The global shared mobility market involves provision of mobility services like vehicle renting, carpooling, ride-sharing and bike-sharing. The growing popularity of on-demand transportation has boosted the shared mobility market. With shared mobility services, users can easily avail transportation services through their smartphones and pay only for the actual use. The shared mobility model helps in optimizing the use of transportation assets and reducing the possession of private vehicles. This is anticipated to greatly lower carbon footprint by decreasing the emission from vehicles. The market is estimated to be valued at US$ 318.32 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 Growth 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 investing heavily in R&D to introduce advanced technologies like vehicle connectivity, autonomous vehicles and electric vehicles in shared mobility services.
The global shared mobility market provides huge growth opportunities in metropolitan cities and dense urban areas across the globe. The rising urban population and growing need for affordable transportation are fueling the demand for shared mobility solutions especially in developing countries. The key players are exploring opportunities in new geographical markets and global expansion is expected to drive the shared mobility industry.
Market Drivers:
Rising fuel prices and high vehicle ownership costs are compelling users to opt for shared mobility services. Shared mobility helps users reduce transportation cost by paying only for short rental duration as required. This economical aspect is a major driver for the market growth.
Market Restrain:Data privacy and security concerns associated with usage
ride-hailing apps can restrain the market growth. Many users refrain from sharing personal details with transportation service providers due to privacy risks. Stringent regulations around transportation network companies in some cities also act as a challenge for shared mobility services.
Segment Analysis
The global shared mobility market has two dominant segments - ride-hailing and car-sharing. Ride-hailing is the largest segment and held around 60% share of the market in 2024. Ride-hailing services like Uber and Lyft allow users to book taxis, private cars, or auto-rickshaws using their mobile app. They provide door-to-door commuting at affordable prices, and allow users to track the vehicle on a live map. This ease of accessibility and affordability has made ride-hailing the most popular choice among consumers. The car-sharing segment is growing at a faster rate owing to increasing focus on sustainable transportation options. Services like Zipcar and Citymapper allow users to rent vehicles for short periods, avoiding the costs of owning a private vehicle. Their growing popularity among the environmentally conscious youth population is driving the segment's growth.
Global Analysis
Regionally, North America dominated the market in 2024 with over 40% share driven by well-established ride-hailing and car-sharing services in major countries like the US and Canada. However, Asia Pacific is emerging as the fastest growing regional market projected to witness around 15% CAGR during the forecast period. Factors such as rising urbanization, growing penetration of smartphones, and increasing efforts to reduce pollution in highly populated countries like China and India are contributing to the growth of shared mobility services in Asia. Major cities across China, Japan, and India have witnessed significant adoption of shared bikes, electric scooters, and ride-hailing in recent years. Meanwhile, countries in Europe such as Germany, France, and UK also represent major traditional and emerging markets offering opportunities for further expansion for shared mobility players.
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