Discover trends, market shifts, and competitive outlooks for the shared mobility industry through 2025-2034 with The Business Research Company’s reliable data and in-depth research

#What Is the Current and Projected Market Size of the Shared Mobility Market Through 2034?

The market size for shared mobility has seen considerable expansion in the past years. It is forecasted to further increase from a valuation of $343.24 billion in 2024 to approximately $383.92 billion in 2025 with a compound annual growth rate (CAGR) of 11.9%. The significant growth observed in recent history can be ascribed to factors such as the rise in sale of hybrid electric vehicles (HEVs), an upsurge in urbanization, a mounting frequency of vehicle thefts, and insufficient parking availability.

A significant surge is projected in the shared mobility market size over the coming years, with its worth anticipated to reach $631.76 billion by 2029, reflecting a compound annual growth rate (CAGR) of 13.3%. This rise during the forecast period may result from stringent environmental rules and emission standards, a growing requirement for ride hailing and ride sharing services, and rising fuel costs. The forecast period also sees pivotal trends such as an emphasis on creative vehicle fleet-sharing platforms, the assimilation of autonomous vehicle technology, advancements in technology, the development of mobility sharing apps, and key partnerships and alliances.

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What Are the Core Market Drivers Propelling Growth in the Shared Mobility Industry?

The expected rise in fuel prices is predicted to act as a catalyst for the expansion of the shared mobility market in the projected period. Fuel prices have been exhibiting a constant upward trend recently, providing shared mobility businesses with a profitable window due to the surge in vehicular fuel demand coupled with supply chain disruptions caused by Russia’s military actions against Ukraine. To illustrate this, data from the Bureau of Transportation Statistics, a component of the United States Department of Transportation, show that from January to June 2022, the cost of regular motor gasoline in the US escalated by 49%, and diesel fuel increased at a slightly higher rate of 55%. In the same vein, Singapore has observed an average escalation of petrol prices by 49.95% in the initial five months up to May of 2022, as compared to the same duration the previous year. Hence, growth in the shared mobility market during the forecast period is augmented by the increase in fuel prices.

How Is the Shared Mobility Market Segmented?

The shared mobility market covered in this report is segmented –

1) By Service: Ride Hailing, Bike Sharing, Ride Sharing, Car Sharing, Other Services

2) By Mobility Vehicle: Cars, Two-wheelers, Others Mobility Vehicles

3) By Business Model: P2P, B2B, B2C

Subsegments:

1) By Ride Hailing: Taxi Services, App-Based Ride Services, Luxury Ride Services

2) By Bike Sharing: Docked Bike Sharing, Dockless Bike Sharing, Electric Bike Sharing

3) By Ride Sharing: Carpooling Services, Vanpooling Services, Dynamic Ride Sharing

4) By Car Sharing: Peer-To-Peer Car Sharing, Traditional Car Sharing, Corporate Car Sharing

5) By Other Services: Shuttle Services, Micro-Mobility Solutions, Integrated Mobility Solutions

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Which Regions Are Driving the Next Phase of the Shared Mobility Market Growth?

Asia-Pacific was the largest region in the shared mobility market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the shared mobility market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

What Key Market Trends and Innovations Are Shaping the Future of the Shared Mobility Industry?

The ascension of Mobility-as-a-Service has become a significant trend in the shared mobility market. This digital platform allows users to reserve and pay for a range of mobility services through a unified system. Leading companies in the shared mobility industry are zeroing in on offering Mobility-as-a-Service in order to stay competitive. For example, Carzonrent, a car rental firm based in India, introduced Plug Mobility, an electric Mobility-as-a-Service platform. This platform, which is geared towards sustainable mobility solutions such as business travel, employee fleet transfers, airport taxi services, crew transfers, and government official travel, aims to lead in the shift from traditional mobility to electric vehicles, hence limiting pollution.

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How Is the Shared Mobility Market Defined and What Are Its Core Parameters?

Shared transport or shared mobility refers to a transportation system and resources that are shared among users, either concurrently or one after another. This includes public transit, micro-mobility, automobile-based modes, and commuter-based modes, or ridesharing. The shared mobility is used to share transportation services with other commuters.

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