Press release
Shared Mobility Market Poised for 13.3 % Growth, Set to Hit $631.76 Billion by 2029
Shared Mobility
The forecast period predicts a surge in the shared mobility market triggered by rising fuel prices. The frequent escalation in fuel prices unveils a potential business scope for shared mobility enterprises, considering the growing demand for vehicle fuel and the supply chain issues arising from Russia's intrusion into Ukraine. For example, data from the Bureau of Transportation Statistics under the United States Department of Transportation indicates a 49% increase in the price of regular motor gasoline from January to June 2022 in the USA, with diesel fuel illustrating a slightly higher rise of 55%. In addition, the initial five months in 2022 until May witnessed an average rise in petrol prices in Singapore, marking a 49.95% increase compared to the same time the previous year. As a result, heightening fuel prices are anticipated to stimulate the expansion of the shared mobility market in the projected phase.
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What Is the projected market size and growth rate for the shared mobility market?
The size of the shared mobility market has expanded swiftly over the past few years. It is forecasted to increase from $343.24 billion in 2024 to $383.92 billion in 2025, with a compound annual growth rate (CAGR) of 11.9%. The unprecedented growth during the historical period can be traced back to the rising sales of hybrid electric vehicles (HEVs), rapid urbanization, heightened incidents of car theft, and a shortage of parking areas.
In the coming years, the shared mobility market is set to experience rapid expansion. Projections indicate that it will reach a valuation of $631.76 billion in 2029, growing at a compound annual growth rate (CAGR) of 13.3%. This projected growth within the forecast period can be credited to stringent environmental regulations and emissions standards, escalations in demand for ride hailing and carpooling services, and hikes in fuel prices. Key trends to track in the forecast period centre around the development of innovative car fleet-sharing platforms, the embracement of self-driving car technology, technological advancements, enhancement of ride-sharing apps, and the forming of strategic partnerships and alliances.
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What are the emerging trends shaping the future of the shared mobility market?
The trend of Mobility-as-a-Service is becoming increasingly prevalent in the shared mobility marketplace. As a digital platform, Mobility-as-a-Service gives users the ability to reserve and pay for multiple mobility solutions via a singular platform. Big players in the shared mobility sector are making concerted efforts to incorporate Mobility-as-a-Service to establish dominance in the industry. A prime example is Carzonrent, a car rental enterprise based in India, which recently rolled out Plug Mobility, an electric Mobility-as-a-Service (MaaS) platform. Designed to provide eco-friendly mobility options for areas such as corporate travel, employee transport, airport taxis, crew transfers, and official travel for government and PSU, this platform aims to spearhead the switch from standard mobility to electric vehicles, hence mitigating pollution.
What major market segments define the scope and growth of the shared mobility market?
The shared mobility market covered in this report is segmented -
1) By Service: Ride Hailing, Bike Sharing, Ride Sharing, Car Sharing, Other Services
2) By Mobility Vehicle: Cars, Two-wheelers, Others Mobility Vehicles
3) By Business Model: P2P, B2B, B2C
Subsegments:
1) By Ride Hailing: Taxi Services, App-Based Ride Services, Luxury Ride Services
2) By Bike Sharing: Docked Bike Sharing, Dockless Bike Sharing, Electric Bike Sharing
3) By Ride Sharing: Carpooling Services, Vanpooling Services, Dynamic Ride Sharing
4) By Car Sharing: Peer-To-Peer Car Sharing, Traditional Car Sharing, Corporate Car Sharing
5) By Other Services: Shuttle Services, Micro-Mobility Solutions, Integrated Mobility Solutions
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Which region dominates the shared mobility market?
Asia-Pacific was the largest region in the shared mobility market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the shared mobility market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Which key market leaders are driving the shared mobility industry growth?
Major companies operating in the shared mobility market include Didi Chuxing Technology Co, Uber Technologies Inc., Avis Budget Group, Lyft Inc., The Hertz Corporation, Grab Taxi Holdings Pvt. Ltd., Deutsche Bahn Connect GmbH, BlaBlaCar, ANI Technologies Private Limited, Cao Cao Mobility, Gojek, Yulu, Zoomcar, Sixt Share, Flinkster, Bolt, Miles, Beryl, Dott, Tier, Voi, Neuron, Hourbike, Veturilo, MOL BuBi, Uklon, CityBee, Skok, Nextbike, Keolis, LimeBike, Mobike, Motivate, Scoot Networks, Transit, Via, Zipcar, Lalamobility, Awto, Ekar, ZayRide, Bole Meter Taxi, Yookoo Ride, Shuttlers, Careem
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What Is Covered In The Shared Mobility Global Market Report?
• Market Size Forecast: Examine the shared mobility market size across key regions, countries, product categories, and applications.
• Segmentation Insights: Identify and classify subsegments within the shared mobility market for a structured understanding.
• Key Players Overview: Analyze major players in the shared mobility market, including their market value, share, and competitive positioning.
• Growth Trends Exploration: Assess individual growth patterns and future opportunities in the shared mobility market.
• Segment Contributions: Evaluate how different segments drive overall growth in the shared mobility market.
• Growth Factors: Highlight key drivers and opportunities influencing the expansion of the shared mobility market.
• Industry Challenges: Identify potential risks and obstacles affecting the shared mobility market.
• Competitive Landscape: Review strategic developments in the shared mobility market, including expansions, agreements, and new product launches.
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