Shared Mobility Market to Hit USD 690.45 Billion by 2030 Owing to Changing Mobility Preferences Coupled with Government Initiatives and Regulations | By SNS Insider
According to SNS Insider’s research, the shared mobility market continues to grow rapidly due to a confluence of factors, including urbanization, environmental concerns, cost-efficiency, technology, changing consumer preferences, government support, partnerships, flexibility, pandemic resilience, and data-driven insights.
Pune, Sept. 26, 2023 (GLOBE NEWSWIRE) -- The SNS Insider report indicates that in 2022, "The Shared Mobility Market held a valuation of USD 192.64 Billion, and it is projected to attain USD 690.45 Billion by 2030, with an anticipated compound annual growth rate (CAGR) of 17.3% throughout the forecast period from 2023 to 2030".
Market Overview
Shared mobility refers to a transportation concept where individuals share vehicles, often on a short-term basis, rather than owning their own personal cars. This innovative approach to transportation is gaining popularity in urban areas around the world, driven by a variety of factors such as environmental concerns, congestion, cost savings, and the rise of technology platforms that facilitate sharing. Many cities are integrating shared mobility services with traditional public transportation, allowing commuters to combine modes like buses, subways, and shared vehicles to reach their destinations efficiently.
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Market Analysis
The shared mobility market has experienced significant growth in recent years, driven by several key factors that continue to shape its expansion. The rapid pace of urbanization has led to increased traffic congestion in cities worldwide. Shared mobility services, such as ride-sharing and car-sharing, offer convenient alternatives to owning a personal vehicle, reducing the number of cars on the road and easing traffic congestion. Growing awareness of environmental issues and the need to reduce carbon emissions have prompted individuals and governments to seek sustainable transportation solutions. Shared mobility services often include electric or hybrid vehicles, contributing to a reduction in greenhouse gas emissions. Shared mobility options, such as ride-sharing and bike-sharing, are often more cost-effective than owning and maintaining a personal vehicle. This cost savings appeal to both individuals and businesses, particularly in urban areas where parking costs are high.
Shared Mobility Market Overview & Scope:
Report Attributes | Details |
Market Size in 2022 | USD 192.64 Billion |
Market Size by 2030 | USD 690.45 Billion |
CAGR | CAGR of 17.3% over 2023-2030 |
Key Segments | by Service Model (Ride-Hailing, Bike Sharing, Ride Sharing, Car Sharing, Others) |
Key Market Players | Avis Budget Group, car2go NA LLC, Beijing Xiaoju Technology Co Ltd., global car-sharing car rental Ltd., Grab, Uber Technologies Inc., ANI Technologies Pvt. Ltd., Lyft Inc., Careem, Gett. and other players |
20% free customization scope (equivalent to 50 analyst working hours) | If you need specific information as per your business requirement, which is not currently within the scope of the report, we will provide it to you as a part of customization. |
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Key Takeaway from Shared Mobility Market Study
The Cars Segment is well-positioned to dominate the market due to its appeal to a broad consumer base, adaptability to changing circumstances, technological advancements, sustainability efforts, urbanization trends, and corporate adoption. As the shared mobility landscape evolves, shared cars are likely to play a pivotal role in shaping the future of transportation.
The Ride-Hailing Segment is set to dominate the market due to its unmatched convenience, cost-effectiveness, technological advancements, global presence, employment opportunities, eco-friendly initiatives, and integration with public transportation. As these services continue to evolve and expand, they are likely to remain a pivotal component of the future of shared mobility.
Recent Developments
In an exciting development within the ever-evolving world of shared mobility, Dutch startup GO Sharing has announced a strategic partnership with Turkey-based BinBin. This collaboration is set to reshape the landscape of shared transportation services, bringing innovative solutions to both local and international markets.
Lagos-based start-up Shuttlers has successfully secured $4 million in funding to accelerate its shared mobility solution across Nigeria, marking a significant milestone in the country's burgeoning transportation sector. The funds will be pivotal in expanding Shuttlers' fleet, enhancing its technology infrastructure, and extending its services to more cities across the country.
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Market Dynamics Analysis
The shared mobility market is witnessing dynamic shifts driven by a confluence of factors. On the driver's side, increasing urbanization, rising environmental concerns, and a growing preference for cost-effective transportation options have fueled the demand for shared mobility services. Technological advancements, particularly in the realm of mobile apps and GPS tracking, have made it easier than ever for consumers to access and utilize shared mobility services. Moreover, the COVID-19 pandemic has accelerated the adoption of shared mobility as people seek more flexible and hygienic transportation alternatives. However, several restraints and challenges persist. Infrastructure constraints, such as limited charging stations for electric shared vehicles, pose hurdles to the market's expansion. Regulatory complexities and varying policies across regions also create uncertainty for service providers. Additionally, concerns about data privacy and security are growing, as the industry heavily relies on customer data for personalized services. In navigating these dynamics, industry players must strike a balance between innovation, regulatory compliance, and addressing consumer concerns to sustain and thrive in the evolving shared mobility landscape.
Key Regional Developments
The shared mobility market in the North America has been dominated by ride-hailing services like Uber and Lyft. However, there is a growing interest in electric scooters and bikes, particularly in urban areas. Regulatory challenges, such as the classification of gig workers, continue to impact the industry's growth. Shared mobility is in its nascent stages in many Eastern European countries, but there's growing potential due to increasing urbanization and demand for cost-effective transportation options. China is a global leader in shared mobility, with massive fleets of shared bicycles, e-scooters, and car-sharing services. The government has been supportive of new mobility solutions, and China's vast urban population has driven adoption.
Impact of Recession
The ongoing recession has presented both challenges and opportunities for the shared mobility market. While reduced consumer spending and financial pressures are clear drawbacks, there is also potential for innovation, adaptation, and government support to help the industry weather the economic storm. Shared mobility providers that can navigate these challenges and respond effectively to changing consumer needs may emerge stronger in the post-recession landscape.
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Table of Contents
1. Introduction
1.1 Market Definition
1.2 Scope
1.3 Research Assumptions
2. Research Methodology
3. Market Dynamics
3.1 Drivers
3.2 Restraints
3.3 Opportunities
3.4 Challenges
4. Impact Analysis
4.1 COVID-19 Impact Analysis
4.2 Impact of Ukraine- Russia war
4.3 Impact of ongoing Recession
4.3.1 Introduction
4.3.2 Impact on major economies
4.3.2.1 US
4.3.2.2 Canada
4.3.2.3 Germany
4.3.2.4 France
4.3.2.5 United Kingdom
4.3.2.6 China
4.3.2.7 Japan
4.3.2.8 South Korea
4.3.2.9 Rest of the World
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. Shared Mobility Market Segmentation, By Service Model
8.1 Ride-Hailing
8.2 Bike Sharing
8.3 Ride Sharing
8.4 Car Sharing
8.5 Others
9. Shared Mobility Market Segmentation, by Vehicles
9.1 Cars
9.2 Two-Wheelers
9.3 Others
10. Shared Mobility Market Segmentation, by Business Model
10.1 P2P
10.2 B2B
10.3 B2C
11. Shared Mobility Market Segmentation, by Power Source
11.1 Fuel Powered
11.2 Hybrid Electric Vehicle (HEV)
11.3 Plug-in Hybrid Electric Vehicle (PHEV)
11.4 Battery Electric Vehicle (BEV)
12. Regional Analysis
12.1 Introduction
12.2 North America
12.2.1 USA
12.2.2 Canada
12.2.3 Mexico
12.3 Europe
12.3.1 Germany
12.3.2 UK
12.3.3 France
12.3.4 Italy
12.3.5 Spain
12.3.6 The Netherlands
12.3.7 Rest of Europe
12.4 Asia-Pacific
12.4.1 Japan
12.4.2 South Korea
12.4.3 China
12.4.4 India
12.4.5 Australia
12.4.6 Rest of Asia-Pacific
12.5 The Middle East & Africa
12.5.1 Israel
12.5.2 UAE
12.5.3 South Africa
12.5.4 Rest
12.6 Latin America
12.6.1 Brazil
12.6.2 Argentina
12.6.3 Rest of Latin America
13. Company Profiles
13.1 Avis Budget Group
13.1.1 Financial
13.1.2 Products/ Services Offered
13.1.3 SWOT Analysis
13.1.4 The SNS view
13.2 car2go NA LLC
13.3 Beijing Xiaoju Technology Co Ltd.
13.4 global car-sharing car rental Ltd.
13.5 Grab
13.6 Uber Technologies Inc.
13.7 ANI Technologies Pvt. Ltd.
13.8 Lyft Inc.
13.9 Careem
13.10 Gett
14. Competitive Landscape
14.1 Competitive Benchmarking
14.2 Market Share analysis
14.3 Recent Developments
15. Conclusion
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