Companies like Uber and Lyft have played a crucial role in popularizing shared mobility with their passenger car-based ride-hailing services.
Two-wheelers
Two-wheelers are also a prominent part in the global shared mobility market. These vehicles, including motorcycles and scooters, provide an economical and efficient mode of transportation in congested urban areas. Two-wheelers are particularly favored for short-distance trips, offering quick maneuverability and easy parking options. Sharing platforms such as bike-sharing and scooter-sharing have gained popularity, especially in densely populated cities, as they provide a low-cost and convenient means of transport. The emergence of electric two-wheelers has further fueled the growth of shared mobility using this part.
Buses and Rails
Buses and rails form an integral part of the shared mobility market, especially for mass transportation. Buses have long been a preferred mode of shared mobility due to their capacity to transport a large number of passengers at once. Bus-sharing and shuttle services cater to commuters, tourists, and students, offering an affordable and accessible means of transportation. Rails, including trains and trams, are also important contributors to shared mobility, especially in urban areas and between cities. They provide a reliable and efficient option for longer distances and higher passenger volumes.
Others
The Others vehicle type encompasses various modes of transportation that do not fall under the conventional categories of two-wheelers, passenger cars, or buses and rails. This part includes emerging and innovative forms of shared mobility, such as electric scooters, e-bikes, micro-mobility solutions, and autonomous vehicles. While still relatively new, these alternative modes of transportation are gaining traction in certain markets and have the potential to disrupt the shared mobility industry. However, their dominance in the global shared mobility market is not as prominent as passenger cars or two-wheelers.
Insights On Key Vehicle Propulsion
Electric and Hybrid Vehicles
Electric and Hybrid Vehicles is expected to dominate the Global Shared Mobility Market. This can be attributed to several factors. First and foremost, there is a growing global emphasis on sustainable and environmentally friendly modes of transportation. Electric and hybrid vehicles offer lower emissions and reduced dependence on fossil fuels, aligning with these priorities. Additionally, governments around the world are implementing policies and incentives to promote the adoption of electric and hybrid vehicles. These measures include subsidies, tax benefits, and infrastructure development, all of which contribute to the increasing popularity and availability of these types of vehicles. Furthermore, advancements in technology have improved the performance and range of electric and hybrid vehicles, making them more practical and accessible for shared mobility services. Overall, the combination of environmental consciousness, government support, and technological advancements positions Electric and Hybrid Vehicles as the dominating part in the Global Shared Mobility Market.
IC Engines
IC Engines, also known as Internal Combustion Engines, will continue to play a significant role in the Global Shared Mobility Market, although they are not expected to dominate. IC Engines have been the traditional propulsion system for automobiles for many years and are still widely used in various types of vehicles. While they are less environmentally friendly and have higher emissions compared to Electric and Hybrid Vehicles, IC Engines still offer certain advantages such as a well-established infrastructure, longer driving ranges, and quicker refueling times. These factors make them suitable for specific use cases in the shared mobility market, particularly for long-distance travel or in regions with limited electric vehicle charging infrastructure. However, given the global shift towards sustainability and the increasing availability and technological advancements of electric and hybrid vehicles, IC Engines are not projected to dominate the Shared Mobility Market.
Others
Other vehicle propulsion encompasses alternative forms of vehicle propulsion that are not primarily categorized as IC Engines or Electric and Hybrid Vehicles. This category may include vehicles powered by hydrogen fuel cells, natural gas, or other emerging technologies.
Insights On Key Sales Channel
Online
Online Sales Channel is expected to dominate the Global Shared Mobility Market. With the advancement of technology and increased internet penetration, online platforms have become the go-to choice for accessing shared mobility services. Online platforms provide convenience, easy accessibility, and a wide range of options for users to book and use shared mobility services. Additionally, online platforms often offer features such as real-time tracking, digital payment methods, and user reviews, which enhance the overall user experience. As a result, the Online part is expected to gain significant market share as more consumers prefer the ease and flexibility that online platforms provide for accessing shared mobility services.
Offline
While the online part is expected to dominate the global shared mobility market, the offline part still holds importance. Offline sales channels, such as physical storefronts or direct sales, cater to a specific subset of customers who prefer the traditional method of availing shared mobility services. This can include individuals who may not have access to the internet or who prefer face-to-face interactions when making service bookings. Moreover, offline channels can play a crucial role in offering personalized customer support and building trust among customers who value human interaction. Thus, while the offline part may not dominate the market compared to the online part, it still serves as an important avenue for certain customer preferences and needs in the global shared mobility market.
Insights on Regional Analysis:
Europe
Europe is expected to dominate the global shared mobility market. The region has a strong transportation infrastructure, with well-developed public transportation systems in major cities. Additionally, Europe has a high level of technology adoption and a favorable regulatory environment, which encourages the growth of shared mobility services. The prevalence of urban areas and the importance of sustainable transportation further contribute to the dominance of shared mobility in Europe. With major players in the market, such as Uber, Lyft, and various local providers, Europe is likely to maintain its position as the leading region in the global shared mobility market.
North America
North America, on the other hand, has a well-established shared mobility market, especially in the United States and Canada. The region benefits from a large population and strong economies, which support the growth of shared mobility services. However, Europe's advanced transportation infrastructure and regulatory support give it a competitive edge over North America.
Latin America
Latin America, though rapidly growing, still faces challenges in terms of urbanization and transportation infrastructure. While some cities, like Mexico City and Sao Paulo, have seen the emergence of shared mobility services, the market is relatively underdeveloped compared to Europe and North America.
Asia Pacific
Asia Pacific, with its vast population and growing urbanization, presents significant opportunities for shared mobility. Countries like China and India are experiencing rapid growth in demand for transportation services, creating a favorable environment for shared mobility providers. However, various factors like regulatory issues, infrastructure gaps, and cultural differences across the region pose challenges to the widespread adoption of shared mobility.
Middle East & Africa
The Middle East & Africa region is also experiencing growth in shared mobility, primarily in urban centers. However, the market is still in its early stages, facing challenges such as inadequate infrastructure and limited regulatory support. Despite potential growth opportunities, the Middle East & Africa currently lags behind Europe and other regions in terms of market dominance.
Company Profiles:
Prominent participants in the worldwide shared mobility sector function as intermediaries that link individuals with vehicles and drivers to deliver convenient and readily available transportation services. Through the utilization of technology and creative solutions, these firms enhance routing, pricing strategies, and overall operational efficiency to cater to the increasing demand for sustainable and easily accessible transportation alternatives.
Prominent companies in the field of collaborative mobility commerce encompass Uber, Lyft, Didi Chuxing, Grab, Lime, Bird, Ola, Zipcar, Car2Go, and BlaBlaCar. Uber operates globally as a ride-hailing corporation, Lyft specializes as a transportation network enterprise, Didi Chuxing serves as a leading Chinese ride-sharing platform, Grab operates in the Southeast Asia ride-hailing sphere, Lime and Bird are notable for electric scooter-sharing services, Ola is distinguished in the Indian ride-hailing sector, Zipcar offers a notable car-sharing service, Car2Go specializes in car rental solutions, while BlaBlaCar is prominent in long-distance carpooling provisions. These established entities have revolutionized the dynamics of travel by furnishing convenient and financially efficient urban transportation alternatives, advancing environmental sustainability objectives, and mitigating traffic congestion challenges.
COVID-19 Impact and Market Status:
The global market for shared mobility has been significantly affected by the Covid-19 pandemic, experiencing a decrease in demand and utilization as a result of travel restrictions and ened personal safety considerations.
The global shared mobility market has experienced a substantial downturn due to the COVID-19 pandemic. Lockdowns and travel restrictions imposed worldwide have led to a sharp decline in demand for services such as ride-sharing, bike-sharing, and scooter-sharing. With individuals advised to stay home and limit their movements, the utilization of shared mobility platforms has significantly decreased, resulting in a notable decline in industry revenue.
Moreover, consumer confidence in these services has waned due to apprehensions about personal safety and the potential transmission of the virus. Companies operating in this sector have encountered difficulties in upholding the cleanliness and sanitization of their vehicles and adhering to social distancing protocols.
Nevertheless, as lockdown measures are gradually lifted and mobility resumes, albeit at a subdued pace, it is anticipated that the shared mobility market will witness a recovery. Companies are expected to implement stringent health and safety protocols to restore consumer trust and assurance. Measures such as regular vehicle sanitization and the enforcement of mask-wearing requirements are likely to be prioritized. Adapting to evolving consumer preferences, such as facilitating contactless payments and promoting individual modes of transportation, could aid in alleviating the impact of COVID-19 on the shared mobility sector.
Latest Trends and Innovation:
- In November 2020, Uber announced a partnership with Renault and Nissan to promote electric vehicles (EVs) in Europe. Under this partnership, Uber aims to offer zero-emission rides to passengers and provide support to drivers switching to EVs.
- In February 2021, Lyft acquired the self-driving car division of Motional, a joint venture between Hyundai and Aptiv. This acquisition strengthens Lyft's position in the autonomous vehicle space and allows them to further develop their own self-driving technology.
- Lime, a leading electric scooter and bike-sharing company, announced a merger with SPAC (Special Purpose Acquisition Company) special acquisition company, in March 2021 to go public. The merger is expected to provide funding for Lime's expansion plans and increase its market presence.
- In April 2021, Grab, a Southeast Asian ride-hailing and food delivery giant, announced a merger with Altimeter Growth Corp, a SPAC, to go public in the United States. The merger is expected to value Grab at approximately $40 billion and provide them with funds for future growth and expansion.
- Bird, another prominent electric scooter sharing company, announced in May 2021 that it would go public through a merger with Switchback II Corporation, a SPAC. The merger allows Bird to raise additional capital and accelerate its plans for global market expansion.
- VIA, an on-demand public transportation provider, raised $200 million in a Series E funding round in June 2021. The funding round was led by Exor, the holding company of Fiat Chrysler Automobiles, and provides VIA with additional financial resources to expand their operations and develop new mobility solutions.
- Bolt, a leading European ride-hailing and on-demand transportation platform, announced in July 2021 that it had raised €600 million in a funding round. The funding will be used to further develop Bolt's technology and expand into new markets across Europe and Africa.
- DiDi Global, a major Chinese ride-hailing company, went public on the New York Stock Exchange in June 2021. The initial public offering (IPO) raised approximately $4.4 billion for DiDi, enabling them to invest in new technologies and fuel their expansion plans in China and international markets.
- In August 2021, Lime partnered with BlaBlaCar, a long-distance carpooling platform, to provide electric scooter sharing services through the BlaBlaCar app. The partnership allows BlaBlaCar users to easily access Lime's e-scooters for short journeys and provides Lime with increased visibility among BlaBlaCar's user base.
Significant Growth Factors:
The expansion of the Shared Mobility Market can be credited to the growth of urban populations, ened awareness towards environmental concerns, and progress in technological innovations.
The shared mobility sector has seen substantial expansion in recent times for various reasons. Urbanization and traffic congestion in cities have prompted individuals to explore alternative transportation options, leading to the surge of shared mobility services. Moreover, the growing emphasis on sustainability and eco-consciousness has encouraged people to adopt shared mobility choices that help reduce their environmental impact. The advent of technology, particularly the widespread use of smartphones and mobile apps, has facilitated easier access to shared mobility services, enhancing their convenience and availability. Additionally, the increasing expenses associated with owning and upkeeping personal vehicles, such as fuel and parking costs, have driven individuals towards shared mobility solutions as a more economical option. The amalgamation of different mobility services like ride-hailing, car-sharing, and bike-sharing on a unified platform has also played a role in boosting the shared mobility sector by offering users a seamless and comprehensive experience. Furthermore, the focus on adaptable and on-demand transportation alternatives has further stimulated the demand for shared mobility services. In conclusion, these factors collectively have propelled the growth of the shared mobility industry, with expectations for continued expansion in the foreseeable future.
Restraining Factors:
Challenges in the form of restricted access to charging infrastructure and complex regulatory frameworks significantly impede the growth of the shared mobility sector.
The sector of shared mobility is witnessing a notable surge in growth, yet it grapples with various constraining elements. Among these challenges is the inadequate infrastructure in place. Establishing and upkeeping infrastructure, like designated parking spots or recharging stations for electric cars, presents a significant obstacle for service providers within shared mobility. Moreover, the absence of compatibility between diverse shared mobility platforms results in inconvenience for users who are frequently compelled to download multiple applications or register for various memberships. Furthermore, apprehensions regarding privacy and data protection can dissuade potential users from engaging, given their reluctance to disclose personal information to these services. Another crucial hurdle is the escalating competition from traditional transport services or corporations offering their proprietary shared mobility solutions, leading to market fragmentation and diminishing the profitability of existing stakeholders. Finally, the COVID-19 pandemic has adversely affected the shared mobility sector, with individuals becoming more wary of utilizing shared vehicles due to health and safety apprehensions. Despite these challenges, the future of the shared mobility market appears promising, with growth potential being fueled by a ened environmental consciousness, expanding urbanization, and technological progress. As the field continues to progress, overcoming these obstacles and striving towards establishing a seamless and secure user experience will be imperative for the shared mobility industry to prosper in the forthcoming era.
Key Segments of the Shared Mobility Market
Service Model Overview
• Bike Sharing
• Car Sharing
• Ride-hailing
• Public Transit
• Microtransit
Vehicle Type Overview
• Two-wheelers
• Passenger Cars
• Buses and Rails
• Others
Vehicle Propulsion Overview
• IC Engines
• Electric and Hybrid Vehicles
• Others
Sales Channel Overview
• Offline
• Online
Regional Overview
North America
• US
• Canada
• Mexico
Europe
• Germany
• France
• U.K
• Rest of Europe
Asia Pacific
• China
• Japan
• India
• Rest of Asia Pacific
Middle East and Africa
• Saudi Arabia
• UAE
• Rest of Middle East and Africa
Latin America
• Brazil
• Argentina
• Rest of Latin America
Frequently Asked Questions (FAQ) :
The market value of Shared Mobility market in 2030 was USD 188.34 billion.
The Shared Mobility market is growing at a CAGR of 8.21% over the forecast period.
The Global Shared Mobility Market is Segmented on the basis of By Service Model, By Vehicle Type, By Vehicle Propulsion, By Sales Channel, By Region.
The base year for the report is 2023 in Shared Mobility market.