Shared Mobility Market in 2022 - Detailed Analysis Report on Latest Trends and Business Opportunities

Shared mobility services include micro mobility such as scooter and bike sharing; public transport; automobile-based transport such as car sharing and rides on demand; and commute-based ridesharing such as carpooling and vanpooling. In shared mobility, vehicle owners and fleet operators provide a vehicle on rental basis to various consumers and corporate companies. Increase in adoption of smartphones has provided several options for mobility and further optimized routes for travelers. Use of various technologies in the transportation sector, such as telematics and V2X (Vehicle-to-Everything), is expected to further boost preference for shared mobility over private vehicles.

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Rapid urbanization and rise in awareness about effective planning and settlement of urban areas are expected to fuel the demand for shared mobility. Additionally, concerns related to pollution, depletion of energy reserves, and growing economic, environmental, and energy crisis are further boosting the requirement for sustainable, alternative, and shared mobility solutions, such as car-pooling and e-hailing.

Increase in Demand for Car-pooling and E-hailing Services to Boost Market
Car-pooling and e-hailing services provide a platform, in order to book a transport service such as cars, bikes, scooters, or buses, with the help of mobile applications. Vehicles booked from these platforms are private vehicles that are used to offer public transport services for passengers and fleet operators. Moreover, the car-pooling and e-hailing aggregator provides access to drivers and customers, which guides them with passenger pick-up and drop locations, payment options, and travel routes, among others.

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Shared mobility trends have also prompted some automotive OEMs to develop in-house services for car and ride-sharing and further provide their own vehicles for car-sharing fleets at lower prices. However, the COVID-19 pandemic hampered the car-sharing business, as the public is not preferring car-sharing in order to avoid the spread of the Coronavirus. On the other hand, preference for car-pooling and e-hailing has increased, which in turn drives the demand for mobility services and contributes to the growth of the shared mobility market size.

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High Demand for Shared Mobility Services as Alternative and Cost-saving Solution
Shared mobility services offer numerous transportation, social, and environmental related benefits, which reduce vehicle ownership, vehicle use, and vehicle driven per miles/kilometers. Shared mobility has also extended the public transit area, potentially bridging the gaps between transportation networks and further addressing the issue related to transit access. Shared mobility solutions are cost-saving and more convenient, as they reduce operational cost and also create accessible transport connections for passengers.

Incorporation of shared electric mobility and autonomous vehicles is anticipated to decline the cost of shared mobility vehicles. Furthermore, electric vehicles reduce fuel expenses and costs, which further declines the overall cost of shared mobility, such as the cost of ride-sourcing and ride-sharing. Therefore, an increase in adoption of alternative fuel vehicles is likely to boost on-demand vehicle services globally.

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The future of shared mobility is in the hands of autonomous vehicles, as they eliminate the cost of the driver and other vehicle expenses. Several investors are also focusing on the e-hailing business due to a rise in the demand for autonomous shared vehicles, including shuttles and robo-taxis. Such investors are waiting for OEMs to commercialize autonomous vehicle driving technology, as it requires lower operating costs as compared to other driver-based services. However, rising trend of autonomous shared mobility is expected to propel the shared mobility market.

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