The Global Shared Mobility Market comprises ridesharing services, bike sharing services, carsharing services, scooter sharing services and others. Ridesharing services include online platforms that connect people with drivers willing to offer rides to others in their personal cars. Bike sharing services allow people to rent bicycles at station-based or dockless locations for short periods of time. Carsharing services allow people to rent vehicles by the hour or day from a fleet of cars located in their city or community. Scooter sharing services provide electric scooters for shared use around cities. Shared mobility allows people to access transportation services on an as-needed basis while reducing vehicle ownership costs and providing a suitable alternative to personal vehicles. 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.

Key Takeaways:

Key players operating in the Global Shared mobility Market Growth 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. Increasing urbanization has led to growing traffic congestion and demand for new mobility solutions. Major companies are investing in R&D to develop advanced technologies such as cloud-based software platforms, GPS tracking, mobile apps, electric vehicles and autonomous vehicles to improve shared mobility services.

Market Trends:

Growing adoption of mobility as a service (MaaS) - Major companies are building integrated platforms that combine various shared transport options through a single interface. This allows users to plan, book and pay for trips using various public and private mobility services.

Increased focus on sustainability - Companies are electrifying their fleets and promoting shared rides to reduce emissions. Investments are being made in innovative technologies like smart mapping and optimization to improve operational efficiency.

Market Opportunities:

Emerging micromobility modes - New forms of micromobility like electric bicycles, scooters and skateboards are gaining popularity for short urban trips. There are opportunities to integrate these with established shared mobility platforms.

Expansion to smaller cities and rural areas - While currently concentrated in major metros, there is potential to extend shared mobility solutions to underserved communities using pioneering business models. This can fill critical first-mile and last-mile transportation gaps.

COVID-19 has impacted the growth of Global Shared Mobility Market:

The COVID-19 pandemic has significantly impacted the growth of the global shared mobility market. In the initial months of the pandemic, service providers witnessed a massive decline in demand as cities went under lockdowns and people preferred social distancing. Many shared transportation options like ride-hailing, car-sharing, and bike-sharing saw their businesses shrink by over 80% as people avoided shared rides. The shift to remote working also reduced office commutes which were a major source of revenue for these services. However, as restrictions eased, demand started reviving cautiously. Shared mobility players adopted stringent sanitization and safety measures like mandatory masks, limited capacity, contactless payments etc. to regain consumer trust. They also expanded into deliveries of essential goods to partly offset mobility losses. Going forward, shared mobility is expected to gradually recover led by micro-mobility options and shifts towards personal vehicles may reverse. Players will need to focus on innovative offerings, strategic partnerships and building long-term sustainable business models to accelerate market revival in the post-pandemic future.

Geographical regions:

The global shared mobility market in terms of value is highly concentrated in developed regions like North America and Europe. North America holds the largest share currently owing to strong presence of major players and high adoption rates, especially in the US. Developed countries in Europe also account for a significant portion of revenues led by mature shared mobility industries in countries such as Germany, France, and the UK. However, the Asia Pacific region excluding Japan has emerged as the fastest growing market globally and is expected to surpass North America in the coming years. This is attributed to the massive untapped potential in highly populated countries like China and India which are witnessing a massive boom in shared mobility backed by supportive government policies and investments. Other emerging regions such as Latin America and Middle East & Africa are also witnessing steady growth as costs reduce with new offerings and exposure increases to shared transport networks.

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