Shared Mobility Market: Segmented By Service Type (Ride Sharing, Car Rental, Bike Sharing, Carsharing, and Others); By Vehicle Type (Cars, Buses, Two-Wheelers, and Others); By Business Model (Business to Business(B2B), Business to Customer(B2C), Peer to Peer(P2P)), and Region - Global Analysis of Market Size, Share & Trends for 2019-2020 and Forecasts to 2030
[170+ Pages Research Report] Shared Mobility Market to surpass USD 1341.4 billion by 2030 from USD 41.4 billion in 2020 at a CAGR of 41.57% in the coming years, i.e., 2020-30.
Shared mobility is defined as the transportation services and resources that are shared among users. Shared mobility leads to better naval utilization of vehicles including cars, motorbikes, buses, scooters, etc. This service provides economic efficiency over car ownership and a short-term approach for any vehicle mode to the users. Shared mobility offers alternates to book, cancel or modify bookings. They are also less expensive as compared to other modes of transportation and termination issues regarding limited parking.
Shared Mobility Market is expected to project a notable CAGR of 41.57% in 2030.
Effective cost and convenient mobility had enticed many entrepreneurial and user interests, which is remarkably propelling the growth of the Global market. Charges on fuel, parking, insurance, and other expenses are the key factors to boost the Shared Mobility Market growth. Increasing costs of vehicle ownership in emerging countries are projected to positively influence the market growth during the forecast period. Government initiatives and policies are eminent factors to dominate the Shared Mobility growth.
Car vehicles segment to grow with the highest CAGR during 2020-30
Shared Mobility Market is segmented by vehicle type into cars, buses/ two-wheelers, and others. The car segment is accounted for the highest market share of the Shared Mobility Market. The cars are likely to dominate the market during the forecast period. According to the study of Centre of Automotive research, over 60,000 vehicles used car-sharing wherein America over 25,000 cars were used. Further, such participation is expanding these kinds of services in emerging economies, which is creating high development for the growth of the Global Shared Mobility Market. Further, the bike segment is projected to register the largest share during the forecast period, as well. Several bike-sharing is cost-effective and quick to use the resource if compared to other segments. This has positively impacted the global market growth of Shared Mobility.
Bike-sharing segment to grow with the highest CAGR during 2020-30
Shared Mobility Market is segmented by service type into ride-sharing, car rental, bike sharing, car sharing, and others. Bike-sharing is anticipated to register the highest CAGR over the forecast period. As compared to other models, bike-sharing is a cost-effective and quick-to-implement option. Numerous industry players are making considerable investments to expand their operations.
Rising concerns for environment and cost-effective transportation
Changes in modern lifestyles owing to customer's rising demand for economical and affluent measures of traveling are expected to boost the growth of Global Shared Mobility Market over the forecast period. Moreover, high-cost for hiring personal drivers for their vehicles have also altered the customer’s preferences to travel via shared transports. Car sharing is estimated to register the growing demand over the forecast period.
Rising government initiatives for mobility sharing
Government initiatives regarding the concern for more usage of shared transports tend to drive the Shared Mobility Market rapidly, as well. The mounting population has led to a hazardous impact on the environment. This in result, compelled the government to encourage people to restrain themselves from using automotive and utilize more use carpool. Car sharing has positively raised the Shared Mobility Market. Cost-effectiveness is another factor to drive the Shared Mobility Market swiftly. Costumers rising utilization for such services has benefited the growth of the global market.
Lack of awareness towards such services
Lack of consciousness regarding such service welfare is likely to obstruct the growth of the market. Moreover, in the case of ride-sharing, individuals are reluctant to share their vehicles with strangers, resulting in a reduction in the number of vehicles participating in the segment. Substandard connectivity and excessive costs associated with the development of internet infrastructure in some of the low-income countries in the Middle East & Africa are also restricting the market from realizing its utmost potential.
Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis
Global Shared Mobility Market is segmented based on regional analysis into five major regions. These include North America, Latin America, Europe, Asia Pacific, and the Middle East, and Africa. Asia-Pacific steers the Shared Mobility Market due to the rise in on-road traffic and high cost of vehicles in emerging countries such as India and China. The rising population in these economies will mount the Global market. Moreover, the Middle East and Africa are expected to inflate the regional market growth. More demand for shared transportation due to a mounting number has shown a significant growth rate during the forecast period ownership in countries such as China and India within this particular region. The Middle East and Africa market is expected to expand at a significant growth rate over the forecast period owing to the high demand for shared transportation.
Shared Mobility Market is further segmented by region into:
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