Shared Mobility Market Size to Hit Around US$ 744.96 Bn by 2032

The global shared mobility market size surpassed USD 348.73 billion in 2023 and it is projected to grow around 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.

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

Regional Snapshots

The Asia Pacific region dominated the shared mobility market contributing more than 45% in 2022 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.

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 attributes that is expected to challenge the growth of the shared mobility market.

Recent Developments

On 19th July 2021, Share Now and Mercedes-Benz Rent has announced that they are expanding their car share service in five location of Germany such as Stuttgart, Frankfurt, Cologne, Hamburg and Berlin.
On 28th July 2020, Zoom car announced that it has collaborated with ETO Motors in order to boost the electric mobility.
On 19th April 2021, Gett, the ride-hailing startup announced that it has signed a pact with Curb Mobility to integrate yellow taxis into Gett’s app, which will now cover some 65 cities across the U.S.
On 13th April 2021, Grab Holdings Inc. Southeast Asia’s leading superapp, announcedthat it intends to go public in the U.S. in partnership with Altimeter Growth Corp. The public listing will strengthen Grab’s strong business momentum.
On 25th October 2021, The Hertz Corporation announced that it has ordered 100,000 Tesla Inc. vehicles by the end of 2022, a move aimed at including more electric vehicles in its car-rental fleet.
On 9th September 2021, Transdev, through its subsidiary Cityway, and the River Parishes Transit Authority (RPTA) in Louisiana, USA is enhancing its services with the launch of a new innovative Transit On-Demand booking platform that allows customers to book their rides on a mobile application, the RPTA website or on the phone with customer service.

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