Shared Mobility Market Size valued at USD 439.8 Billion in 2022. The Global Shared Mobility market is projected to grow from USD 492.5 Billion in 2023 to USD 1219.6 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 12.00% during the forecast period (2024 - 2032). Increased urbanization and congestion in cities worldwide, the rising awareness of environmental sustainability, and the growing demand for eco-friendly transportation solutions are the key market drivers enhancing growth of the market.
Source: The Secondary Research, Primary Research, MRFR Database and Analyst Review
Market CAGR for shared mobility is being driven by the rising urbanization and congestion in cities worldwide. As more people move to urban areas, there is a growing need for efficient and sustainable transportation solutions. Shared mobility services, including ridesharing, carpooling, bike-sharing, and scooter-sharing, address this need by providing convenient and cost-effective alternatives to traditional car ownership. The global trend toward urbanization is undeniable, with more people residing in cities and metropolitan areas.
As urban populations swell, so does the demand for transportation options that can alleviate traffic congestion, reduce pollution, and make efficient use of limited urban space. Shared mobility services, which maximize vehicle utilization by enabling multiple users to share rides, help address these urban challenges. Many cities around the world grapple with severe traffic congestion, leading to longer commutes, increased air pollution, and productivity losses. Shared mobility services, particularly ridesharing and carpooling, offer a means to reduce the number of single-occupancy vehicles on the road. By encouraging carpooling and shared rides, these services can help ease congestion and decrease the overall number of vehicles in urban areas. With growing awareness of environmental issues and climate change, there is a heightened focus on reducing greenhouse gas emissions and air pollution. Shared mobility services often provide access to cleaner and more fuel-efficient vehicles, such as electric cars and bicycles, promoting eco-friendly transportation choices and contributing to sustainability goals.
Urban dwellers increasingly recognize the financial burden of car ownership, including expenses related to purchasing, maintaining, and parking a vehicle. Shared mobility services offer a cost-effective alternative, allowing individuals to pay only for the transportation they use without the long-term commitments and expenses associated with owning a car. Advances in technology, particularly the widespread availability of smartphones and mobile applications, have made it easier than ever for people to access and use shared mobility services. Users can quickly locate, book, and pay for rides through user-friendly apps, making Shared rides a convenient option for urban residents. Many governments and municipalities are actively promoting as part of their urban transportation strategies. They may offer incentives, establish dedicated lanes, or enact regulations that encourage or require ridesharing, bike-sharing, or other Shared rides solutions to address urban challenges.
Consumer preferences are evolving, with many people showing a willingness to embrace alternatives to car ownership. Car-sharing aligns with these changing preferences, offering flexible and on-demand transportation solutions that cater to the needs of modern urban lifestyles. Thus driving the Shared Mobility market revenue.
The Shared Mobility Market segmentation, based on service type, includes Bike Sharing, Car Sharing, Ride-Hailing, Public Transit and Micro transit. The ride-hailing segment dominates the market, accounting for the largest market revenue due to its convenience, affordability, and widespread accessibility. By leveraging smartphone apps, passengers can easily request rides, making it a hassle-free alternative to owning a car. Additionally, ride-hailing companies often offer a variety of vehicle options, including eco-friendly choices, and have expanded their services to include carpooling and shared rides, further promoting cost-effective and environmentally friendly transportation solutions. This combination of convenience, affordability, and sustainability has propelled ride-hailing services to the forefront of the shared mobility market. Further, the bike-sharing segment is anticipated to attain the fastest growth throughout the forecast period.
The Shared Mobility Market segmentation, based on vehicle type, includes Two-Wheelers, Passenger Cars, Buses and Rails, and Others. The passenger cars category dominates the market due to their versatility and widespread availability, offering convenient and comfortable transportation options for a wide range of users. They cater to diverse needs, from daily commutes and urban ridesharing to longer-distance travel. Moreover, advancements in app-based ridesharing platforms have made it easier for passengers to access and book shared car services, further solidifying the dominance of passenger cars in the shared mobility market. Further, the two-wheelers segment is the fastest-growing segment.
The Shared Mobility Market segmentation, based on distribution channels, includes Offline and Online. The online category dominates the market. The rise of mobile applications and digital platforms has revolutionized the way people access Car-sharing services such as ridesharing, bike sharing, and scooter sharing. Users can easily locate, book, and pay for Car-sharing options through smartphone apps, making online distribution channels the primary method for accessing these services, while traditional offline methods like walk-up rentals or telephone bookings have become less common.
Source: The Secondary Research, Primary Research, MRFR Database and Analyst Review
By region, the study gives market insights into the North America, Europe, Asia-Pacific and the Rest of the World. The North American Shared Mobility market area dominates this market, owing to the increasing focus on urbanization and sustainability, with many cities aiming to reduce traffic congestion and environmental impact. Additionally, the presence of well-established ride-sharing and car-sharing platforms, coupled with changing consumer preferences towards more flexible and cost-effective transportation options, fuels the growth of Car-sharing services in the region.
Further, the main countries studied in the market report are The US, Canada, Germany, France, the UK, Italy, Spain, Japan, China, India, Australia, South Korea, and Brazil.
Source: The Secondary Research, Primary Research, MRFR Database and Analyst Review
Europe's Shared Mobility market accounts for the second-largest market share due to a strong emphasis on environmental sustainability, strict emissions regulations, and the increasing adoption of urban mobility policies that encourage the use of eco-friendly and shared transportation options. Further, the German Shared Mobility market held the largest market share, and the UK Shared Mobility market was the fastest-growing market in European region.
The Asia-Pacific Shared Mobility Market is expected to grow at the rapid CAGR from 2024 to 2032. This is due to the rapid urbanization, densely populated cities, and increasing demand for convenient and cost-effective transportation solutions in the region. Moreover, China’s Shared Mobility market held the largest market share, and the Indian Shared Mobility market was the fastest-growing market in Asia-Pacific region.
Leading market players are investing heavily in the research and development in order to expand their product lines, which will help the Shared Mobility market grow even more. Market players are also undertaking a variety of strategic activities to spread their global footprint, with important market developments including contractual agreements, new product launches, mergers and acquisitions, higher investments, and collaboration with other organizations. To spread and survive in a more competitive and rising market climate, the Car-sharing industry must offer cost-effective items.
Manufacturing locally to minimize the operational costs is one of the key business tactics used by the manufacturers in the global Car-sharing industry to benefit the clients and increase the market sector. In recent years, the Car-sharing industry has offered some of the most significant advantages to the automotive industry. Major players in the Shared Mobility market, including Blu-Smart Mobility Pvt. Ltd., Bolt Technology OÜ, Autocrypt Co., Ltd., Cabify Espaa S.L.U., EasyMile SAS, Meru Mobility Tech Pvt. Ltd., ANI Technologies Private Limited (Ola), Zoomcar India Private Limited, Getaround, Inc., Free2move, BlaBlaCar, Lyft, Inc., Didi Chuxing Technology Co., Yandex LLC, Uber Technologies Inc, and others, are trying to increase market demand by investing in research and development operations.
Free2Move is a mobility services company operated by Stellantis (formerly known as Groupe PSA), one of the world's largest automotive manufacturers. Free2Move is a subsidiary of Stellantis and focuses on providing a range of mobility solutions, including car-sharing, car rental, and other urban mobility services. It operates as an independent brand, offering a diverse set of transportation options to customers. Free2Move provides a mobile app that acts as a central platform for accessing its various services. Users can use the applications to locate nearby vehicles, book rides, pay for services, and manage their accounts. In April 2023, Free2move and BMW partner to offer electric vehicle charging and car-sharing services at BMW dealerships in Europe. This partnership is designed to make it easier for drivers to switch to the electric vehicles and to find convenient charging options.
Lyft is a prominent transportation network company (TNC) based in the United States. Lyft was founded in 2012 by the Logan Green and John Zimmer. It is headquartered in San Francisco, California. The company was established with the goal of providing an alternative to traditional taxi services by connecting riders with drivers via a mobile app. Lyft operates a ride-hailing platform that allows users to request rides from nearby drivers using their smartphones. It provides a range of ride options, including standard Lyft rides, Lyft Plus for larger groups, and Lyft Lux for premium rides. In July 2023, Ford and Lyft partner to develop and deploy a fleet of self-driving electric vehicles in the U.S. This partnership is designed to accelerate the development and deployment of autonomous vehicles and to make Car-sharing more accessible and affordable.
March 2023: Lyft and Spin partner to bring Spin scooters to the Lyft app in 60 U.S. markets. This partnership is designed to make it easier for riders to access a variety of Car-sharing options in one place.
April 2023: Lyft acquires PBSC Urban Solutions, a global supply leader for bike share equipment and technology. This acquisition is designed to double up Lyft's scale in micro-mobility and to give it a stronger foothold in the international market.
August 2023: Uber launches a new feature called "Uber Reserve" that allows riders to book a ride in advance and reserve it for a specific time. This feature is designed to give riders more peace of mind and to help them avoid surge pricing.
| Report Attribute/Metric | Details |
| Market Size 2022 | USD 439.8 Billion |
| Market Size 2023 | USD 492.5 Billion |
| Market Size 2032 | USD 1219.6 Billion |
| Compound Annual Growth Rate (CAGR) | 12.00% (2024-2032) |
| Base Year | 2023 |
| Market Forecast Period | 2024-2032 |
| Historical Data | 2018- 2022 |
| Market Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, The Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Service Model, Vehicle Type, Distribution Channel and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and the Rest of the World |
| Countries Covered | The US, Canada, Germany, France, UK, Italy, Spain, Japan, China, India, Australia, South Korea, and Brazil |
| Key Companies Profiled | Blu-Smart Mobility Pvt. Ltd., Bolt Technology OÜ, Autocrypt Co., Ltd., Cabify Espaa S.L.U., EasyMile SAS, Meru Mobility Tech Pvt. Ltd., ANI Technologies Private Limited (Ola), Zoomcar India Private Limited, Getaround, Inc., Free2move, BlaBlaCar, Lyft, Inc., Didi Chuxing Technology Co., Yandex LLC, Uber Technologies Inc |
| Key Market Opportunities | The growing demand for eco-friendly transportation solutions. |
| Key Market Dynamics | Increased urbanization and congestion in cities worldwide and the rising awareness of environmental sustainability. |
Frequently Asked Questions (FAQ) :
The Shared Mobility Market size was valued at USD 439.8 Billion in 2022.
The global market is foreseen to rise at a CAGR of 12.00% during the forecast period, 2024-2032.
North America held the largest share in the global market
The key players in the market are Blu-Smart Mobility Pvt. Ltd., Bolt Technology OÜ, Autocrypt Co., Ltd., Cabify Espaa S.L.U., EasyMile SAS, Meru Mobility Tech Pvt. Ltd., ANI Technologies Private Limited (Ola), Zoomcar India Private Limited, Getaround, Inc., Free2move, BlaBlaCar, Lyft, Inc., Didi Chuxing Technology Co., Yandex LLC, Uber Technologies Inc.
The ride-hailing category dominated the market in 2022.
The online had the largest share in the global market.
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Team Lead - Research she holds an experience of about 6+ years in market research and business consulting, working under the spectrum of information communication technology, telecommunications and semiconductor domains. aarti conceptualizes and implements a scalable business strategy and provides strategic leadership to the clients. her expertise lies in market estimation, competitive intelligence, pipeline analysis, customer assessment, etc.
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