Shared Mobility Market By Service Type (Car-Sharing, Bike-Sharing, Ride-Hailing, Scooter-Sharing), By Business Model (Business-to-Business (B2B), Business-to-Consumer (B2C), Peer-to-Peer (P2P)), By Region And Companies - Industry Segment Outlook, Market Assessment, Competition Scenario, Trends, And Forecast 2023-2032

Report Overview

Shared Mobility Market size is expected to be worth around USD 441.7 Bn by 2032 from USD 151.5 Bn in 2022, growing at a CAGR of 11.6% during the forecast period from 2023 to 2032.

The shared mobility market is experiencing rapid growth as it introduces novel travel solutions, thereby transforming the transportation sector. Shared mobility refers to a transportation paradigm wherein multiple individuals partake in the utilization of a singular vehicle or mode of transportation in order to reach their respective destinations. The main goals of shared mobility encompass enhancing the efficiency of transportation systems, mitigating traffic congestion, decreasing pollution levels, and broadening the availability of transportation alternatives to individuals of all income levels and mobility statuses.

The extensive significance and benefits of shared mobility are noteworthy. Firstly, it facilitates individuals' ability to utilize transportation services without the encumbrance of possessing a vehicle. This phenomenon not only results in a reduction in transportation costs, but also leads to a decrease in the demand for parking facilities and the overall volume of vehicular traffic. Shared mobility promotes a transition from individual automobile ownership to the utilization of shared vehicles, thereby potentially mitigating the release of greenhouse gas emissions and minimizing air pollution.

The shared mobility market has undergone transformative advancements that have fundamentally reshaped the transportation landscape. The emergence of ride-hailing platforms such as Uber and Lyft, which have caused significant disruption to the traditional taxi sector, represents a noteworthy innovation. These platforms facilitate the connection between passengers and nearby chauffeurs through their mobile applications, offering transportation options that are both convenient and cost-effective.

The expansion of the shared mobility market has been facilitated by substantial investments and the integration of these funds into the development of products and services. Traditional automotive manufacturers have acknowledged the potential of shared mobility and have made significant financial commitments in this particular industry. In an effort to offer their customers access to shared vehicles, General Motors and Ford have engaged in partnerships or acquisitions with shared mobility service providers. Technology companies such as Google and Apple have ventured into the shared mobility market by investing in autonomous vehicle technology and creating their own mobility platforms.

The observation of the expansion and utilization of shared mobility has been noted across various sectors. Shared mobility options are increasingly being incorporated into urban transportation systems to facilitate the provision of first- and last-mile connections to public transit. Shared mobility services offer employees and students in campus and business environments convenient transportation alternatives.

Various industries have made significant investments in the shared mobility market due to their recognition of its considerable potential. As previously stated, automotive manufacturers have integrated shared mobility into their operational strategies. Furthermore, the market has witnessed the entry of technology firms through the development of mobility platforms and substantial investments in autonomous vehicle technologies. Furthermore, there is a growing trend of collaboration between conventional transportation providers, such as taxi companies and public transit agencies, and shared mobility service providers. In the Shared Mobility Market, autonomous last-mile delivery is revolutionizing the convenience of on-demand transportation services.

Driving factors

Urbanization and Congestion

Urbanization is an ongoing trend globally, with more and more people choosing to reside in cities. As urban areas become more populous, the demand for efficient transportation solutions grows exponentially. However, this rapid increase in urbanization poses several challenges, one of which is congested roads and limited parking spaces. The shared mobility market has emerged as a viable solution to combat the negative impact of urbanization and congestion. By providing shared transportation options such as carpooling, bike sharing, and ride-hailing services, shared mobility aims to reduce the number of single-occupancy vehicles on the road.

On-Demand Economy

The rise of the on-demand economy has revolutionized various industries, and transportation is no exception. With the advent of innovative platforms and applications, consumers now have instant access to transportation services whenever they need them. This shift towards on-demand services has changed the way people perceive mobility, leading to a higher demand for flexible and convenient transportation solutions. Shared mobility platforms, driven by the on-demand economy, capitalize on this growing trend by offering a range of options to cater to diverse transportation needs.

Digital and Mobile Technologies

The rapid advancements in digital and mobile technologies have significantly transformed the way people access and utilize transportation services. With smartphones becoming an indispensable part of our lives, individuals now have the power to book, track, and pay for shared mobility options with just a few taps on their screens. Integration with digital platforms and mobile applications has not only made shared mobility services more accessible but also enhanced the overall user experience.

Environmental Awareness and Sustainability Goals

As concerns about climate change and environmental sustainability grow, individuals and organizations are striving to reduce their carbon footprint. Traditional transportation methods heavily rely on personal vehicles, which contribute significantly to greenhouse gas emissions and air pollution. Shared mobility is emerging as a sustainable alternative that aligns with expanding environmental awareness. By promoting resource-sharing and reducing the number of underutilized vehicles on the road, shared mobility contributes to a more sustainable transportation ecosystem.

Evolving Transportation Preferences and Cost Considerations

Transportation preferences are continuously evolving, driven by changing societal needs and economic factors. Many individuals are increasingly shifting away from owning a car due to various reasons such as rising costs of ownership, parking limitations, and the inconveniences associated with maintenance and insurance. Shared mobility addresses these evolving preferences by offering a viable alternative that is both cost-effective and convenient. Rather than incurring the expenses of owning a personal vehicle, individuals can access shared mobility services whenever they need transportation.

Restraining Factors

Regulatory and Legal Challenges

As the shared mobility market continues to evolve and gain popularity, it is not without its fair share of potential restraining factors. One such factor is the presence of potential regulatory and legal challenges that could impact the growth and adoption of shared mobility services. These challenges can arise from various aspects, including government regulations, legal liabilities, and licensing requirements. In many countries, regulations have been established to govern the operation of traditional transportation services like taxis and rental cars. However, the rise of shared mobility services such as ride-sharing platforms and e-scooter rentals has introduced a new realm of transportation options that often fall outside the scope of existing regulations.

Concerns Over Safety and Liability

Another restraining factor that affects the shared mobility market is the potential concerns over safety and liability. As more people rely on shared mobility services, ensuring the safety of both the users and the environment they operate in becomes essential. Shared mobility services often rely on independent contractors or individual vehicle owners who offer their vehicles for use. This decentralized nature of shared mobility can raise concerns over vehicle maintenance, driver background checks, and adherence to safety standards. Accidents or injuries involving shared mobility services can lead to extensive legal battles, negatively impacting market growth.

Infrastructure Limitations and Availability

The shared mobility market heavily relies on a sustainable and efficient infrastructure to provide seamless and convenient services. However, potential infrastructure limitations and availability can act as restraining factors, particularly in regions where the required infrastructure is lacking or underdeveloped. Shared mobility services often require adequate parking spaces, charging stations for electric vehicles, or designated pick-up and drop-off points. In areas where such infrastructure is insufficient, shared mobility providers may face difficulties in scaling their operations or offering a reliable service.

Traditional Transportation

Introducing shared mobility services into the smart transport ecosystem can be met with resistance from traditional transportation providers. These providers, such as taxi companies or public transportation systems, may perceive shared mobility services as direct competition, threatening their market dominance and revenue streams. Resistance from traditional transportation providers can manifest in various forms, including lobbying against shared mobility regulations, launching smear campaigns, or even attempting to block legislative changes that could benefit the shared mobility market.

Consumer Trust and Behavior Barriers

Building consumer trust is crucial for the success of any business, and the shared mobility market is no exception. Potential consumer trust and behavior barriers can pose significant challenges to the growth and adoption of shared mobility services. Trust plays a vital role, as individuals must feel comfortable using shared mobility services, sharing personal information, and relying on strangers' vehicles. Concerns over safety, privacy, and reliability can deter potential users from embracing shared mobility as a viable transportation option.

Service Type Analysis

The Ride-Hailing Segment has emerged as the clear leader, dominating the market. This section will analyze the factors contributing to its dominance and why it is anticipated to continue growing at a rapid pace. The Ride-Hailing Segment, which includes companies like Uber and Lyft, currently holds the largest market share in the shared mobility industry. This is largely due to its convenience and ease of use, allowing customers to request a ride at their fingertips through mobile applications. Additionally, ride-hailing services offer a wide range of vehicle options, from economy to luxury, catering to diverse consumer preferences.

Consumer trends and behavior play a significant role in the dominance of the Ride-Hailing Segment. Today's consumers value convenience, affordability, and flexibility in their transportation choices. Ride-hailing services offer all of these benefits, enabling users to book a ride whenever and wherever they need one. Furthermore, the ability to track the driver's location and estimated time of arrival provides a sense of security and enhances the overall user experience.

Business Model Analysis

The Peer-to-Peer (P2P) Segment is another prominent player in the shared mobility market, challenging the dominance of the Ride-Hailing Segment. This section will discuss the factors contributing to the P2P Segment's growth and why it is anticipated to register the fastest growth rate in the future. The Peer-to-Peer (P2P) Segment, represented by platforms like Airbnb and Turo, has gained significant traction in the shared mobility market. This segment allows individuals to share their resources, such as homes or vehicles, with others for a fee. The P2P model has disrupted traditional industries, offering consumers a more affordable and personalized service.

Consumer trends and behavior play a crucial role in the growth of the P2P Segment. Modern consumers are increasingly interested in unique and personalized experiences. P2P platforms allow them to rent unique properties or vehicles directly from owners, providing a more customized experience compared to traditional options. Additionally, the cost-saving benefits of P2P services make them highly attractive to budget-conscious travelers.

Key Market Segments

By Service Type

• Car-Sharing
• Bike-Sharing
• Ride-Hailing
• Scooter-Sharing

By Business Model

• Business-to-Business (B2B)
• Business-to-Consumer (B2C)
• Peer-to-Peer (P2P)

Growth Opportunity

Embracing Autonomous Shared Vehicles

With the advancements in autonomous vehicle technology, the shared mobility market has an incredible opportunity to integrate self-driving cars into their fleets. Embracing autonomous shared vehicles can revolutionize transportation, providing passengers with a safe, reliable, and convenient way to commute. By developing robust infrastructure and regulations, shared mobility providers can tap into this promising avenue and offer new possibilities. The shared mobility market can leverage autonomous vehicles to better serve specific demographics, such as the elderly or people with disabilities, who may face mobility challenges.

Partnerships with Last-Mile Delivery Services

The shared mobility market has primarily focused on passenger transportation, but there is untapped potential in partnering with last-mile delivery services. By collaborating with companies specialized in last-mile delivery, shared mobility providers can extend their services to include the delivery of goods and packages. The rise of e-commerce has fueled the demand for efficient and sustainable last-mile delivery solutions. By integrating shared mobility platforms with last-mile delivery services, companies can optimize their operations, reduce delivery times, and minimize environmental impact.

Smart City Infrastructure

As cities become smarter and more connected, shared mobility providers have an opportunity to leverage smart city infrastructure for further growth. By integrating their platforms with smart city systems, shared mobility companies can gain access to valuable data, enabling them to optimize their operations and provide more personalized services. For instance, by tapping into real-time traffic data, shared mobility platforms can suggest the most efficient routes to passengers, reducing travel time and enhancing the user experience.

Latest Trends

Ride-Hailing and Ride-Sharing Services

The advent of ride-hailing and ride-sharing services has revolutionized the way people travel within cities. Platforms such as Uber and Lyft have significantly disrupted the traditional taxi industry by providing convenient, affordable, and on-demand transportation options to individuals around the world. This growth in the ride-hailing sector is driven by factors such as ease of access, real-time tracking, cashless transactions, and the ability to choose from a variety of vehicle types.

Shared Electric Scooters and Bikes

Another major trend shaping the shared mobility market is the increasing demand for shared electric scooters and bikes. With the rising concerns over carbon emissions and the need for sustainable transportation options, cities worldwide are embracing the concept of micro-mobility. Shared electric scooters and bikes provide an eco-friendly, last-mile solution to urban commuters, allowing them to bypass traffic congestion, reduce their carbon footprint, and experience a more convenient and efficient mode of transportation.

Car-Sharing and Carpooling Platforms

Car-sharing and carpooling platforms have gained immense popularity as the world recognizes the benefits of collaborative consumption and the sharing economy. These platforms allow individuals to access vehicles on a short-term basis, eliminating the need for car ownership, reducing parking demand, and optimizing vehicle utilization. Additionally, carpooling platforms enable people heading in the same direction to share rides, not only reducing traffic congestion but also contributing to the reduction of greenhouse gas emissions.

Mobility-as-a-Service (MaaS) Solutions

Mobility-as-a-Service (MaaS) is revolutionizing the way people plan and execute their travel itineraries. MaaS integrates various transportation modes, such as public transit, ride-hailing services, bike sharing, and car rental, into a single platform, providing users with a seamless and integrated experience. This trend is driven by the growing need for efficient and convenient multi-modal transportation solutions, which allow users to plan their journeys, pay for different modes of transport, and receive real-time updates through a single app or platform.

Autonomous and Self-Driving Shared Vehicles

As technology continues to advance, autonomous and self-driving shared vehicles are becoming an integral part of the shared mobility ecosystem. Companies like Waymo, Tesla, and Cruise are developing autonomous underwater vehicle that have the potential to revolutionize the way we commute. These vehicles offer the promise of increased safety, reduced congestion, and enhanced efficiency in the transportation network. With ongoing developments and pilot programs, autonomous shared vehicles are set to become a significant player in the future of shared mobility.

Regional Analysis

North America Region Dominates the Shared Mobility Market. Shared mobility has rapidly gained popularity in recent years, revolutionizing the way people commute, travel, and access transportation services. As the world becomes more interconnected and technology-driven, it is crucial to understand the market dynamics and regional trends shaping this innovative industry. In this article, we will explore the dominance of the North America region in the shared mobility market and its impact on the global landscape.

The North America region, comprising the United States and Canada, has emerged as a powerhouse in the shared mobility market. With its highly developed infrastructure, a strong economy, and a tech-savvy population, it is no surprise that the region has become a breeding ground for shared mobility services. The main keyword of this article, North America Region Dominates the Shared mobility market encapsulates the essence of this dominance.

One of the key factors contributing to North America's dominance is the presence of renowned transportation network companies (TNCs) like Uber and Lyft. These ride-hailing giants have successfully captured a significant market share, becoming household names for those seeking convenient and affordable transportation options.  Furthermore, North America boasts a culture of innovation and an entrepreneurial spirit that fosters the growth of shared mobility startups. These startups often specialize in specific niches within the shared mobility sector, such as car-sharing, bike-sharing, or scooter-sharing.

The TNCs and startups, North America benefits from supportive government policies promoting shared mobility as a sustainable alternative to private vehicle ownership. Recognizing the environmental and congestion benefits, authorities at regional, state, and local levels have introduced regulations and incentives to encourage the adoption of shared mobility services.

Key Regions and Countries

North America

• US
• Canada
• Mexico

Western Europe

• Germany
• France
• The UK
• Spain
• Italy
• Portugal
• Ireland
• Austria
• Switzerland
• Benelux
• Nordic
• Rest of Western Europe

Eastern Europe

• Russia
• Poland
• The Czech Republic
• Greece
• Rest of Eastern Europe

APAC

• China
• Japan
• South Korea
• India
• Australia & New Zealand
• Indonesia
• Malaysia
• Philippines
• Singapore
• Thailand
• Vietnam
• Rest of APAC

Latin America

• Brazil
• Colombia
• Chile
• Argentina
• Costa Rica
• Rest of Latin America

Middle East & Africa

• Algeria
• Egypt
• Israel
• Kuwait
• Nigeria
• Saudi Arabia
• South Africa
• Turkey
• United Arab Emirates
• Rest of MEA

Key Players Analysis

In the ever-evolving world of transportation, shared mobility has emerged as a game-changer, offering convenient and sustainable options. Key firms are transforming travel in this fast-growing market. This article examines the top shared mobility firms.

Car rental company Avis Budget Group dominates the shared mobility market. Avis Budget Group offers short-term rentals and long-term leases with a large fleet. Their brand reputation and large rental network make them a popular choice for individuals and corporations.

car2go NA LLC has transformed carsharing by enabling short-term vehicle rentals without rental offices. Car2go offers flexible and on-demand mobility solutions through a user-friendly mobile app, making automobile ownership in metropolitan areas easier.

Beijing Xiaoju Technology Co Ltd. (Didi Chuxing) dominates China's app-based ride-hailing market. Didi Chuxing transports millions of passengers with a large network of registered drivers and a simple interface. Didi Chuxing makes airport transportation and daily commutes easy and effective.

Mobility as a Service (MaaS) provider Mobiag dominates the shared mobility market. Mobiag's app combines carsharing, ride-hailing, and public transit. This seamless connectivity simplifies travel planning and reduces private vehicle utilization.

Canadian company movmi Shared Transportation Services Inc. provides shared mobility consulting and operations management. Movmi helps firms optimize their shared mobility operations with their expertise in market analysis, business strategy, and technology implementation. Their holistic strategy promotes sustained growth and improved customer experience in this dynamic business.

Uber Technologies Inc. has revolutionized the taxi business and is one of the most well-known companies in the shared mobility market. Uber's user-friendly platform connects users with registered drivers for economical, safe, and efficient transportation. Uber has transformed urban mobility in over 600 cities.

Top Key Players in Shared Mobility Market

• Avis budget group (U.S.)
• car2go NA LLC (U.S.)
• Beijing Xiaoju Technology Co Ltd. (China)
• Mobiag (Portugal)
• movmi Shared Transportation Services Inc. (Canada)
• Uber Technologies Inc. (U.S.)
• ANI Technologies Pvt. Ltd. (India)
• Lyft Inc. (U.S.)
• Careem (U.A.E)
• Bolt Technology OÜ (Estonia)
• Gett (U.K.)
• HERTZ SYSTEM Inc. (U.S.)
• Aptiv (Ireland)
• Enterprise Holdings Inc. (U.S.)
• MOBIKO (Germany)
• Europcar (France)
• Curb Mobility (U.S.)
• BlaBlaCar (France)
• Wingz (U.S.)

Recent Development

• In 2023, Uber plans to add electric scooters and bicycles to its shared mobility options. This new feature addresses the growing need for eco-friendly transportation, reducing congestion and greening cities. Uber wants to let consumers smoothly transition between ridesharing and micro-mobility, ushering in a new era of efficient and convenient urban transportation.
• In 2022, Uber's rival Lyft also wants to change shared mobility. Lyft acquired Motivate, a renowned bike- and scooter-sharing company. Lyft and Motivate strive to deliver creative solutions to cities worldwide by combining their knowledge and resources. They want to provide a platform where users can easily access many shared mobility options for a seamless experience.
• In 2021, Bird, a micro-mobility pioneer, announced ambitions to expand the shared scooter-sharing market in Europe. Bird, known for its electric scooters, promotes sustainable urban mobility and reduces traffic congestion in European cities by delivering a practical and eco-friendly transportation solution.
• In 2020, Lime, a top shared scooter company, revealed its ambitious Asia expansion. Lime wants to transform urban transportation in Asian cities with its eco-friendly scooters, recognizing the continent's huge potential and growing demand for shared mobility.

Report Scope