Shared Mobility Market to be Worth $731.54 Billion by 2030: Grand View Research, Inc.
SAN FRANCISCO, May 11, 2023 /PRNewswire/ -- The global shared mobility market size is estimated to reach USD 731.54 billion by 2030, registering an estimated CAGR of nearly 15.8% from 2023 to 2030, according to a new report by Grand View Research, Inc. The market refers to the various modes of transportation shared by multiple users rather than privately owned or used. Shared mobility has grown significantly during the forecast period, driven by factors such as increasing urbanization, rising concerns about the environmental impact of personal transportation, and the growing popularity of alternative modes of transportation.
Key Industry Insights & Findings from the report:
- The two-wheelers vehicle segment is anticipated to witness the fastest CAGR of over 18% from 2023 to 2030. Two-wheelers have always been a popular mode of transportation due to their low cost and fuel efficiency. Shared mobility companies have recognized this trend and have started to offer shared two-wheeler services, such as bike-sharing and scooter-sharing to cater to the market growth.
- The bike-sharing service model segment is expected to register the fastest CAGR from 2023 to 2030. Two-wheeler services are expected to flourish in the coming years as two-wheelers are considered the fastest and fastest way to travel on congested city streets.
- Middle East and Africa region is anticipated to register the highest CAGR over the forecast period. The growing demand for shared transportation solutions due to increased corporate travelers in countries such as the UAE and South Africa encourages market growth.
Read full market research report, "Shared Mobility Market Size, Share & Trends Analysis Report By Service Model (Ride Hailing, Bike Sharing, Ride Sharing, Car Sharing), By Vehicle, By Region, And Segment Forecasts, 2023 - 2030", published by Grand View Research.
Shared Mobility Market Growth & Trends
Increasing urbanization has a significant impact on the market as more people move to cities and urban areas, there is a growing need for transportation solutions that are efficient, affordable, and sustainable. Shared mobility services have emerged as a popular solution to meet the need by providing users access to vehicles and transportation options they can share with others. These services make it easier and more affordable for people to get around in urban areas without relying on personal car ownership. In addition, these services are often more environmentally friendly than traditional modes of transportation since they can help reduce congestion, air pollution, and carbon emissions.
The widespread adoption of the internet had a significant impact on the market, it has made it possible for companies to develop and deploy sophisticated platforms and mobile applications that enable users to access shared mobility services more quickly and efficiently. Internet adoption has allowed companies to offer a range of features that enhance the user experience, such as real-time vehicle tracking, payment processing, and user reviews and ratings. These features help users to feel more comfortable and confident using shared mobility services and can help to build trust and loyalty with customers. Furthermore, internet adoption has made it easier for companies to collect and analyze data about how their services are being used. This data can identify trade and patterns in user behavior and inform the development of new services and features that better meet users' needs.
Several companies have emerged in the Latin American market, offering services such as car sharing, ride-hailing, bike sharing, and scooter sharing. Some of the key players in the market include Uber, Cabify, DiDi Chuxing, Grin, and Lime. In addition to traditional services, there has also been a growing interest in electric mobility solutions in the region. This has led to new services such as electric bike-sharing programs and electric scooter-sharing services. There need to be more infrastructure and regulatory frameworks to support these services. However, some cities have begun to develop regulations and infrastructure to encourage the growth of shared mobility services.
Shared Mobility Market Segmentation
Grand View Research has segmented the global shared mobility market based on service model, vehicle, and region
Shared Mobility Market - Service Model Outlook (Revenue, USD Billion, 2018 - 2030)
- Ride Hailing
- Bike Sharing
- Ride Sharing
- Car Sharing
Shared Mobility Market - Vehicle Outlook (Revenue, USD Billion, 2018 - 2030)
Shared Mobility Market - Region Outlook (Revenue, USD Billion, 2018 - 2030)
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
- South Africa
- Saudi Arabia
List of Key Players in the Shared Mobility Market
- Deutsche Bahn Connect GmbH
- DiDi Chuxing
- Drive Now (BMW)
Check out more related studies published by Grand View Research:
- Shared Vehicles Market - The global shared vehicles market size was estimated to reach USD 328.2 billion by 2028, registering a CAGR of 14.4% during the forecast period, according to a new report by Grand View Research, Inc. The growing demand for shared vehicles due to their flexibility, time efficiency, and convenience are some of the key factors that drive the growth of the shared vehicles market.
- E-Scooter Sharing Market - The global e-scooter sharing market size is estimated to reach USD 3.08 billion by 2028 and is expected to expand at a CAGR of 18.8% from 2022 to 2028, according to a new report by Grand View Research, Inc. The market growth is attributed to the rising investments in the sector coupled with growing initiatives to reduce air pollution and greenhouse gas emissions. For instance, electric scooter (e-scooter) sharing firm, VOI, has raised USD 115 million from investors as reported in December 2021. Additionally, Lime announced in November 2021 that it has raised over USD 500 million and plans to go public by 2022.
- Minivans Market - The global minivans market size is estimated to reach USD 122.7 billion by 2028 and is expected to grow at a CAGR of 2.9% from 2022 to 2028, according to a new report by Grand View Research, Inc. The global market is propelled by the increasing affordability of passenger vehicles, heightened product launches, and increasing disposable income of consumers. Furthermore, changing perception of the consumers regarding minivans to luxury vehicles also driving the market growth. Manufacturers are launching new models with improved features and aesthetics that attract more consumers and is fueling the market growth. New features include connected dashboards, reclining seats, a high roof, a spacious cabin, specially designed platforms, etc. Consumer preference is shifting from traditional passenger cars such as station wagons, sedans, etc., and growing towards multipurpose vehicles and utility vehicles with sturdy and rustic looks. This is also credited for increasing preference for minivans in the global market.
Browse through Grand View Research's Automotive & Transportation Industry Research Reports.
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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SOURCE Grand View Research, Inc.