Global Shared Mobility Market was valued at US$ 100Bn in 2019 and is expected to reach US$ 250Bn by 2027, at a CAGR of 12.14% during a forecast period.
Global Shared Mobility Market, by Region
Shared mobility refers to increase cause of behavior people sharing various modes of transportation (vehicle, bicycle, scooter or other modes) on an as-needed basis. The goal of shared mobility is to effectively and efficiently use transportation vehicles to help reduce carbon emissions, and congestion while also providing individuals cost-effective ways to get to their destinations.
Major driving factors of the Shared Mobility Market are Technology and mass adoption of smartphones has catalyzed some shared mobility transportation options such as car sharing and ride hailing. Individuals are gaining the benefits of private vehicle use without the costs and responsibilities of ownership. Attitude shift and acceptance towards subscription-based models and on-demand services over ownership models. Free-floating carsharing is the most flexible type of carsharing that is geared towards shorter trips.
Changes in travel behavior due to increase in part-time work with varying schedules, more consumers shopping online and growth in telemedicine are the key opportunity in shared mobility market segment. Inadequate transit infrastructure and cheap and efficient public transportation means, such as, metro will as a restraint to this segment.
Based on the Business Model, Vehicle sharing is expected to hold the largest share in the market during the forecast period. Vehicle sharing services are in highly available in populated, dense cities with a more affluent demographic. Operators are in expand their service area outside the city center – specially to prevent membership churn as members move out from the city center to suburban areas. Some cities are creating operators to service in certain areas outside the city center to encourage this behavior. With no slow-down to vehicle sales and the urbanization megatrend continuing to play-out, owning and maintaining a personal car is turning out to be far too much of a hassle sharing makes perfect business option and helps out to maintain the vehicle with service cost.
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