Rising Travel And Tourism Activities Fueling Growth In The Shared Vehicles Market: Strategic Insights Driving Shared Vehicles Market Momentum in 2025

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How Large Will the Shared Vehicles Market Size By 2025?
The market size for shared vehicles has seen a swift upsurge in the last few years. Projected to escalate from $159.31 billion in 2024 to $183.89 billion in 2025, it retains a compound annual growth rate (CAGR) of 15.4%. Factors such as growing urbanization and population concentration, environmental concern and sustainability issues, affordable commuting alternatives, the requirement for last-mile connectivity, and evolving consumer habits are responsible for this rise in the historic period.

How Big Is the Shared Vehicles Market Size Expected to Grow by 2029?
The market size of shared vehicles is anticipated to witness a swift expansion in the upcoming years, surging to a whopping $323.54 billion in 2029 with a compound annual growth rate (CAGR) of 15.2%. Multiple factors will contribute to this increase during the forecast period such as government schemes and rewards, technological advancement and networking, the growing understanding of mobility-as-a-service (MaaS), alliances, and post-pandemic travel shifts. Dominate trends predicted during this period encompass the use of autonomous and self-operating shared vehicles, subscription-driven models, emphasis on safety measures and cleanliness, legal backing and infrastructure advancement, and last-mile connectivity solutions.

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Which Key Market Drivers Powering Shared Vehicles Market Expansion and Growth?
The surge in travel and tourism activities is predicted to fuel the expansion of the shared vehicles market. Travel refers to the transportation of individuals or things such as planes, boats, trains, and other forms of transport across distinctive geographical locations. Tourism embodies a socio-economic and cultural phenomenon which includes people visiting countries or places away from their regular surroundings for personal or professional/business purposes. Utilising car sharing for travel and tourism can result in fewer private vehicles being bought, augment the utilisation of vehicles, significantly ease traffic jams, save energy, and decrease emissions. These are all driving factors towards the heightened demand in the shared vehicles market. For example, the UK Office for National Statistics reported in November 2022 that the number of visits from overseas visitors rose to 3.0 million in June 2022, a rise from 2.8 million in May 2022. Consequently, the escalating activities in travel and tourism are fuelling the progression of the shared vehicles market.

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Which Fast-Growing Trends Are Poised to Disrupt the Shared Vehicles Market?
Leading corporations in the shared vehicles market are concentrating on creating advanced technological solutions, like car-sharing services, in response to several critical industry needs. Car-sharing services are programs that permit individuals to rent cars for brief durations, typically hourly or daily, offering an alternative to owning a car. For example, Vay, a tech company based in Germany, rolled out an innovating teledriving car-sharing service in Las Vegas in January 2024. This service offers users access to remotely controlled electric cars, bringing added convenience by eliminating the need to walk to a car or locate parking. With a competitive rate of $0.30 per driving minute, Vay is looking to shake up the traditional ride-hailing segment. Vay is also seeking to form alliances in logistics and public transport to capitalize on its teledriving capabilities.

What Are the Emerging Segments in the Shared Vehicles Market?
The shared vehicles market covered in this report is segmented -

1) By Service: Car Rental, Bike Sharing, Car Sharing
2) By Vehicle Type: Passenger Cars, LCVs (Light Commercial Vehicles), Micro Mobility
3) By Propulsion: Electric Vehicles, IC Engine Vehicles

Subsegments:
1) By Car Rental: Traditional Car Rental Services, Peer-To-Peer Car Rental Platforms
2) By Bike Sharing: Docked Bike Sharing, Dockless Bike Sharing
3) By Car Sharing: Round-Trip Car Sharing, One-way Car Sharing

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Who Are the Global Leaders in the Shared Vehicles Market?
Major companies operating in the shared vehicles market include Daimler AG, ANI Technologies Private Limited, Uber Technologies Inc., Enterprise Holdings Inc., Avis Budget Group Inc., The Hertz Corporation, CarShare Ventures BV, Lyft Inc., Sixt SE, Europcar Mobility Group S.A., Grab Holdings Inc., Ola Cabs Private Limited, Turo Inc., Gett Israel Ltd., Wingz Inc., BlaBlaCar France SAS, Getaround Inc., Communauto Inc., GoGet Carshare Inc., Car Next Door Pty Ltd, Curb Mobility LLC, Modo Cooperative, Zoomcar India Private Limited, Hourcar Inc., Co-wheels Car Club, Beijing Xiaoju Technology Co Ltd., Car2Go Europe GmbH, City Car Club Inc., DriveNow GmbH, Mobility Carsharing LLC, RelayRides Inc., Carrot Inc., Carma Mobility BV

Which are the Top Profitable Regional Markets for the Shared Vehicles Industry?
Asia-Pacific was the largest region in the shared vehicles market in 2024. Europe is expected to be the fastest-growing region in the global shared vehicles market during the forecast period. The regions covered in the shared vehicles market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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