April 17, 2024
Global Shared Mobility Market

Global Shared Mobility Market is Estimated to Witness High Growth Owing to Advancements in Connected and Autonomous Vehicle Technologies

The global shared mobility market involves a wide range of mobility services that enable users to gain temporary access to transportation modes as and when required. Such services include ride-hailing, carsharing, ridesharing, bike sharing, scooter sharing, and others. Shared mobility helps address issues of traffic congestion and provides an affordable transportation alternative. Rising concerns over air pollution and high individual transportation costs have boosted the demand for shared mobility services. Advancements in connected and autonomous vehicle technologies are also expected to support the growth of shared mobility platforms.

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 from 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 key opportunities in the Global Shared Mobility Market Size include first/last mile connectivity, inter-city transportation services for business travelers, and autonomous vehicles as a shared mobility service. Advancements in connected vehicle technologies are enabling more efficient ride-sharing and demand-responsive transit services.

Technological advancements driving the shared mobility market include electric vehicles, autonomous vehicles, mobile Apps, IoT integration, predictive algorithms, and big data analytics. Connected autonomous vehicles are expected to make shared mobility even more affordable and convenient in the coming years.

Market drivers:

The key drivers of the global shared mobility market are rising traffic congestion levels, high vehicle ownership costs, growing concerns about carbon emissions, and support from local governments for sustainable commuting solutions. Penetration of smartphone users along with developments in connectivity and navigation technologies has boosted the availability of mobility services via mobile apps. Investments in smart city initiatives are also encouraging shared transit strategies to manage urban transportation demand.

Current Challenges in Global Shared Mobility Market
The global shared mobility market is witnessing rapid growth. However, there are a few challenges being faced. Shared mobility being a relatively new concept, consumer awareness and adoption is still low in many regions. Lack of proper infrastructure like designated pickup/drop zones is another issue. Integrating shared mobility options with public transport requires coordination between private players and local authorities. Providing seamless payment options across different providers is also a challenge. Ensuring safety and security of riders and drivers is a major concern for operators. Stricter regulations around licensing, vehicle specifications and driver qualifications need to be formulated and implemented. Managing a fleet of vehicles and optimizing efficiencies remains an operational challenge.

SWOT Analysis
Strength: Large fleet size and widespread presence across cities allows wide coverage and shorter wait times. Partnerships and alliances enable seamless integration with other mobility options.

Weakness: Huge capital requirements for fleet expansion. Dependent on third party service providers for vehicles.

Opportunity: Growth in smartphone usage and preference for shared and on-demand services will drive demand. Partnerships with public transit agencies can boostadoption.

Threats: Stiff competition from new entrants. Stringent regulations around safety, licensing and driver qualifications can increase compliance costs.

Geographical Regions
Asia Pacific currently dominates the global shared mobility market in terms of value, accounting for more than 35% share. China, India and Southeast Asian countries have witnessed strong growth in adoption of shared mobility solutions.

The shared mobility market is projected to grow fastest in Latin America during the forecast period. Countries like Brazil and Mexico are actively promoting shared and public transportation to ease congestion and support sustainable mobility. Government initiatives and growing investments in mobility as a service models are driving the market in the region.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it