Shared Mobility
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What Will the Shared Mobility Industry Market Size Be by 2025?
The size of the shared mobility market has experienced considerable expansion in the recent past. The market that previously stood at $343.24 billion in 2024 will escalate to $383.92 billion in 2025, reflecting a compound annual growth rate (CAGR) of 11.9%. The significant growth during the historical timeframe was resultant of augmenting sales of hybrid electric vehicles (HEVs), an urbanization boom, a surge in car theft instances, and a scarcity of parking spaces.
What’s the Long-Term Growth Forecast for the Shared Mobility Market Size Through 2029?
In the coming years, the shared mobility market is anticipated to experience substantial expansion, escalating to a market worth of $631.76 billion by 2029 with a Compound Annual Growth Rate (CAGR) of 13.3%. This significant surge during the forecast period can be accredited to stringent environmental norms and emission protocols, a swelling demand for ride hailing and sharing services, as well as increasing fuel costs. Key trends predicted for this forecast period encompass concentration on revolutionary vehicle fleet-sharing platforms, use of self-driving vehicle technology, advancements in technology, refinement of mobility sharing applications, and tactical partnerships and collaborations.
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What Are the Key Growth Drivers Fueling the Shared Mobility Market Expansion?
Forecasted growth in the shared mobility market is likely to be propelled by a surge in fuel costs. Fuel prices have been escalating consistently, thereby making shared mobility services an attractive proposition due to the increasing necessity for vehicle fuel and the supply chain issues caused by the Ukrainian conflict with Russia. For example, the United States Department of Transportation’s Bureau of Transportation Statistics reported that in the USA, from January to June 2022, the cost of regular motor gasoline increased by 49%, with diesel fuel prices experiencing a marginally larger increase at 55%. Similarly, in Singapore, the average petrol prices from January to May in 2022 saw a rise of 49.95% compared to the same timeframe in the previous year. Hence, the escalating fuel costs push the growth trajectory of the shared mobility market in the projected period.
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What Are the Key Trends Driving Shared Mobility Market Growth?
The trend of Mobility-as-a-Service is gaining traction in the shared mobility market, having emerged as a significant movement. This encompasses the use of a digital platform that allows users to reserve and pay for various mobility services all in one place. Key players in the shared mobility market are putting their efforts into offering this service to stay ahead of the competition. For example, India’s car rental business, Carzonrent, has introduced Plug Mobility, an electric Mobility-as-a-Service (MaaS) platform. This platform provides eco-friendly mobility options for a range of needs, such as business travel, fleet staff commuting, airport taxis, crew transfers, and official travel for government and PSU employees. The core aim of this platform is to lead the shift from traditional mobility to electric vehicles and consequently reduce pollution.
How Is the Shared Mobility Market Segmented?
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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Which Companies Are Leading the Charge in Shared Mobility Market Innovation?
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
Which Regions Are Leading the Global Shared Mobility Market in Revenue?
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.
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