ALBANY, New York, Feb. 4, 2020 /PRNewswire/ -- Recalibration and remodelling of transport networks have helped in driving sales across the global shared mobility market. A large population of people travels large distances as a part of their daily commute, adding to their costs of living. The option of sharing rides with fellow passengers has become a prominent trend across cosmopolitan cities. This trend is gradually permeating to tier-II cities, majorly due to expansion of residential and commercial areas. Shared mobility offers premium options to passengers willing to reduce the cost of their daily commute. Several private entities have ventured into the domain of shared mobility services in order to cause positive disruptions in the market. Transparency Market Research (TMR) prognosticates the global shared mobility market to expand at robust CAGR of 8% during the forecast period between 2018 and 2026, reaching a value of over US$ 608 Bn by the end of this forecast period.
Development of an integrated ecosystems within the transport industry has made room for the emergence of shared mobility services. The latter has emerged as an important component of the transport system of cities and municipalities, offering utility and sustainability for the masses.
Key Findings of the Market Study
- The organized sector has shown resilience in embracing shared mobility services as corporate entities provide rental transport for employees. The unorganized sector is also aping the propensities that have birthed in the organized sector.
- On the basis of service type, ride sharing has become an important trend across several regions.
- Public buses and coaches have been in use for several decades across a multitude of regions. The growing number of passenger cars is a prominent trend that shall support shared mobility services offered by buses and coaches.
- Manual cars and buses are commonly used for providing shared mobility services across cosmopolitan cities.
Get detailed insights and factual information about the growth dynamics of Shared Mobility Market (Sector Type - Unorganized, Organized; Type - Ride-sharing, Vehicle Rental/Leasing, Ride Sourcing, Private; Vehicle Type - Passenger Cars, LCVs, Buses and Coaches, Micro mobility; Business Model - P2P, B2B, B2C; Autonomy Level – Manual, Semi-autonomous, Autonomous; Power Source - Fuel Powered, HEV (HEV), PHEV (PHEV), BEV (BEV)) - 2018 - 2026 at: https://www.transparencymarketresearch.com/shared-mobility-market.html
Global Shared Mobility Market: Demand Drivers
State-authorities have given a seal of credibility to various modes of shared mobility used across the wide expanse of municipalities. Apart from serving overarching utility to the middle-income groups, shared mobility services have played a defining role in controlling traffic, reducing carbon footprint, and alleviating the complexity of transport networks. Some of the prominent drivers of demand within the global shared mobility market are listed below:
- Investments from government entities towards strengthening shared mobility systems have helped in driving demand.
- Increasing emissions from private vehicles have led environmentalists to promote shared mobility services across key regional territories. Besides, use of public transport systems is on the charter of recommendations issues by government authorities.
- Cab booking services have also played an integral role in generating fresh revenues across the global shared mobility market. Uber and Cabify are amongst globally-reckoned players that have revolutionised the domain of shared mobility with their premium services.
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Challenges for Shared Mobility Market Players
- Greater spending capacity of the masses has led to increased sale of private vehicles. This trend has led people to abandon shared mobility services for a more comfortable and safe travel experience.
- A large corporate population detests shared mobility services due to the long hours of commute that go in sharing cabs or rides.
- Absence of core business models for shared mobility services, especially in tier-II cities, hampers market growth and maturity.
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Global Shared Mobility Services Market: Regional Analysis
The trend of shared mobility services has gathered momentum in Europe, majorly due to the sophistication of public transport systems in the region. Furthermore, high prices of fuel in the region have also compelled the masses to resort to shared mobility services. In the Middle East, the trend of shared mobility is gathering momentum with growing influx of expats who come to the region to fulfil their corporate ambitions.
Analyze shared mobility services market growth in 30+ countries including US, Canada, Germany, United Kingdom, France, Italy, Russia, Poland, Benelux, Nordic, China, Japan, India, and South Korea. Request a sample of the study,
The leading vendors in the global shared mobility market are contracting their name and services to private entities. This trend shall help these players in establishing a footfall in the global market. Some of the leading players in the global shared mobility market are ANI Technologies Pvt. Ltd. (OLA), Uber Technologies Inc., Lyft, Inc., Careem, Grab, and Taxify OÜ.
- Sector Type
- Vehicle Rental/Leasing
- Ride Sourcing
- Vehicle Type
- Passenger Cars
- Busses & Coaches
- Micro mobility
- Business Model
- Autonomy Level
- Power Source
- Fuel Powered
- Hybrid Electric Vehicle (HEV)
- Plug-in Hybrid Electric Vehicle (PHEV)
- Battery Electric Vehicle (BEV)
- Region/ by Country/ Sub-region
- North America
- Asia Pacific
- Middle East & Africa (MEA)
- Latin America
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