June 16, 2024
Global Shared Mobility Market

The Global Shared Mobility Market is Estimated to Witness High Growth Owing to Technological advancements in Ride Sharing

Shared mobility refers to shared transportation services that are available for use by the general public, either for a fee or free of charge. Such services include public bicycles, carsharing, ride-sourcing, demand responsive transit, and micro-transit. Shared mobility services help reduce congestion and pollution, provide affordable transportation options, and make services accessible to more people. The shared mobility market is benefitting from increasing urban populations, rising traffic congestion and fuel costs which is driving the demand for affordable and eco-friendly transportation solutions. Shared mobility services offer flexible, cost-effective and environment friendly transportation options. The Global Shared Mobility 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.The shared mobility market offers growth opportunities through innovations in ride-sharing technologies such as integrated transportation systems, multimodal transportation systems, micro-mobility and electric vehicles. Technological advancements in connected vehicles, autonomous vehicles, IoT, AI and data analytics are further fueling the growth of shared mobility services.

Market Drivers

The global shared mobility market is driven by increasing concerns over pollution, congestion and fuel costs. Shared mobility helps reduce carbon footprint by optimizing vehicle use. Growing urbanization and rising income levels are increasing the demand for affordable public transportation solutions. Government support through regulations and investments is promoting shared mobility infrastructure and services. Technological innovations are making shared mobility services more convenient, reliable and affordable to use. This is encouraging more people to adopt shared mobility over private vehicle ownership.

Challenges in Global Shared Mobility Market

The shared mobility market is still in a growth phase and faces many challenges in terms of user adoption, infrastructure development, funding availability etc. Regulatory issues around licensing, operating protocols etc. also need to be addressed uniformly across different geographies for sustainable growth of shared mobility services. Building trust among users about safety, data privacy and reliability of services is another major challenge faced by shared mobility operators. Ensuring adequate availability of vehicles and drivers especially during peak demand periods remains a constant challenge. Persuading more people to shift from private vehicle ownership to shared mobility will also require addressing challenges around last mile connectivity and service coverage across cities.

SWOT Analysis

Strength: Wide range of shared mobility options like ride-sharing, bike/scooter sharing increase choice for users. Digital platforms make booking and payments convenient.

Weakness: Over-dependency on investments and volatile fuel prices impact operational costs. Managing large fleet sizes and networks is complex.

Opportunity: Growing concerns over urban congestion and carbon emissions boost prospects. Increased investments in transportation infrastructure.

Threats: Stiff competition from conventional taxi/auto services and private vehicle ownership. Stringent regulations around tech-based mobility services.

In terms of value share, North America and Europe collectively accounted for around 65% share of the global shared mobility market in 2024 owing to high adoption of ride-sharing and bike-sharing in countries like U.S., U.K, France and Germany. However, the Asia Pacific region is projected to witness the fastest growth during the forecast period supported by ongoing urbanization, expanding mobility start-up ecosystem and growing initiatives to develop smart cities in countries like China, India and Indonesia.

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