The Global Shared Mobility Market is driven by Growing Transportation as a Service
Shared mobility services allow users to have temporary access to transportation modes on an "as-needed" basis. The shared vehicles are accessible through a smartphone application and can be picked up from reserved parking spaces or simply located through the mobile app's mapping features. Shared mobility helps address issues like traffic congestion and carbon emissions by reducing the number of privately-owned vehicles on roads. It provides an affordable, convenient and environment-friendly transportation option for users.
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: Key players operating in the Global Shared mobility Market Growth are Uber Technologies Inc., Lyft Inc., Didi Chuxing Technology Co., Grab Holdings Limited, Ola , focusing on expanding their mobility solutions across major cities globally. For instance, Uber aims to become a one-stop platform for all transportation needs through its ride-hailing, micromobility, and freight options.
Growing demand: The demand for shared mobility is growing significantly owing to benefits like affordability, flexibility, and convenience. Rising fuel costs, traffic congestion issues, and environmental protection concerns are encouraging more people to opt for shared over private transportation modes.
Global expansion: Major shared mobility companies are expanding their global footprints through strategic partnerships and acquisitions. For example, Lyft partnered with Ford to deploy thousands of electric vehicles on its platform by 2023. Didi Chuxing expanded outside of China through partnerships with local operators across Latin America, Australia, and Africa.
Market drivers: One of the key drivers for the global shared mobility market is growing transportation as a service. Customers now prefer accessing transportation on-demand instead of owing vehicles. This has boosted the subscription, pay-per-use models of shared mobility services worldwide. Evolving customer lifestyles, rapid urbanization, and digital revolution are also fueling the demand for shared transportation networks.
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