Sharing rides is being substantially encouraged by several federal governments to encourage commuters to choose shared transportation over personal mobility to tackle problems such as traffic congestions and environmental damage.
Shared mobility decreases the number of cars on the road while simultaneously decreasing CO2 emissions, resulting in a cleaner environment. Latest report by the US Environmental Protection Agency, over 4.6 metric tons of carbon dioxide is released annually. Every year, millions of automobiles in cities generate half a million tons of carbon dioxide into the environment. The global shared mobility market has been expanding with high revenue in recent years and is anticipated to expand upto 1181 USD billion at a CAGR of 26% during the forecasted period.
Shared mobility is a commuting service in which groups organize commercial cars to transport people from one location to another. The owner of a fleet of commercial cars lends their vehicles to the organization, which utilizes them to deliver services such as hiring, ride-sharing, and mobility. The fee is entirely determined by the distance and time required for the customer to go to the destination.
The trend of shared transportation has grown dramatically in recent years, owing to a variety of factors such as rapid urbanization, increased environmental concerns, limited energy resources, and economic concerns, all of which are expected to boost the global shared mobility market over the forecast period. Government investments in upgrading shared mobility networks, as well as growing concerns about the environment and cost-effective modes of transportation via these services, are projected to boost the market growth.
Furthermore, a lack of desire for traveling with unknown persons is likely to limit the market growth. Furthermore, increased passenger vehicle ownership is a major trend that promotes shared mobility services provided by buses and coaches, which is expected to generate profitable possibilities for the worldwide shared mobility industry.
Adroit Market Research report on the global autonomous driving market provides a conclusive overview of the market from 2018 to 2028, consisting of qualitative and quantitative aspects covering market drivers, restraints, and opportunities. The market assessment duration is split into historic years spanning from 2018 to 2020 considering 2020 as the base year of estimation with the forecast period analyzed from 2021 to 2028. The report is inclusive of differential traits of the current scenario and future dynamics of the market at a global and country level. In addition, the study provides in-depth assessment of the market based on Porter’s five forces analysis along with positioning of the key players operating the global autonomous driving market depending upon the geographic footprint, product development portfolio, and strategic initiatives.
The rising expenses of car ownership are driving people to choose alternatives that allow them to share a variety of transportation modes. Consumers can save money by using shared mobility for short-term transportation. As a result, rising traffic congestion and growing adoption of shared mobility are likely to propel the shared mobility industry forward. Investments by government bodies towards the improvement of shared transportation systems. Governments urge individuals to use public transportation as little as possible.
Additionally, the constant push to encourage ride sharing solutions among friends, peers, and acquaintances are likely to further propel growth in the global shared mobility market.Passengers are opting for reliable, cost-efficient transport models rather than personal commutation options.
As a result, these policies are likely to drive growth in the worldwide shared mobility market throughout the forecast period.
In terms of the service segment, the ride-hailing industry dominated the market in 2020. It is well-positioned to maintain its position during the forecast timeframe. The segment's growth can be attributed to rising internet penetration in emerging and densely populated countries throughout the world.
In terms of the vehicle segment, revenue from car-based services made for a larger share of overall revenue in 2020.
In terms of region, the Asia Pacific market is likely to account for the biggest revenue share in the future.
Key Segments of the Global Shared Mobility Market
Service Overview, 2018-2028 (USD Billion)
- Ride Hailing
- Ride Sharing
- Bike Sharing
- Car Sharing
Vehicle Overview, 2018-2028 (USD Billion)
Regional Overview, 2018-2028 (USD Billion)
- Rest of Europe
- Rest of Asia Pacific
- Rest of South America
The Middle East and Africa