Shared Mobility Market Size, Share, Growth, Report 2032

January 04, 2025

The global shared mobility market was estimated to be worth USD 5.69 billion in 2023 and is expected to grow to USD 54.90 billion by the end of 2032, per a report released by Zion Market Research. Over the course of the projected period, the market is anticipated to expand at a CAGR of 28.65%. The growth factors, barriers, and effects on demand of the global shared mobility market are examined in this study over the period of forecasting. Additionally, it will assist in exploring and navigating the growing prospects in the Shared Mobility sector.

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Overview of the Global Shared Mobility Market

Due to a number of circumstances, including growing environmental concerns, economic worries, limited energy resources, and fast urbanisation, the trend of shared transportation has grown significantly in recent years. Therefore, with the aid of technology and the internet, car manufacturers and rental car agencies have developed methods to address these problems. The practice of sharing transport services with other people is known as “shared mobility.” This can include sharing a car, a bike, a cab, a bicycle, and a lot more.

Growth Factors for the Global Shared Mobility Market

The increasing use of smartphones and linked cars is one of the main reasons driving market expansion. The market for shared mobility is also expanding as a result of rising fuel prices, an increase in traffic on the roads, and a decline in parking spots. The demand for shared mobility is rising in emerging economies because it offers features like the ability to cancel or change rides and is more affordable than other forms of transportation. In an effort to address traffic and greenhouse gas emissions, a number of governments are launching campaigns to promote the use of shared mobility. Furthermore, people are being forced to choose more economical solutions and forms of transportation due to the high cost of car ownership. It is anticipated that growing use of rail-hailing services will have a favourable impact on the market expansion for shared mobility.

People’s unwillingness to share their cars with strangers and their lack of awareness about these kinds of service models are two challenges impeding the expansion of the shared mobility sector. The market for shared mobility is also adversely affected by inadequate network infrastructure and bad internet access.

Global Market Segmentation for Shared Mobility

Vehicle type and service model are used to segment the worldwide shared mobility market.
The global market is separated into two-wheelers and vehicles based on the kind of vehicle. The market for shared mobility is divided into three segments based on the service model: ride-hailing, car-sharing, and bike-sharing.

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Market for Shared Mobility: Report Scope

Regional Analysis of the Global Shared Mobility Market

The Asia Pacific area is anticipated to have significant market shares in shared mobility. The shared mobility industry in Asia Pacific is expected to grow at a strong rate in the upcoming years as well. Since the cost of owning a car is rising in tandem with the amount of automotive traffic on the road, particularly in nations like China and India, the market expansion in this region is clearly obvious. Additionally, as more people move into cities in these nations, the transportation infrastructure is expanding quickly as well, which supports market expansion. Africa and the Middle East are two regions that expect to see notable growth rates in the future.

The growing number of corporate tourists in nations like South Africa and the United Arab Emirates is driving up demand for shared travel. In order to encourage market expansion, the UAE government is refocusing its efforts and implementing measures to reduce greenhouse gas emissions and traffic congestion.

Global Shared Mobility Market: By Vehicle Type Segment Analysis