April 18, 2024
Global Shared Mobility Market

The Global Shared Mobility Market is Primed for Growth with Ride-hailing Dominance by 2024

The global shared mobility market involves products and services that enable individuals to gain short-term access to transportation modes on an “as needed” basis. This includes ride-hailing services through smartphone applications, car-sharing, bike-sharing, and shuttle services. With the proliferation of ride-hailing applications and an increasing number of users opting for shared transportation modes driven by cost and environmental benefits, the global shared mobility market is experiencing significant growth.

The Global Shared Mobility Market is estimated to be valued at US$ 732.20 Bn in 2024 and is expected to exhibit a CAGR of 12% over the forecast period 2024 to 2031.

Ride-hailing dominates the market currently with Uber Technologies Inc. and Lyft Inc. leading the way globally. The need for flexible transportation alternatives and a preference for sustainable options is driving the demand for shared mobility services around the world.

Key Takeaways

Key players operating in the global shared mobility market 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.

The growing demand for affordable and sustainable transportation alternatives is propelling the Global Shared Mobility Market Size forward. Users are increasingly adopting shared transportation services for first and last-mile connectivity to reduce infrastructure requirements and carbon footprint.

Major shared mobility players are expanding their global footprint by entering new markets and cities to tap the vast potential for growth. Partnerships with local authorities and mass transit systems are helping accelerate this global expansion.

Market Key Trends

One of the key trends in the global shared mobility market is the shift towards electric vehicles. Both micromobility services and ride-hailing fleets are transitioning to electric bikes, scooters, and cars to reduce emissions and fuel costs. Companies are investing heavily in charging infrastructure and battery swapping technologies to promote widespread electrification of shared mobility services. Furthermore, autonomous vehicle integration and mobility-as-a-service models are expected to massively transform the landscape of shared transportation over the long term. Shared self-driving vehicles could make mobility more affordable and accessible while achieving environmental sustainability goals.

Porter’s Analysis
Threat of new entrants: The global shared mobility market has moderate threat of new entrants due to high capital requirement and presence of established players in the market.
Bargaining power of buyers: Buyers have low bargaining power in the global shared mobility market due to availability of multiple options.
Bargaining power of suppliers: Suppliers have moderate bargaining power due to availability of alternative transportation services.
Threat of new substitutes: Threat of substitutes is high due to presence of public transportation and private vehicles.
Competitive rivalry: The competitive rivalry in the market is high due to presence of many global and regional players.

Geographical Regions
North America accounts for the largest share in the global shared mobility market in terms of value. Factors such as strong economy, presence of key players, advanced technology infrastructure and adoption of shared mobility services drive the market growth.

Asia Pacific is expected to be the fastest growing region during the forecast period due to increasing population, rapid urbanization, growing disposable income and adoption of shared mobility as an economically viable solution for transportation needs. Countries such as China, India and Japan contribute significantly to the regional market growth.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it