Shared Mobility Market Size, Share & Trends Analysis Report By Service Model (Ride Hailing, Bike Sharing, Ride Sharing), By Vehicle Type (Cars, Two-wheelers), By Region (North America, Europe, APAC, Latin America), And Segment Forecasts, 2022 - 2030

Report Overview

The global shared mobility market size was valued at USD 166.3 billion in 2021 and is anticipated to expand at a compound annual growth rate (CAGR) of 16.9% from 2022 to 2030. Shared mobility is an emerging market wherein transportation resources and services are shared concurrently or one after the other among its users. Apart from being cost-effective and environmentally friendly, shared mobility is also convenient. Because of this, shared mobility will only partially be able to replace car ownership. There has been observed a rise in customer demand for self-driving taxis and shuttles in comparatively lower density locations.

New modes and services have emerged like peer-to-peer car sharing, pooled ride-sharing, shared electric scooters, etc. This emergence has been attributed to their potential integration, automated processes, personalized travel on demand, and environment-friendly nature. The growth in penetration of connected cars and smartphones is one of the key factors driving the market for shared mobility. The increase in the cost of road vehicles and the cost of fuel, combined with a reduction in parking, especially in developed countries around the world, is estimated to boost the market growth in the coming years.

Additionally, shared mobility solutions are less expensive compared to other modes of transportation and eliminate limited parking problems. Various governments worldwide are launching programs to promote the growth of these solutions to reduce congestion. This has a significant impact on commuters' lifestyles and the market as a whole, such as increased accessibility, improved transportation, reduced driving, and decreased personal car ownership. Environmental, social, and transportation system benefits are frequently realized through shared mobility schemes. Multiple ways in which commuters commute are public transit which is through shared public transport, Micro mobility (bike-sharing or scooter sharing), Automobile-based mode (via car sharing, rides, micro-transit, and Ride on-demand), Commute-based modes or ridesharing (car or vanpooling).

Other reasons that support the growth of the market for shared mobility would be lack of parking space, growing traffic congestion on the road, high cost of owning personal vehicles, and mainly high fuel prices. With rising growth in private sector employment, the market is expected to grow further since many private-sector employees would want to commute through shared mobility services. COVID-19 has had a negative impact on expanding the market for shared mobility due to changes in mobility patterns of people worldwide. Mobility of people during the pandemic decreased significantly, also diminishing the number of visits to workplaces which was one of the main reasons and drivers of the market.

The pandemic has also led to a shift in priorities regarding Commute. Pre-COVID, the emphasis of commuters would be the cost of service, convenience, and other variables like time taken and mode of transport. Now, commuters look for safe, sanitized, and lower risk of infection modes of transportation. Hence, considering health as a priority is likely to decrease the use of sharing and public transport. Moreover, due to the loss of demand in the market, car-sharing services were either reduced or suspended during the global pandemic.

The leading market players are always focused on working with car manufacturers to improve their portfolio of electric car-sharing services in Asian countries. Adopting such strategies will likely work for the market during the forecast period. The market for shared mobility is expected to witness many opportunities during new product development. The introduction of advanced/uninterrupted technology and the rise in investors in the market are essential strategies that most industry players are expected to expand their customer base in the next few years.

Service Model Insights

The ride hailing segment dominated the market for shared mobility and accounted for the largest share of 55.9% in 2021 and is expected to grow during the forecast period. The growth is due to the rising internet penetration in developing countries and people around the world. The rise of new types of services to ensure ultimate customer satisfaction is also expected to act as a catalyst to grow the segment. For instance, shared mobility provider, Uber has introduced different business variants such as UberSUV, Uber Black UberTax, and UberLUX, which include the use of dedicated Uber vehicles and drivers in the rental business. The growing demand for ride-hailing services could be attributed to easier bookings, increased traffic congestion, passenger comfort, and increased government programs to increase public awareness about air pollution encourage the need to participate in riding, especially ride-hailing.

The bike sharing segment is predicted to witness a CAGR of 20.3% from 2022 to 2030. Two-wheeler services are expected to flourish in the coming years as two-wheelers are considered the fastest and fastest way to travel on congested city streets. Countries that have registered the highest adoption of these services include the U.S., China, Spain, and Italy. Many European city councils have awarded tenders to implement a few Bicycle Sharing Schemes (BSS) in the coming years. Government measures like these are also expected to increase the need for two-wheeled driving.

Vehicle Insights

The cars segment dominated the market for shared mobility and captured the largest revenue share of 83.7% in 2021. This segment is likely to dominate the shared mobility market over the forecast period. Services availed via two-wheelers are expected to gain prominence in the coming years since bikes are perceived to be economical and a comparatively faster mode of transport on traffic-congested city roads. For instance, once a user gets accustomed to electric vehicles, they will realize that the cost per kilometer for an EV is lesser by 4-5times for two-wheelers and three 3-10times for four-wheelers when compared to fuel-driven vehicles, given that the electricity rate is ₹10 per unit and petrol cost is ₹100.

The two-wheelers segment is predicted to witness a CAGR of 20.1% from 2022 to 2030. The trend of shared transportation has grown significantly in recent years, with various factors, such as rapid urban development, increased natural resources, limited energy resources, and economic concerns, expected to boost the global tourism market during the forecast period. Two-wheeler sharing is an inexpensive and fast option that commuters can use compared to other models. Many industrial players make a lot of money to expand their service line, while car sharing is estimated to prove a significant increase in demand during forecasting. It has a substantial impact on the decline in car ownership rates. The emergence of free-floating free models in developed countries, due to benefits such as flexibility and automation, is expected to increase the car share in the forecast period.

Regional Insights

Asia Pacific dominated the market for shared mobility and accounted for the largest revenue share of 53.6% in 2021 and is anticipated to witness significant growth over the forecast period. This is mainly due to extensive technology adoption and the rapid expansion of smart homes in the region. Traffic and car ownership costs constantly rise in countries like China and India. Developing countries such as India, where urban populations are growing and transportation infrastructure is being developed, show high growth potential for these services. This, in turn, has resulted in a supportive regulatory environment for their adoption.

In the Middle East and Africa, the market for shared mobility is predicted to witness a CAGR of 18.4% from 2022 to 2030. The growing demand for shared transportation solutions due to the increase in corporate travelers in various countries such as the U.A.E. and South Africa encourages market growth. The government is creating alternative ways to reduce congestion and emissions of Greenhouse Gases (GHG) and is likely to boost the regional market during the forecast period. Several players in the region are constantly developing new features for shared mobility. In addition, lots of new start-up companies are testing and starting new shared mobility applications to enter the booming market.

Key Companies & Market Share Insights

The shared mobility industry is going through rapid changes. It has continued to consolidate over a few years, with leading companies constantly pushing to hold the highest market share. Many companies take steps such as acquisitions, partnerships, investments, and R&D to be able to separate their portfolio from competitors and stand out with their market presence. Implementing different emerging technologies like contactless payment and autonomous driving readiness is driving the market towards technological process advancements. In March 2022, Chalo, a Bangalore-based mobile app that books and enables bus tracking across cities, acquired Vogo, a two-wheeler shared mobility business startup. As part of this acquisition, Vogo has planned to switch to EVs (electric vehicles) in all its vehicles and extend services beyond two wheels and provide other EV models to suit market needs. Some of the prominent players in the shared mobility market include:

• Car2Go

• Deutsche Bahn Connect GmbH

• DiDi Chuxing

• Drive Now (BMW)

• EVCARD

• Flinkster

• Grab

• GreenGo

• Lyft

• Uber

• Zipcar

Shared Mobility Market Report Scope

Segments Covered in the Report

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2018 to 2030. For this study, Grand View Research has segmented the global shared mobility market report based on service model, vehicle, and region:

• Service Model Outlook (Revenue, USD Billion, 2018 - 2030)

  • Ride Hailing

  • Bike Sharing

  • Ride Sharing

  • Car Sharing

  • Others

• Vehicles Outlook (Revenue, USD Billion, 2018 - 2030)

  • Cars

  • Two-Wheelers

  • Others

• Regional Outlook (Revenue, USD Billion, 2018 - 2030)

  • North America

    • U.S.

    • Canada

  • Europe

    • Germany

    • U.K.

    • Spain

    • France

    • Italy

  • Asia Pacific

    • China

    • India

    • Japan

    • Singapore

  • Latin America

    • Brazil

    • Mexico

  • Middle East & Africa (MEA)

    • South Africa

    • U.A.E.

    • Saudi Arabia