Categories: Press Releases

Shared Mobility Market Size to Hit USD 744.96 Bn by 2032

The global shared mobility market size was valued at USD 348.73 billion in 2023 and is projected to hit over USD 744.96 billion by 2032 with a CAGR of 8.80% from 2023 to 2032.

Shared mobility is a transport service provided by the organizations wherein they arrange vehicles to provide commuting service from one place to another. The organization own a fleet of vehicles which it uses in providing service such as hiring, ride sharing, and mobility. The fare entirely depends upon the distance and time for the costumer to travel to the destination. In the recent years, the trend of shared transportation has increased tremendously owing to diverse factors such as rapid urbanization, increase in environmental issues, limited resources of energy, and economic concerns.

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Crucial factors accountable for market growth are:

The surge in rising on road traffic congestion, lack of parking spaces, high fuel prices, and high cost of personal vehicle ownership.
Rising internet penetration fosters the market growth.
Rapid growth of automobile industry.
Government initiatives in promoting the shared mobility services

Regional Snapshots

The Asia Pacific region dominated the shared mobility market contributing more than xx% in 2020 and is expected to witness significant growth during the forecast period owing to significant rise in on road traffic and high costs of vehicle ownership in countries such as India and China. For instance, On 23rd September 2021, OLA announced that it is building a ‘new mobility ecosystem’ with the consumer at its core. This will to brought to people through Ola-designed electric vehicles (EVs) customized for diverse shared mobility needs.

Table of Contents

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Scope of the Shared Mobility Market Report

Report Highlights	Details
Market Size	USD 424.63 Billion by 2032
Growth Rate	CAGR of 8.80% From 2023 to 2032
Largest Market	Asia Pacific
Fastest Growing Market	LAMEA
Base Year	2022
Forecast Period	2023 to 2032
Segments Covered	Type, Vehicle Type, Business Model, Region

Market Dynamics

Driver

The rapid growth of the automobile industry and the Government initiatives in promoting the use of shared mobility services across the world are expected to drive the growth of the shared mobility market. For instance, On 27th July 2021, Intercity mobility startup Zingbus, announced that they have raised INR 44.6 crore and these funds will be utilized in order to develop technology for the next leap of improvement in traveler experience and expansion of their service in new geographical location.

Opportunity

The growing concerns over the air pollution caused by the extensive use of automobiles and the Government initiatives in encouraging the shared mobility services are some factors that is expected to create opportunities for the shared mobility market.

Challenges

The unlikeliness of the travelers to travel with unknown individuals and the rising concerns over theft of private information are some of the attribut

Key Companies Profiled

The global shared mobility market is characterized by the presence of various small and big players. The major market player Avis Budget Group, ANI Technologies Pvt. Ltd. (OLA), car2go NA LLC, Beijing Xiaoju Technology Co, Ltd., The Hertz Corporation, WingzInc., Uber Technologies Inc., Curb Mobility, GrabHoldings Inc., Lyft Inc., Careem Inc., Curb Mobility, Cabify, Europcar Mobility Group, The Hertz Corporation, BayerischeMotoren Werke AG (BMW), Daimler AG, Transdev, General Motors Company, Ford Motor Company, Robert Bosch GmbH, Hyundai Motor Company, Enterprise Holdings Inc., Meru Cabs, Jugnoo, Zoomcar, Revv car, MylesGett Inc., BayerischeMotoren Werke AG (BMW),The Hertz Corporation and Zipcar Inc. As the market is competitive in nature, the players are indulged in rapid adoption of advanced technologies to improve the commuting services and in raising their competitive share by means of strategic initiatives like mergers, new product and acquisitions.

Segments Covered in the Report

By Type