Press release
Surge In Fuel Prices Fuels Growth Prospects For The Shared Mobility Market: An Emerging Driver Transforming The Shared Mobility Market Landscape
Shared Mobility
What Is the Expected Shared Mobility Market Size During the Forecast Period?
The size of the shared mobility market has seen a quick expansion recently. Projected to rise from $343.24 billion in 2024 to a staggering $383.92 billion in 2025, the compound annual growth rate (CAGR) is expected to be 11.9%. The historic growth in the market can be traced back to heightened sales of hybrid electric vehicles (HEVs), a rise in urbanization, elevated instances of vehicle robbery, and a shortage of parking spaces.
Anticipations are high for the shared mobility market, forecasting substantial expansion in the coming years. The market forecasts project a value of $631.76 billion by 2029, growing at a Compound Annual Growth Rate (CAGR) of 13.3%. Factors accelerating this growth during the predicted period include stringent environmental and emission norms, a mounting demand for ride hailing and ride sharing amenities, as well as escalating fuel costs. The period also foresees dominant trends such as emphasis on groundbreaking vehicle fleet-sharing platforms, the uptake of self-driving vehicle technology, advancements in technology, amelioration of mobility sharing applications, and tactical partnership and cooperation plans.
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What Are the High-Growth Segments in 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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What Key Drivers Are Expected to Influence Future Shared Mobility Market Growth?
The anticipated surge in fuel costs is predicted to propel the expansion of the shared mobility industry during the projection period. Prices of fuel are always on the rise, providing an advantageous situation for shared mobility firms, amid escalating vehicle fuel demand and supply chain difficulties caused by Russia's incursion into Ukraine. Illustratively, the Bureau of Transportation Statistics, a part of the U.S. Department of Transportation, has reported that between January and June 2022, in the USA, the cost of regular motor gasoline increased by 49%, with diesel fuel costs rising marginally more at 55%. Comparably in Singapore, the average petrol price for the first five months of 2022, up to May, saw a rise of 49.95% from the same duration the prior year. Consequently, this upward trend in fuel costs propels the shared mobility industry's growth in the forecasted period.
Which Companies Hold the Largest Share Across Different Shared Mobility Market Segments?
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
What Are the Major Trends Shaping the Shared Mobility Market?
The trend of Mobility-as-a-Service is making waves in the shared mobility sector. This digital platform gives users the ability to reserve and make payment for combined mobility solutions all in one place. Primary firms in the shared mobility market are shifting their attention towards offering Mobility-as-a-Service with an aim to spearhead the market. For example, Carzonrent, a car rental business based in India, initiated Plug Mobility, an electric variant of Mobility-as-a-Service platform. It provides eco-friendly mobility solutions for corporate travels, staff fleet shifts, airport cabs, crew relocations and official trips for government and public sector unit. The platform's target is to lead the switch from regular mobility to electric vehicles to help decrease pollution.
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What Are the Emerging Geographies for The Shared Mobility Market Growth?
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.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Shared Mobility Market?
2. What is the CAGR expected in the Shared Mobility Market?
3. What Are the Key Innovations Transforming the Shared Mobility Industry?
4. Which Region Is Leading the Shared Mobility Market?
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