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Shared Mobility Industry Trends, Global Market Growth, Opportunities 2024
Global Shared Mobility Market
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According to The Business Research Company's, The shared mobility market size has grown rapidly in recent years. It will grow from $298.61 billion in 2023 to $334.61 billion in 2024 at a compound annual growth rate (CAGR) of 12.1%. The growth in the historic period can be attributed to increased sales of hybrid electric vehicles (hevs), a surge in urbanization, increased occurrences of vehicle theft, and a lack of parking spaces.
The shared mobility market size is expected to see rapid growth in the next few years. It will grow to $535.2 billion in 2028 at a compound annual growth rate (CAGR) of 12.5%. The growth in the forecast period can be attributed to the strict environmental regulations and emission requirements, a rise in demand for ride hailing and ride sharing services, and an increase in fuel prices. Major trends in the forecast period include focus on innovative vehicle fleet-sharing platforms, the adoption of autonomous vehicle technology, technology advancements, upgrading of mobility sharing apps, and strategic partnerships and collaborations.
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Market Drivers and Trends:
An increase in fuel prices is expected to drive the growth of the shared mobility market in the forecast period. The prices of fuel are rising frequently, which presents a business opportunity for shared mobility companies due to the rising demand for vehicle fuel and supply chain problems brought on by Russia's invasion of Ukraine. For instance, according to the Bureau of Transportation Statistics, part of the United States Department of Transportation, from January to June 2022, in the USA, the price of regular motor gasoline rose 49% and the price of diesel fuel rose slightly more at 55%. Also in Singapore, on average, the first five-month petrol prices in 2022 till May rose by 49.95% over the same period last year. Therefore, the rise in fuel prices drives the growth of the shared mobility market in the forecast period.
Mobility-as-a-Service has emerged as a key trend gaining popularity in the shared mobility market. Mobilitie as-a-Service is a type of digital platform that enables users to book and pay for integrated mobility services through a single platform. Major companies operating in the shared mobility market are focused on providing mobility-as-a-service to lead the market. For instance, Carzonrent, an India-based car rental company, launched Plug Mobility, an electric Mobility-as-a-Service (MaaS) platform that offers sustainable mobility solutions for business travel, fleet employee transfers, airport taxi, crew transfer, government and PSU official travel. This platform focuses on leading the transition from mobility to electric vehicles and reducing pollution.
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Major Key Players of the Market:
Groupe Beneteau, Ferretti S.p.A., Jeanneau, HanseYachts AG, Bavaria Yachtbau GmbH., Catalina Yachts, Fountaine Pajot, Dufour Yachts, Nautor's Swan, Island Packet, Seawind Catamarans, Donghae Shipbuilding Co, Ltd., Ketaki Craft Private Limited, FarEast Boats, Hylas Yachts, Qingdao Dookyu Crown Marine Co., Ltd, Ocean Dream Sailboats (Qingdao) Co., Ltd., Hartley Boats Ltd, Van de Stadt Design, RS Sailing, Gingerboats Racing Ltd., Luna Rossa, Elan Yachts, Wally, Morris Yachts, J/Boats, Hunter, Hinckley, Pacific Seacraft, Sea Ray, Quicksilver, Cal Yachts, Sterling Yachts, Pro Boat, Touchstone Boat Builders, Sayer Yachts, Inace Yacht Division, Schaefer Yachts, Fibrafort, Delta Yachts, MCP Yachts, MultiGlass, Lenzi Yachts, Flexboat, Magellan Abu Dhabi Marine Equipment, Sindbad Marine LLC, Al Suwaidi Marine, Royal Captain Boats, Yacht Manufacturing and Advanced Fiberglass Industries, Robertson and Caine, Knysna Yacht Company, Voyage Yachts
Shared Mobility Market 2024 Key Insights:
• The shared mobility market size is expected to see rapid growth in the next few years. It will grow to $535.2 billion in 2028 at a compound annual growth rate (CAGR) of 12.5%.
• Surge In Fuel Prices Fuels Growth Prospects For The Shared Mobility Market
• Mobility-As-A-Service (Maas) Emerges As A Dominant Trend In The Shared Mobility Market
• Asia-Pacific was the largest region in the shared mobility market in 2022
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Learn More About The Business Research Company
The Business Research Company ( https://www.thebusinessresearchcompany.com ) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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