Global Shared Mobility Market Size & Trends Expected to Reach Over USD 188.43 Billion by 2030 | CAGR: 8.1%: Polaris Market Research
NEW YORK, March 30, 2022 /PRNewswire/ -- Polaris Market Research recently published a research report on "Shared Mobility Market Share, Size, Trends, Industry Analysis Report, By Type (Ride-sharing, Vehicle Rental/Leasing, Ride Sourcing, Private), By Vehicle Type (Passenger Cars, LCVs, Busses & Coaches, Micro Mobility), By Business Model; By Region; Segment Forecast, 2022 - 2030" in its research database.
According to research report published by Polaris Market Research, the global shared mobility market size & trends expected to reach USD 188.43 Billion by 2030 from USD 96.01 Billion in 2021, at a compound annual growth rate (CAGR) of 8.1% during forecast period 2022 to 2030.
What is the meaning of shared mobility in automotive industry? How big is shared mobility market?
Shared mobility is a commuting service wherein organizations provide commuting services. The owner of the commercial vehicle shares their vehicle with an organization which then provides these vehicles for services such as hiring, ride-sharing, and mobility. The fare completely depends on the ride distance and time required for the customer to reach the destination. This service includes taxis, car sharing, bike sharing, scooter sharing, limos, ridesharing, and many more vehicles sharing.
The shared mobility market has a vast potential to grow over the forecast period as the trend for shared transportation has increased tremendously in recent years. The outbreak of the COVID-19 that imposed complete lockdowns across nations had a negative effect on the transportation industry. Customers are doubtful about using ride-sharing services even when the lockdown is lifted. However, ride-sharing companies continuously offer better sanitation and safety to regain customer trust.
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Shared Mobility Market: Growth Drivers
Initiatives by governments toward strengthening shared mobility systems are the most significant growth driver for the shared mobility market. Also, rising investment from the government on increasing concerns about the environment and cost-effective methods of transportation through shared mobility are anticipated to accelerate the growth of the market. Then, growing internet penetration is positively influencing the growth of the shared mobility market. Moreover, increasing traffic congestion on the road, high fuel prices, high cost of personal vehicle ownership, and lack of parking spaces are some of the factors expected to boost the market growth. In addition, developments in the number of passenger cars that port shared mobility services offered by buses and coaches is another factor expected to create lucrative opportunities for the global shared mobility market.
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Global Shared Mobility Market: Report Scope
Also, Read Press Release on: Global Shared Mobility Market Size & Trends Analysis, 2020-2030
Shared Mobility Market: Segmentation
Based on type, the market is segmented into Ride-sharing, Vehicle Rental/Leasing, Ride Sourcing, and Private. The ride-sharing segment accounted for the largest market share in 2021 and is anticipated to lead the market during the forecast period. The segment's progress can be attributed to the fluctuating customer preference as per more cost-effective solutions. The ride-sharing services are more convenient and eliminate the need for individuals to buy a vehicle. In addition, the growing fuel prices and rising vehicle maintenance costs are likely to grow ride-sharing services. The vehicle rental/leasing segment is expected to grow at the fastest rate during the projected time period owing to the increase in the cost of vehicle ownership globally.
On the basis of Vehicle Type, the market is categorized into Passenger Cars, LCVs, Busses & Coaches, and Micro Mobility. Passenger cars held the largest market share and are anticipated to continue their dominance during the forecast period. The segment growth can be attributed to growing internet penetration across the globe and the introduction of novel services by ride-hailing providers.
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Shared Mobility Market: Geographic Overview
Based on geography, Asia Pacific held the highest market shares in the global shared mobility market in 2021. The key growth drivers contributing to this regional growth include growing demand for shared mobility services owing to the rising vehicle traffic as well as the high costs of vehicle ownership in countries such as India and China, among others. The rapid urbanization and enhancing living standards of the population in the emerging countries are additional factors fueling the market's growth. Furthermore, North America is expected to accelerate the growth of the shared mobility market over the forecasting years. The growing developments in the region are likely to boost the demand for shared mobility services.
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