Shared Mobility Market: Global Industry to Reach USD 238.03 billion by 2026

According to the Facts and Factors, Research Report, 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 under used resources. Several countries are adopting the 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.

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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.

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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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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