Global Shared Mobility Market Set for Rapid Growth with Autonomous Technologies
One of the key trends gained traction in the shared mobility market is increasing autonomous technologies integration. Several market players are investing heavily in developing autonomous electric vehicles for shared mobility services to optimize fleet utilization, rebalance vehicle distribution and reduce costs significantly. Autonomous technologies can scale shared mobility services to new heights creating immense opportunities for advancement. As autonomous vehicles get more advanced, their integration with shared mobility is expected to transform urban transportation.
Threat of new entrants: The threat of new entrants is moderate as the shared mobility market requires huge investments and partnerships with automakers.
Bargaining power of buyers: The bargaining power of buyers is high due to the availability of multiple options for commuting.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as auto makers play a significant role in fleet operations for shared mobility platforms.
Threat of new substitutes: The threat of new substitutes is high due to emerging mobility solutions like personal vehicles, public transport and evolving technologies.
Competitive rivalry: The competitive rivalry is high considering the presence of global and regional players competing on pricing and service quality.
In terms of value, the shared mobility market is highly concentrated in North America followed by Europe and Asia Pacific. North America accounted for over 35% share of the global market owing to high deployment of ride-hailing and rental services in the US and Canada.
The fastest growing region for shared mobility market is expected to be Asia Pacific between 2024-2031. Countries like China, Japan and India are anticipated to drive the growth supported by favorable government policies, improving infrastructure and increasing mobility needs of the rising middle class population in the region.
The global shared mobility market is experiencing rapid growth driven by autonomous technologies. Shared mobility services such as ridesharing, bike sharing and car sharing have gained immense popularity as an inexpensive and sustainable mode of transportation. These services provide flexible mobility on-demand through shared vehicles and aim to reduce vehicle ownership costs in congested urban areas. The global shared mobility market is estimated to be valued at US$ 318.32 Bn in 2024 and is expected to exhibit a CAGR of 12.% over the forecast period 2024 to 2031.
Shared mobility services involve the shared use of a vehicle, bicycle or other transport mode on an as-needed basis. These services provide users access to transportation through a smartphone application or web portal. Shared vehicles offer greater flexibility compared to public transportation and are more affordable than private car ownership. Growing technology integration with Global Shared mobility Market Growth services has enhanced user experience through features such as live vehicle tracking, payment integration and ride scheduling. Furthermore, autonomous vehicle technologies are expected to integrate with shared mobility in the coming years, optimizing vehicle utilization and reducing costs.
Key players operating in the Global Shared mobility Market are Uber Technologies Inc., Lyft Inc., Didi Chuxing Technology Co., Grab Holdings Limited, Ola, BlaBlaCar, Lime, Bird Rides, Inc., TIER Mobility, Mobike, Spin, JUMP Bikes, Yulu, Zipcar, Citymapper, Blu-Smart Mobility Pvt. Ltd., Bolt Technology, Autocrypt Co., Ltd., Cabify Espaa S.L.U., EasyMile SAS, Meru Mobility Tech Pvt. Ltd., Zoomcar India Private Limited, Getaround, Inc., Free2move, Lyft, Inc., and Yandex LLC.
The growing demand for affordable mobility services especially among the millennials and generation Z is fueling market growth. Shared mobility services provide flexibility and are more sustainable alternatives to private vehicle ownership.
Rapid urbanization globally has led to increased congestion and air pollution issues necessitating sustainable mobility options. Service providers are expanding their fleet sizes and operational geography to capitalize on the large untapped market potential in developing nations.
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