The Global Shared Mobility Market will grow at highest pace owing to rising adoption of shared mobility solutions as an eco-friendly and affordable mode of transport.
Shared mobility refers to the shared use of a vehicle, bicycle, or other transportation modes on an as-needed basis. The shared mobility solutions allow individuals or companies to rent or share transportation assets owned by other individuals, companies, or governmental organizations. The shared mobility models provide flexible, affordable, and convenient transportation options and reduce dependence on private vehicle ownership. Key advantages of shared mobility include reduced carbon footprint since shared vehicles replace multiple privately-owned cars, cost-effectiveness, and optimized vehicle utilization. Rising environmental concerns, traffic congestion in cities, and growing need for affordable mobility options are fueling the demand for shared mobility services globally.

The Global Shared Mobility Market is estimated to be valued at US$ 732.20 Bn in 2024 and is expected to exhibit a CAGR of 12% over the forecast period 2024 to 2031.

Key Takeaways

Key players operating in the Global Shared Mobility Market are Uber Technologies Inc., Lyft Inc., Didi Chuxing Technology Co., Grab Holdings Limited, Ola, BlaBlaCar, Lime, Bird Rides, Inc., TIER Mobility, Mobike, Spin, JUMP Bikes, Yulu, Zipcar, Citymapper, Blu-Smart Mobility Pvt. Ltd., Bolt Technology, Autocrypt Co., Ltd., Cabify Espaa S.L.U., EasyMile SAS, Meru Mobility Tech Pvt. Ltd., Zoomcar India Private Limited, Getaround, Inc., Free2move, Lyft, Inc., and Yandex LLC.

The growing environmental concerns and rising traffic congestion in urban areas are fueling the demand for Global Shared Mobility Market Size services. Shared vehicles help reduce carbon emissions by replacing individually owned cars.

Technological advancements are supporting the growth of shared mobility market. Emerging technologies such as big data analytics, IoT, AI and ML are enabling better user experience, efficient operations, and higher vehicle utilization for shared mobility operators. Advancements in connected vehicles technologies are further optimizing shared mobility services.

Market Trends

Growing adoption of electric vehicles - Major shared mobility operators are focusing on expanding their electric vehicle fleets to offer sustainable transportation solutions. Electric vehicles help reduce carbon footprint significantly.

Increasing investments in micro-mobility services - Micro-mobility services including shared bikes and scooters are gaining popularity globally. Several new startups are entering this space and attracting significant investments. The ease of micro-mobility solutions is facilitating the first and last mile connectivity.

Market Opportunities

Integration with public transportation networks - Shared mobility services can be better integrated with public transportation systems to provide seamless multi-modal mobility solutions. This represents a major opportunity.

Technology advancements in autonomous vehicles - Successful commercialization of autonomous vehicles will significantly change the shared mobility landscape. Self-driving vehicles can optimize asset utilization and transport efficiency. This presents a lucrative opportunity for participants.

Impact of COVID-19 on the Global Shared Mobility Market

The outbreak of the COVID-19 pandemic has significantly impacted the growth of the global shared mobility market. During the pandemic, many countries imposed lockdowns and restrictions on travel and transportation to curb the spread of the virus. This led to a steep decline in the demand for shared mobility services globally in 2020. As people avoided public transportation and opted for private vehicles due to safety concerns, offerings like ridesharing, carsharing, and bike/scooter sharing witnessed substantial reductions in ridership and revenues. Several shared mobility companies were forced to lay off employees, suspend services, or even shutdown operations due to the slump in demand and mounting financial losses.

However, with vaccination drives accelerating worldwide and restrictions being gradually lifted in 2021, recovery is underway. While cautiousness remains, people are increasingly adopting shared mobility again as an affordable and sustainable transportation alternative. Companies are taking initiatives like intensified vehicle sanitization processes and incorporating safety features like transparent plastic shields between driver and passenger seats to boost user confidence. The market is projected to rebound over the coming years, driven by rising urbanization and congestion alongside investments in green and multi-modal mobility solutions. Technologies such as electric vehicles and autonomous driving would further bolster market growth post-COVID. While new risks and challenges have emerged, the pandemic has also highlighted the resilience of shared mobility models.

The Global Shared Mobility Market is concentrated in regions with dense urban populations and highly developed transportation infrastructure. North America held the largest share of the overall market value in 2024, led by the US where ridesharing services have seen widespread adoption over the last decade. Europe is another major regional market, driven by government initiatives promoting shared and sustainable mobility across Western and Northern European countries. The Asia Pacific region is poised to emerge as the fastest growing market during the forecast period owing to the rapid motorization of countries like China and India coupled with huge investments in next-gen mobility solutions. Latin America and the Middle East & Africa also offer significant potential for shared mobility providers to expand operations.

North America led the Global Shared Mobility Market in terms of value in 2024 due to strong presence of major players and widespread use of ride-hailing apps in densely populated cities across the US. The Asia Pacific region is expected to witness the fastest growth during the forecast period from 2024 to 2031. Countries like China, India, Indonesia, and Vietnam are experiencing a massive surge in private vehicle ownership but still face infrastructure constraints. This makes shared mobility an attractive option, supported by favorable government policies as well as large investments from global companies looking to tap the region's high growth potential. Mobility-as-a-service models are gaining traction in Asia, propelling the shared mobility industry to a higher growth trajectory. Rising living standards and exponential urbanization continue to bolster the Asia Pacific shared mobility market.

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