Shared Mobility Market Size, Share & Trends Analysis Report By Service Model (Ride Hailing, Bike Sharing, Ride Sharing, Car Sharing), By Channel, By Vehicle (Cars, Two-wheelers), By Region, And Segment Forecasts, 2023 - 2030

Shared Mobility Market Size, Share & Trends Analysis Report By Service Model (Ride Hailing, Bike Sharing, Ride Sharing, Car Sharing), By Channel, By Vehicle (Cars, Two-wheelers), By Region, And Segment Forecasts, 2023 - 2030

Shared Mobility Market Growth & Trends

The global shared mobility market size is expected to reach USD 675.36 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to grow at a CAGR of 14.8% from 2023 to 2020. This growth is driven by the widespread adoption of mobile apps that enable users to access, and book carpools quickly and easily. These apps provide real-time information on vehicle availability, pricing, and location, making it easier for users to plan their trips and navigate the city. The use of electric and hybrid vehicles in the market is expected to grow in the coming years as cities and governments increasingly prioritize sustainable transportation solutions to reduce carbon emissions and improve air quality.

In February 2023, Uber Technologies signed a Memorandum of Understanding (MoU) with Tata Motors to advance sustainable mobility in India. The collaboration will aid in the electrification of Uber services across major cities in India, including Kolkata, Mumbai, Chennai, Hyderabad, Delhi NCR, Bengaluru, and Ahmedabad. The collaboration with Tata Motors will establish the groundwork for a significant growth of four-wheeler EVs on an Indian mobility platform.

Companies like Uber and Lyft are increasingly offering electric and hybrid vehicles as a part of their fleets, providing riders with a more sustainable option. Zipcar and Car2Go also introduced electric and hybrid vehicles to their fleet, giving users access to better short-term rental options. Consumers also demand more convenience and flexibility in the services, which has led to the development of new business models and services. For example, Uber and Lyft have introduced ride-hailing services that offer on-demand transportation. In contrast, car-sharing services like Zipcar and Car2Go provide flexible pick-up and drop-off options for hourly rentals.

Automakers produce vehicles suitable for shared mobility services. This includes traditional car manufacturers and companies focused on electric and autonomous vehicles. Shared mobility providers may purchase or lease vehicles to build their fleets. Some providers may also partner with vehicle manufacturers for customized solutions. Fleet management companies play a crucial role in ensuring vehicles are properly maintained, inspected, and repaired as needed. This involves routine maintenance, cleaning, and resolving technical issues. They also manage vehicle scheduling, ensuring an optimal balance of supply and demand across different locations.

Rising penetration of internet-based technologies, mass marketing of connected vehicles, and the prevalence of intelligent transportation systems (ITS) are among the key technological breakthroughs expected to positively impact the industry. The integrated web services provide vehicles with innovative features like V2X, V2I, and V2V communication. Moreover, the increasing availability of real-time information for parking, congestion, and public transit will further propel the shared mobility industry’s growth over the coming years.

Urban mobility is anticipated to showcase tremendous growth over the coming years, which combines advanced vehicle characteristics, digital infrastructure, and cross-sector stakeholders. The digital infrastructure involves the provision of real-time travel information and connected transport infrastructure for the convenience of the customers. Also, this advanced infrastructure includes e-wallets, smart cards, and online account management systems, which allow accessible and one-stop payment options for seamless customer experience via relevant distribution networks.

Shared Mobility Market Report Highlights

• The two-wheeler vehicle segment is anticipated to witness the fastest CAGR of over 17.8% from 2023 to 2030. Two-wheelers have always been a popular mode of transportation due to their low cost and fuel efficiency. Shared mobility companies have recognized this trend and have started to offer shared two-wheeler services, such as bike-sharing and scooter-sharing to cater to the market growth
• The bike-sharing service model segment is expected to register the fastest CAGR from 2023 to 2030. Two-wheeler services are expected to flourish in the coming years as two-wheelers are considered the fastest way to travel on congested city streets
• Middle East and Africa is anticipated to register the highest CAGR over the forecast period. The growing demand for shared transportation solutions due to increased corporate travelers in countries such as the UAE and South Africa encourages market growth
• The major companies operating in the market are Uber, Car2Go, DiDi Chuxing, Drive Now (BMW), and Deutsche Bahn Connect GmbH

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