The Global Shared Mobility Market is Anticipated to Witness High Growth Owing to Increasing Demand for Reduction in Carbon Footprint

 
Global Shared Mobility Market

Global Shared Mobility Market

The global shared mobility market involves provision of mobility services like vehicle renting, carpooling, ride-sharing and bike-sharing. The growing popularity of on-demand transportation has boosted the shared mobility market. With shared mobility services, users can easily avail transportation services through their smartphones and pay only for the actual use. The shared mobility model helps in optimizing the use of transportation assets and reducing the possession of private vehicles. This is anticipated to greatly lower carbon footprint by decreasing the emission from vehicles. The market is estimated to be valued at US$ 318.32 Bn in 2024 and is expected to exhibit a CAGR of 12.% over the forecast period 2024 To 2031.


Key Takeaways

Key players operating in the Global Shared mobility Market Growth are Uber Technologies Inc., Lyft Inc., Didi Chuxing Technology Co., Grab Holdings Limited, Ola, BlaBlaCar, Lime, Bird Rides, Inc., TIER Mobility, Mobike, Spin, JUMP Bikes, Yulu, Zipcar, Citymapper, Blu-Smart Mobility Pvt. Ltd., Bolt Technology, Autocrypt Co., Ltd., Cabify Espaa S.L.U., EasyMile SAS, Meru Mobility Tech Pvt. Ltd., Zoomcar India Private Limited, Getaround, Inc., Free2move, Lyft, Inc., and Yandex LLC. These players are investing heavily in R&D to introduce advanced technologies like vehicle connectivity, autonomous vehicles and electric vehicles in shared mobility services.

The global shared mobility market provides huge growth opportunities in metropolitan cities and dense urban areas across the globe. The rising urban population and growing need for affordable transportation are fueling the demand for shared mobility solutions especially in developing countries. The key players are exploring opportunities in new geographical markets and global expansion is expected to drive the shared mobility industry.

Market Drivers:

Rising fuel prices and high vehicle ownership costs are compelling users to opt for shared mobility services. Shared mobility helps users reduce transportation cost by paying only for short rental duration as required. This economical aspect is a major driver for the market growth.

Market Restrain:

Data privacy and security concerns associated with usage of ride-hailing apps can restrain the market growth. Many users refrain from sharing personal details with transportation service providers due to privacy risks. Stringent regulations around transportation network companies in some cities also act as a challenge for shared mobility services.

Segment Analysis

The global shared mobility market has two dominant segments - ride-hailing and car-sharing. Ride-hailing is the largest segment and held around 60% share of the market in 2024. Ride-hailing services like Uber and Lyft allow users to book taxis, private cars, or auto-rickshaws using their mobile app. They provide door-to-door commuting at affordable prices, and allow users to track the vehicle on a live map. This ease of accessibility and affordability has made ride-hailing the most popular choice among consumers. The car-sharing segment is growing at a faster rate owing to increasing focus on sustainable transportation options. Services like Zipcar and Citymapper allow users to rent vehicles for short periods, avoiding the costs of owning a private vehicle. Their growing popularity among the environmentally conscious youth population is driving the segment's growth.

Global Analysis

Regionally, North America dominated the market in 2024 with over 40% share driven by well-established ride-hailing and car-sharing services in major countries like the US and Canada. However, Asia Pacific is emerging as the fastest growing regional market projected to witness around 15% CAGR during the forecast period. Factors such as rising urbanization, growing penetration of smartphones, and increasing efforts to reduce pollution in highly populated countries like China and India are contributing to the growth of shared mobility services in Asia. Major cities across China, Japan, and India have witnessed significant adoption of shared bikes, electric scooters, and ride-hailing in recent years. Meanwhile, countries in Europe such as Germany, France, and UK also represent major traditional and emerging markets offering opportunities for further expansion for shared mobility players.

Gets More Insights on: Global Shared Mobility Market

Comments

Post a Comment

Popular posts from this blog

Lactate Meters Market is Anticipated to Witness High Growth Owing to Rising Incidences of Sports Injuries

Image
  Lactate Meters Market The lactate meters market has been gaining increasing prominence over the recent past owing to the rising incidences of sports injuries and training programs involving monitoring of lactate levels. Lactate meters help in measuring the amount of lactic acid present in the bloodstream which accumulates during intense physical activity. They play a pivotal role in sports medicine for athletes, coaches and health professionals to determine the level of exertion, evaluate fitness, track progress during training, monitor recovery and help prevent overtraining. They provide critical insights to plan personalized training programs and exercise regimes for athletes belonging to different sports such as soccer, rugby, swimming etc. The increasing focus on fitness among individuals has also augmented the demand for home-use lactate meters. The Global lactate meters market is estimated to be valued at US$ 296.8 Mn in 2024 and is expected to exhibit a CAGR of 8.8% over...
Read more

Blood Glucose Test Strip Market is Poised to Witness High Growth Due to Increasing Diabetes Prevalence

Image
Blood Glucose Test Strip Market Blood glucose test strips are thin, plastic strips that are used in handheld devices called glucometers to measure the concentration of glucose in the blood. Glucose levels are usually measured to monitor diabetes or check for hypoglycemia. Blood glucose test strips enable diabetics to effectively manage their blood glucose levels and determine insulin requirements. The increasing prevalence of diabetes across the globe is a major factor fueling the demand for blood glucose test strips. The Global Blood Glucose Test Strip Market is estimated to be valued at US$ 12.33 Bn in 2024 and is expected to exhibit a CAGR of 7.9% over the forecast period 2024 To 2031. Diabetes is a metabolic disorder in which the body is unable to produce enough insulin or properly use the insulin it produces, resulting in elevated levels of glucose in the blood. According to the International Diabetes Federation (IDF), around 537 million adults aged 20–79 years suffered from...
Read more

Next Generation Sequencing Market to Soar with Rising Personalized Medicine Demand

Image
  Next Generation Sequencing Market Next generation sequencing (NGS), also referred to as high throughput sequencing, refers to the new sequencing technologies including sequencing-by-synthesis, real-time sequencing, and sequencing-by-ligation. This technology allows DNA and RNA to be sequenced massively in parallel. NGS technology has revolutionized genomics research and enabled the sequencing of complete genomes more quickly and cost-effectively in comparison to traditional Sanger sequencing. NGS finds wide applications in various fields including oncology, reproductive health, pharmacogenetics, metabolic disorders diagnosis testing, agriculture, and microbiology research. The global next generation sequencing market is estimated to be valued at US$ 678.13 Mn in 2024 and is expected to exhibit a CAGR of 5.2% over the forecast period 2024 to 2031. Key Takeaways Key players operating in the next generation sequencing market are Canopy Growth Corporation, Aurora Cannabis, Til...
Read more