Shared Mobility Market
Shared Mobility Market Size, Share & Industry Analysis, By Service Type (Ride-hailing, Car Sharing, Bike Sharing, Scooter Sharing), By Vehicle Type (Cars, Two-wheelers, Others), By Business Model (B2C, P2P, B2B), By Autonomy Level (Manual, Semi-autonomous, Autonomous), By Power Source (ICE, Electric, Hybrid), By Region (North America, Europe, Asia-Pacific, Latin America, Middle East & Africa) -- Share, Size, Outlook, and Opportunity Analysis, 2024-2031
Market Overview:
The global Shared Mobility Market is expected to develop at a 16.3% CAGR from 2024 to 2031. The market value is predicted to rise from USD XX billion in 2024 to USD YY billion in 2031. Asia-Pacific is expected to lead the market, driven by rapid urbanisation, increased traffic congestion, and rising environmental concerns. Rising smartphone penetration, a burgeoning urban population, and more investment in smart city programs are among the key metrics.
The market is expanding rapidly because to shifting customer preferences for cost-effective and convenient travel options, an increased emphasis on decreasing carbon emissions, and supporting government legislation promoting shared mobility solutions. Technological improvements in mobile applications, GPS tracking, and digital payment systems are accelerating industry growth.
Market Dynamics:
Market Trend: Integration of artificial intelligence and machine learning reshapes user experience
The Shared Mobility Market is undergoing a significant change towards the integration of artificial intelligence (AI) and machine learning (ML) technologies, which will transform the user experience and operational efficiency. This trend is especially visible in the ride-hailing and car-sharing industries, where AI-powered algorithms are being used to optimise route planning, predict demand trends, and improve rider-driver matching. Leading shared mobility platforms, for example, are using machine learning (ML) models to analyse historical data and real-time traffic information, resulting in more accurate estimated time of arrival (ETAs) and dynamic pricing strategies. The use of AI chatbots and virtual assistants in mobile applications improves customer assistance and engagement. This trend not only improves user pleasure, but it also helps service providers optimise fleet utilisation and lower operational expenses.
Market Driver: Urbanization and traffic congestion drive demand for alternative transportation solutions
The rapid pace of urbanisation and increasing traffic congestion in major cities around the world have emerged as strong drivers of the Shared Mobility Market. With more people migrating to cities, the demand on existing transport infrastructure has increased, resulting in longer travel times and a lower quality of life. A recent UN research predicts that 68% of the world's population will live in cities by 2050, up from 55% in 2018. This urbanisation trend has produced an urgent demand for efficient and adaptable mobility solutions. Shared mobility services provide a viable alternative to private car ownership, hence reducing traffic congestion and parking concerns in highly populated locations. According to a major transportation research institute, one shared vehicle can replace up to ten individual cars in urban contexts. This transition not only reduces traffic congestion, but it also helps to cut carbon emissions and improve air quality in cities.
Market Restraint: Regulatory challenges and safety concerns impact market growth
The Shared Mobility Market confronts considerable problems due to regional regulatory differences and escalating safety concerns. Many cities and countries are debating how to govern shared mobility services, resulting in different rules and operational challenges for service providers. For example, in 2023, a large European city enacted severe rules on e-scooter sharing services, limiting the number of operators and establishing speed limits, resulting in a 30% fall in users. Safety concerns, particularly in the bike and scooter sharing categories, have influenced user adoption rates. According to a recent poll, 45% of potential users prioritised safety while evaluating shared mobility solutions. These regulatory and safety challenges have resulted in higher operational expenses for service providers as they invest in safety features, insurance, and compliance procedures. While efforts are being made to overcome these difficulties through improved technology and engagement with local governments, this limitation continues to impede market expansion in some areas.
Segment Overview
The Ride-hailing segment dominates the Shared Mobility Market, driven by convenience, cost-effectiveness, and widespread availability:
The ride-hailing category has emerged as the dominating force in the Shared Mobility Market, accounting for over 60% of total market share by 2023. This domination is due mostly to the convenience, cost-effectiveness, and ubiquitous availability of ride-hailing services in both urban and suburban locations. The segment has seen major technological developments, with the addition of AI-driven matching algorithms, dynamic pricing models, and in-app safety measures that improve the entire user experience.
In recent news, top ride-hailing services have prioritised expanding their service offers to incorporate multi-modal transportation alternatives. For example, a big global player recently added public transportation information and micro-mobility alternatives to its app, allowing users to plan end-to-end journeys with ease. This move has positioned ride-hailing firms as comprehensive mobility solutions, strengthening their market domination.
The corporate sector has also played a significant role in the growth of the ride-hailing business. Many businesses are cooperating with ride-hailing firms to give mobility perks to their employees, thereby eliminating traditional corporate fleet management systems. According to a recent industry survey, 72% of businesses in large metropolitan centres already include ride-hailing services as part of their employee perks package, indicating substantial B2B demand in this sub-segment.
Regional Outlook:
Asia-Pacific dominates the Shared Mobility Market, driven by rapid urbanization, technological adoption, and supportive government initiatives.
Asia-Pacific has established itself as the dominant region in the worldwide Shared Mobility Market, accounting for nearly YY% of the market share by 2023. This dominance is due to a number of factors, including the region's growing urbanisation, high smartphone penetration rates, and supporting government policies promoting sustainable transportation options. Countries with huge populations and a developing middle class, such as China and India, have led the way in shared mobility adoption, with numerous local and international businesses competing in these markets.
Significant investments in smart city programs and digital infrastructure help to reinforce the region's outstanding performance. According to the industry insights, Asia-Pacific would see a 25% year-over-year growth in shared mobility trips in 2023, with China accounting for more than YY% of global shared mobility transactions.
In terms of recent advancements, the Asia-Pacific market has witnessed an increase in electric vehicle (EV) adoption within the shared mobility ecosystem. Several nations in the region have adopted favourable laws to encourage EV use in ride-hailing and car-sharing services. For example, the Chinese government's push for electrification has resulted in more than 60% of shared mobility fleets in key cities switching to electric vehicles.
The region has also seen substantial progress in autonomous vehicle technology for shared transportation applications. A recent pilot project in Singapore successfully deployed a fleet of autonomous shuttles for last-mile connectivity, indicating future development potential in this area.
Competitive Intelligence:
The Shared Mobility Market is characterised by severe rivalry between established companies and creative startups. Key market leaders have maintained their positions through ongoing technological innovation, strategic collaborations, and growth into new geographical markets. To acquire a competitive advantage, these organisations have focused on improving the user experience, increasing operational efficiency, and broadening their service offerings.
In terms of market share, the top five competitors control around YY% of the global market. The dominant business has a market share of over YY%, owing to its strong presence in different countries and varied offering of mobility services. The second-largest company, with a YY% market share, has gained ground by aggressive expansion in new regions and savvy acquisitions of domestic players.
Recent mergers and acquisitions have changed the competitive landscape. A significant purchase in 2023 saw a major ride-hailing business extend its footprint in the micro-mobility category, indicating a strategic shift towards multi-modal transportation options. Furthermore, some businesses have made significant investments in R&D, with the industry average R&D spend rising by 18% year on year, particularly in autonomous driving technologies and electric vehicle integration.
The sector has also seen an increase in collaborations between shared mobility providers and automakers, technology companies, and public transportation agencies. These alliances aim to create integrated mobility solutions and improve the entire transportation ecosystem. For example, a leading car-sharing company recently collaborated with a major automaker to launch a fleet of connected and electrified vehicles, resulting in a 40% boost in customer adoption rates in trial cities.
Looking ahead, the competitive landscape is projected to change as new competitors use emerging technologies like blockchain for peer-to-peer car sharing and AI for predictive maintenance. The growing emphasis on sustainability, as well as the transition to electric and self-driving vehicles, are expected to have an impact on competitive tactics in coming years.
Analyst Opinion:
The Shared Mobility Market is at a tipping point, destined for dramatic development and innovation in the next years. The confluence of modern technologies like 5G, IoT, and artificial intelligence with shared mobility platforms is opening up new avenues for service improvement and market expansion. We predict a shift towards more integrated and seamless mobility ecosystems, in which consumers can access a wide range of transportation alternatives via a single platform, blurring the distinction between public and private transportation.
The emergence of Mobility-as-a-Service (MaaS) platforms is one unique trend to keep an eye on. As cities and regions seek to address complex transportation concerns, we anticipate growing adoption of complete MaaS solutions that combine several modes of transportation, such as shared mobility services, public transit, and micro-mobility alternatives. This trend not only improves consumer convenience, but it also creates opportunity for data-driven urban planning and traffic control.
Another significant trend is the increased emphasis on sustainability in the shared mobility sector. With growing environmental concerns and rigorous emissions rules, we expect a quick shift to electric and hydrogen-powered vehicles in shared mobility fleets. This move will very certainly reshape car procurement strategy, charging infrastructure development, and industry relationships.
Major Players:
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Uber Technologies Inc.
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Lyft, Inc.
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DiDi Global Inc.
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Grab Holdings Inc.
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Bolt Technology OÜ
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Zipcar, Inc.
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Car2Go NA, LLC
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Cityscoot SAS
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Lime (Neutron Holdings, Inc.)
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BlaBlaCar
Key Developments:
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July 2023: Uber Technologies Inc. announced a strategic cooperation with a prominent electric vehicle manufacturer to install 100,000 EVs in its worldwide ride-hailing fleet by 2025.
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In September 2023, Lyft, Inc. debuted an integrated public transit function in its app, allowing users to plan multi-modal journeys that combine ride-hailing with local public transportation choices.
1. INTRODUCTION
1.1. Market Definitions & Study Assumptions
1.2. Market Research Scope & Segment
1.3. Research Methodology
2. EXECUTIVE SUMMARY
2.1. Market Overview & Insights
2.2. Segment Outlook
2.3. Region Outlook
3. COMPETITIVE INTELLIGENCE
3.1. Companies Financial Position
3.2. Company Benchmarking -- Key Players
3.3. Market Share Analysis -- Key Companies
3.4. Recent Companies Key Activities
3.5. Pricing Analysis
3.6. SWOT Analysis
4. COMPANY PROFILES (Key Companies list by Country) (Premium)
5. COMPANY PROFILES
5.1. Uber Technologies Inc.
5.2. Lyft, Inc.
5.3. DiDi Global Inc.
5.4. Grab Holdings Inc.
5.5. Bolt Technology OÜ
5.6. Zipcar, Inc.
5.7. Car2Go NA, LLC
5.8. Cityscoot SAS
5.9. Lime (Neutron Holdings, Inc.)
5.10. BlaBlaCar (LIST NOT EXHAUSTIVE)
6. MARKET DYNAMICS
6.1. Market Trends
6.1.1. Integration of artificial intelligence and machine learning reshapes user experience
6.1.2. Rise of Mobility-as-a-Service (MaaS) platforms
6.1.3. Growing emphasis on sustainability and electrification
6.2. Market Drivers
6.2.1. Urbanization and traffic congestion drive demand for alternative transportation solutions
6.2.2. Increasing smartphone penetration and digital connectivity
6.2.3. Supportive government regulations promoting shared mobility
6.3. Market Restraints
6.3.1. Regulatory challenges and safety concerns impact market growth
6.3.2. Data privacy and security issues
6.4. Market Opportunities
6.5. Porter's Five Forces Analysis
6.5.1. Threat of New Entrants
6.5.2. Bargaining Power of Buyers/Consumers
6.5.3. Bargaining Power of Suppliers
6.5.4. Threat of Substitute Products
6.5.5. Intensity of Competitive Rivalry
6.6. Supply Chain Analysis
6.7. Value Chain Analysis
6.8. Trade Analysis
6.9. Pricing Analysis
6.10. Regulatory Analysis
6.11. Patent Analysis
6.12. SWOT Analysis
6.13. PESTLE Analysis
7. BY SERVICE TYPE (MARKET SIZE/VALUE (US$ Mn), SHARE (%), MARKET FORECAST (%), YOY GROWTH (%)-- 2020-2031)
7.1. Ride-hailing
7.1.1. Taxi Services
7.1.2. Carpooling
7.2. Car Sharing
7.2.1. Station-based
7.2.2. Free-floating
7.3. Bike Sharing
7.3.1. Docked
7.3.2. Dockless
7.4. Scooter Sharing
7.4.1. Electric Scooters
7.4.2. Kick Scooters
8. BY VEHICLE TYPE (MARKET SIZE/VALUE (US$ Mn), SHARE (%), MARKET FORECAST (%), YOY GROWTH (%)-- 2020-2031)
8.1. Cars
8.1.1. Passenger Cars
8.1.2. Light Commercial Vehicles
8.2. Two-wheelers
8.2.1. Bikes
8.2.2. Scooters
8.3. Others
8.3.1. Shuttles
8.3.2. Buses
9. BY BUSINESS MODEL (MARKET SIZE/VALUE (US$ Mn), SHARE (%), MARKET FORECAST (%), YOY GROWTH (%)-- 2020-2031)
9.1. B2C
9.2. P2P
9.3. B2B
10. BY AUTONOMY LEVEL (MARKET SIZE/VALUE (US$ Mn), SHARE (%), MARKET FORECAST (%), YOY GROWTH (%)-- 2020-2031)
10.1. Manual
10.2. Semi-autonomous
10.3. Autonomous
11. BY POWER SOURCE (MARKET SIZE/VALUE (US$ Mn), SHARE (%), MARKET FORECAST (%), YOY GROWTH (%)-- 2020-2031)
11.1. ICE
11.2. Electric
11.3. Hybrid
12. REGION (MARKET SIZE/VALUE (US$ Mn), SHARE (%), MARKET FORECAST (%), YOY GROWTH (%)-- 2020-2031)
12.1. North America
12.1.1. United States
12.1.2. Canada
12.1.3. Mexico
12.2. South America
12.2.1. Brazil
12.2.2. Argentina
12.2.3. Rest of South America
12.3. Europe
12.3.1. Germany
12.3.2. United Kingdom
12.3.3. France
12.3.4. Italy
12.3.5. Spain
12.3.6. Russia
12.3.7. Rest of Europe
12.4. Asia-Pacific
12.4.1. China
12.4.2. Japan
12.4.3. India
12.4.4. Australia
12.4.5. South Korea
12.4.6. Rest of Asia-Pacific
12.5. Middle-East
12.5.1. UAE
12.5.2. Saudi Arabia
12.5.3. Turkey
12.5.4. Rest of Middle East
12.6. Africa
12.6.1. South Africa
12.6.2. Egypt
12.6.3. Rest of Africa
*NOTE: All the regions mentioned in the scope will be provided with (MARKET SIZE/VALUE (US$ Mn), SHARE (%), MARKET FORECAST (%), YOY GROWTH (%)-- 2020-2031)
By Service Type:
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Ride-hailing
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Car Sharing
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Bike Sharing
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Scooter Sharing
By Vehicle Type:
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Cars
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Two-wheelers
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Others
By Business Model:
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B2C
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P2P
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B2B
By Autonomy Level:
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Manual
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Semi-autonomous
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Autonomous
By Power Source:
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ICE
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Electric
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Hybrid
By Region:
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North America
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Europe
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Asia-Pacific
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Latin America
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Middle East & Africa
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