Shared Mobility Market

Growing urbanization and congestion in cities worldwide population is driving market growth

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 Global Shared Mobility Market Industry is experiencing a surge in demand due to increasing urbanization. As more people migrate to urban areas, the need for efficient transportation solutions becomes paramount. In 2024, the market is valued at 617.9 USD Billion, reflecting the growing reliance on shared mobility services to alleviate congestion and reduce travel costs. Urban centers are adopting shared mobility solutions, such as car-sharing and ride-hailing, to enhance accessibility and sustainability. This trend is likely to continue, as urban populations are projected to rise, further driving the expansion of shared mobility options.

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.

Figure 2: Shared Mobility Market Share By Region 2023 (USD Billion)

Source: The Secondary Research, Primary Research, Market Research Future 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 2025 to 2034. 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.