June 17, 2024
Global Shared Mobility Market
Ict

Global Shared Mobility is Estimated to Witness High Growth Owing to Increasing Concern for Environmental Sustainability

The global shared mobility market consists of various mobility solutions that enable users to gain temporary access to transportation modes including cars, scooters, bicycles, and other modes of transportation on a shared basis. Shared mobility services help address various issues associated with private vehicle ownership such as high costs, traffic congestion, and environmental pollution. Shared mobility services offer users an affordable, convenient, and environment-friendly transportation alternative. Mobility as a Service (MaaS) solutions that integrate various public and private transportation services provide users flexible transportation on-demand through a single interface. The growing popularity of subscription-based business models is further fueling the demand for shared mobility services in the market.

The Global Shared mobility Market Growth is estimated to be valued at US$ 318.32 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. Major players are focusing on strategic collaborations and partnerships to expand their service offerings and geographical presence globally.

Growing concerns regarding environmental pollution and traffic congestion in urban areas are creating significant growth opportunities for shared mobility providers. Governments across regions are increasingly incentivizing shared mobility services to reduce pollution and promote sustainability. MaaS solutions that bundle public transportation with shared mobility stand to benefit significantly from evolving mobility needs.

Many shared mobility providers have expanded their international presence across major cities to cater to the growing demand. Regional public transportation agencies have also collaborated with shared mobility operators to integrate different transportation options for seamless mobility. The growing investment in MaaS and shared mobility infrastructure worldwide is expected to further support the global expansion of the market during the forecast period.

Market Drivers:

The increasing concern for environmental sustainability among consumers is a major factor driving the adoption of shared mobility systems globally. Shared mobility helps reduce carbon footprint through efficient utilization of vehicles. It also promotes the use of cleaner transportation solutions like electric vehicles which is expected to have significant positive impact on the environment. Moreover, factors like high costs of private vehicle ownership, traffic congestion in cities, and need for affordable transportation are compelling people to shift to shared mobility options. Various government initiatives promoting shared mobility and investments in MaaS infrastructure are further supporting market growth.

PEST Analysis

Political: The shared mobility market is regulated at local, state, and national levels through laws related to transportation services, licensing, safety, accessibility, and data privacy. Regulations can facilitate or impede the growth and operations of shared mobility services.

Economic: The shared mobility market allows for more affordable transportation options which is helpful for cost-conscious consumers and expanding mobility access. However, fluctuating fuel costs and economic conditions can impact demand for shared rides.

Social: Younger demographic segments are more comfortable with shared transportation options and digital platforms. However, in some areas cultural preferences still exist for private vehicle ownership. Ensuring safety and accessibility is important for widespread adoption.

Technological: Advancements in connectivity, location services, electric vehicles, and automation are enabling new shared mobility models and use cases. Data analytics further optimize operations and consumer experience. However, addressing cybersecurity challenges is important.

Geographical Regions with High Market Concentration

In terms of value, the global shared mobility market is currently concentrated in regions with developed mobility infrastructure and more tech-savvy populations that have rapidly adopted new transport services. North America, particularly the United States, currently accounts for the largest share of the global market value due to major operators like Uber and Lyft establishing large presences in major cities. Europe is another region with high market concentration as countries seek to reduce private car ownership in urban centers.

Fastest Growing Regional Market

The Asia Pacific region excluding Japan represents the fastest growing regional market for shared mobility services in value terms over the forecast period. Countries like India and Indonesia have large, young populations living in urban regions with growing mobility needs. At the same time, factors like lower private vehicle ownership rates make shared transport platforms appealing. Governments also increasingly support shared mobility for its potential to address traffic and environmental issues. With companies like Grab and Ola bolstering local operations, the APAC market is projected to expand rapidly.

*Note:
1. Source: Coherent Market Insights, Public Source, Desk Research
2. We have leveraged AI tools to mine information and compile it