The Global Shared Mobility Market is Anticipated to Witness High Growth Owing to Rising Urbanization Worldwide

 

Global Shared Mobility Market

The global shared mobility market comprises mobility services that are shared among users. This includes ride-hailing, carsharing, micromobility, and other modes of transportation provided by various transportation network companies. Shared mobility allows optimal utilization of existing transport assets. Factors such as rising urbanization, growing traffic congestion levels in cities, and increasing focus on reducing carbon emissions are augmenting the demand for shared mobility solutions worldwide.

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. These players are focusing on expanding their service offerings, strengthening their technology platforms, and entering new geographic areas to gain market share.

The Global Shared Mobility Market Size provides numerous opportunities such as increasing product innovation, integrating mobility with public transportation, and developing shared autonomous vehicles. Globally, companies are exploring partnerships with local transport authorities to integrate shared mobility into public transport networks. They are also investing in autonomous vehicle technology to develop shared self-driving vehicles, which can significantly reduce costs and raise operational efficiency.

Market Drivers:
- Rising urbanization is leading to increased traffic congestion levels and demand for affordable transportation options in cities. This is driving the adoption of shared mobility services.

- Growing focus on reducing carbon emissions from private vehicles. Shared mobility allows higher vehicle utilization and fewer vehicles on the roads, thereby lowering emissions per capita.

Market Restrain:
- Lack of robust digital payment infrastructure and low rate of smartphone usage in underdeveloped regions hamper market growth.

- Absence of clear regulations and policies related to the integration of shared mobility with public transportation systems poses a challenge for operators.

Segment Analysis
The global shared mobility market is dominated by the ride-hailing sub segment owing to the growing popularity of cab services like Uber and Lyft. Ride-hailing offers the convenience of doorstep pickup and drop and has become the preferred mode of transport for many especially in urban areas. This sub segment allows users to book cabs using their smartphone apps and track trip details in real time offering transparency and safety. The growing popularity of ride-hailing as an alternative to private vehicles has boosted the growth of this sub segment over the past few years.

Global Analysis
The Asia Pacific region is expected to be the fastest growing as well as the dominating region in the global shared mobility market during the forecast period. This can be attributed to the growing adoption of shared mobility services in major countries of the region like China, India and Indonesia. The favorable government initiatives and policies promoting shared transportation are supporting market growth. Factors like increasing urban population, rising disposable income levels and tech savviness of consumers have further catalyzed the adoption of various shared mobility options in Asia Pacific making it an attractive market for key players. Western Europe is also expected to witness significant growth owing to advanced infrastructure and support for green transportation modes.

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