The Global Shared Mobility Market was valued at USD 410.5 Bn in 2020 and is expected to reach USD 681 Bn by 2027, with a growing CAGR of 7.5% during the forecast period.
Increasing internet penetration and growing investment in shared mobility organizations have prompted the growth of the market. Moreover, rising traffic congestion on road, lack of parking spaces, excessive fuel prices, and high cost of private car ownership are the factors that might be predicted to help the growth of the market.
The high growth of the automotive industry and the growth of an integrated environment in the transport industry as well as increased governments initiatives to encourage the growth of such solutions to decrease traffic congestion on roads will provide numerous growth possibilities for the market.
Based on the type, the shared mobility market has been segmented into ride-sharing, vehicle rental/leasing, ride sourcing, and private. The rental/leasing segment accounted for the largest revenue share and is expected to grow at a constant rate during the forecast period. The growth in the segment is attributed to the low payment cost of the vehicles as well as maintenance benefits to the consumer. However, the ridesharing segment in the shared mobility market is growing at the highest CAGR during the forecast period due to the cost-effective and elegant modes of transportation over personal driving preferences.
The lack of preference in travelling with strange individuals while sharing transportation is the major restraint that limits the growth of the shared mobility market. Moreover, the increasing concern related to the theft of private information is the essential factor that hampers the growth of the market. However, understanding insurance issues of regulation, availability, and affordability across a wide array of existing and emerging shared business and service models is the major challenge that hinders the growth of the market.
Global Shared Mobility Market by Region Outlook (Revenue, USD Million, 2021-2027):
In terms of geography, The Asia Pacific dominate the shared mobility market during the forecast period. The growth in the region is attributed to the increase in on-road vehicles as well as the rise in the cost of vehicle ownership especially in the countries like China, and India. Moreover, the increasing population, rising urbanization, and shifting consumer preference to alternative solutions are significant factors for the growth of the shared mobility market in the region.
The Global Shared Mobility Industry Segmentation:
Global Shared Mobility Market by Type Industry Outlook (Revenue, USD Million, 2021-2027)
Global Shared Mobility Market by Vehicle Type Industry Outlook (Revenue, USD Million, 2021-2027)
Global Shared Mobility Market by Business Model Industry Outlook (Revenue, USD Million, 2021-2027)