Shared Mobility Market to Triple in Size, Surging to USD 1.27 Trillion by 2031 at 11.5% CAGR

The growth of the global shared mobility market is propelling, due to rise in venture capital and strategic investments, government initiatives for smart cities, and increase in inclusion of e-bikes in the sharing fleet. However, low rate of internet penetration in developing regions is the factor hampering the growth of the market. Furthermore, increase in government initiatives for the development of bike sharing infrastructure is the factor expected to offer growth opportunities during the forecast period.

According to the report published by Allied Market Research, the global shared mobility market generated $435.20 billion in 2021 and is estimated to hit $1,266.80 billion by 2031, registering a CAGR of 11.5% from 2022 to 2031. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chain, regional landscape, and competitive scenario. The report is a helpful source of information for leading market players, new entrants, investors, and stakeholders in devising strategies for the future and taking steps to strengthen their position in the market.

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Micro mobility vehicle such as e-bikes are gaining traction in the shared mobility industry at the moment. Several companies across the globe are launching e-bikes to offer e-bike sharing service to its customers, which is fueling the segmental growth. For instance, in March 2022, Veo has successfully launched the Class 2 e-bike with throttle-assist, in Birmingham, Ala; Seattle Wash; Santa Monica, Calif; Syracuse, New York; and on the University of Alabama campus. The Class 2 e-bike is named as Cosmo-e and is going to be deployed throughout the U.S. The throttle-assist makes the Cosmo-e the most accessible e-bike on the North American shared mobility market by allowing riders to get where they need to go if they are unable to pedal, need support traveling up the hills or want a boost to get up to speed from an idle position.

Based on service model, the public transit segment accounted for more than half of the total market in 2021, and is projected to lead the trail by the end of 2031. However, the bike sharing segment would cite the fastest CAGR of 15.3% throughout the forecast period. The report also discusses car sharing, ride-hailing and microtransit under this segment.

Based on vehicle type, the buses and rails segment contributed to more than half of the global market in 2021, and is expected to maintain its dominance through 2031. The two-wheelers segment, on the other hand, would grow at the fastest CAGR of 14.2% from 2022 to 2031. The report also discusses passenger cars and others under this segment.

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The key market players analyzed in the global shared mobility market report include Autocrypt Co., Ltd., BlaBlaCar, Blu-Smart Mobility Pvt. Ltd., Bolt Technology OÜ, Cabify Espaa S.L.U., EasyMile SAS, Free2move, Getaround, Inc., Lyft, Inc., Meru Mobility Tech Pvt. Ltd., ANI Technologies Private Limited (Ola), Uber Technologies Inc., Zoomcar India Private Limited, Didi Chuxing Technology Co. and Yandex LLC.

Based on region, the market across Asia-Pacific contributed to more than two-fifths of the total market share in 2021, and is expected to maintain its dominance during the forecast period. The LAMEA region, on the other hand, would grow at the fastest CAGR of 13.9% from 2022 to 2031. The other two provinces discussed in the report include Europe and North America.

Covid-19 scenario-

The Covid-19 outbreak had a negative impact on the growth of the global shared mobility market owing to change in mobility patterns of people across the globe. Mobility of people during the pandemic decreased significantly.
The pandemic led to shift in priorities regarding commute. Commuters opted for safe and sanitized means of transportation and avoided shared mobility services such as ride sharing.
Ride-hailing also reduced due to the implementation of measures such as social distancing, fear of congestion and reduced commuting.
However, other areas of shared mobility such as micro mobility services witnessed a growing demand owing to the growth in e-commerce business and last mile deliveries.
In addition, commuters now utilize micro mobility vehicles such as e-bikes, electric-pedal assisted bicycles, scooters, and others for daily travel. This is anticipated to boost the growth of the shared mobility market during the forecast period.

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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

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