Global Market Size of Shared Mobility Will Reach to USD 238.03 billion by 2026: Facts & Factors

According to a research report published by Facts and Factors, the global shared mobility market in 2019 was approximately USD 99.08 billion. The market is expected to grow at a CAGR of 15.42% and is anticipated to reach around USD 238.03 billion by 2026.

Shared mobility is the advanced and innovative transportation service that enables the user to borrow or use the vehicles for short term access. The shared transportation is significantly influenced by the advancements in social networking, internet, location-based services, and mobile technologies. There are various types of shared mobility that include car sharing, taxi sharing, bike sharing, ride sharing, and others. Share mobility offers large number of advantages such as reduced congestion, social and environmental benefits, and monetization for the underused resources. Several countries are adopting shared mobility for achieving their environmental goals.

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Some of the high impact rendering drivers for the shared mobility market is increasing traffic congestion and low per capita income in the developing countries. Shared mobility provides short-term transportation facility to the consumers at lower price. Increased traffic congestion and the growing adoption of shared mobility have influenced several transport and technology companies to sign shared mobility principle. For example, February 1, 2018, fifteen leading transport and technology companies of the world have signed shared mobility principle that include Didi, Keolis, BlaBlaCar, Citymapper, LimeBike, Lyft, Ofo, Ola, Mobike, Motivate, Scoot Networks, Transit, Via, Uber, and Zipcar. Moreover, stringent government regulations related to harmful gas emission is the key factor that can drive the market in the forecast period. However, lack of awareness regarding benefits of shared mobility service can restrict the market growth.

Majority of strong market players of shared mobility are involved in immense technological enhancement, as the market is still observed to be in emerging state in some countries. Renowned shared mobility companies are Uber Technologies Inc., Cabify, ANI Technologies Pvt. Ltd. (OLA), Gett, Lyft Inc., Europcar, Grab, Careem, Taxify OÜ, BlaBlaCar, Wingz Inc, Curb Mobility, Beijing Xiaoju Technology Co Ltd. (Didi Chuxing), The Hertz Corporation, Avis Budget Group Inc., and Enterprise Holdings Inc. among others.

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The shared mobility market is classified on the basis of service, vehicle, and business model. Based on service segment the shared mobility market is bifurcated into ride hailing, bike sharing, ride sharing, car sharing, and others. Ride hailing segment dominate the market in terms of revenue share in the year 2019. The growth is mainly driven by the increasing participation of automotive players into shared mobility services. For example, in July 17, 2018, BMW has launched “ReachNow arm” that offers car sharing and ride hailing services across USA. By vehicle, the market is divided into car, two-wheeler, and others. Car segment accounts the largest revenue share in the year 2019 owing to growing car sharing, ride hailing, and rental services by the transport companies. P2P (Peer-to-Peer), B2B, and B2C are the business model segments for the shared mobility market. P2P segment accounts significant market share due to growing utilization of vehicles for rental and leasing services.

Growing adoption of electric vehicles in shared transportation coupled with limited parking space are the primary factors driving the shared mobility market. Furthermore, the government initiatives regarding increased greenhouse gas emission is expected to drive the shared mobility market in the analyzed period. For instance, in December 2017, Singapore government has launched electric car sharing project to encourage citizens to use shared mobility service and prevent the growth in car population. Additionally, in September 2016, European government has initiated to provide incentives to the promoters and users for the adoption of the low emission shared mobility services. However, reluctance in sharing the ride with stranger is hindering the market growth.

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The Shared Mobility market research report delivers an acute valuation and taxonomy of the Shared Mobility industry by practically splitting the market on the basis of different segments and regions. Through the analysis of the historical and projected trends, all the segments and sub-segments were evaluated through the bottom-up approach, and different market sizes have been projected for FY 2020 to FY 2026. The regional segmentation of the Shared Mobility industry includes the complete classification of all the major continents including North America, Latin America, Europe, Asia Pacific, and Middle East & Africa. Further, country-wise data for the Shared Mobility industry is provided for the leading economies of the world.

The shared mobility market is segmented on the basis of service, vehicle, and business model. The service segment of the shared mobility market is bifurcated into ride hailing, bike sharing, ride sharing, car sharing, and others. Based on business model, the shared mobility market is divided into P2P, B2B, and B2C. Car, Two-Wheeler and Others are the vehicle segment studied in the report.

Geographically, the shared mobility market is studied in the North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Asia Pacific dominates the market in year 2019 owing to low supply of vehicles as compared to demand. North America and Europe are following the Asia pacific in terms of revenue share for shared mobility market due to large participation of automobile manufacturers and stringent government regulations in the regions. Latin America and MEA are still lacking in the adoption of shared transport services.

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The report segments of the global shared mobility market as follows:

Shared Mobility Market: Service Segment Analysis

Ride Hailing
Bike Sharing
Ride Sharing
Car Sharing
Others

Shared Mobility Market: Vehicle Segment Analysis

Car
Two-Wheeler
Others

Shared Mobility Market: Business Model Segment Analysis

P2P
B2B
B2C

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