The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032

Growing travel and tourism activities are likely to encourage innovation in the production of shared vehicles, propelling the market during the forecast period.

The global shared vehicles market is expected to grow from $120.40 billion in 2022 to $139.66 billion in 2023 at a compound annual growth rate (CAGR) of 16.0%. The global shared vehicles market size is expected to grow to $243.94 billion in 2027 at a CAGR of 15.0%.

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Global Shared Vehicles Market Segments Include:

• By Type: By Service: Car Rental, Bike Sharing, Car Sharing
• By Vehicle Type: Passenger Cars, LCVs (Light Commercial Vehicles), Micro Mobility
• By Propulsion: Electric Vehicles, IC Engine Vehicles
• By Geography: The market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, Asia Pacific is the largest region in the global shared vehicles market in 2021.

Major Market Players in the shared vehicles market include Sixt SE, Avis Budget Group, Lyft Inc., Hertz Corporation, Europcar Mobility Group, Uber Technologies Inc., Grab SG, Beijing Xiaoju Technology Co. Ltd., Careem, Gett, Zipcar, BlaBlaCar, Wingz.

Strategic partnerships and collaborations have emerged as significant themes gaining traction in the market for shared vehicles. To strengthen their market position, the leading companies in the shared vehicle sector are focusing on partnerships and alliances. For example, in October 2021, Hertz Global Holdings, a vehicle rental company located in the United States, collaborated with Uber Technologies Inc., a ride-hailing services provider based in the United States. The firms planned to make up to 50,000 Teslas available for rental through the Uber network by 2023. Furthermore, Curb Mobility, a US-based mobility platform, joined with Gett, a US-based business ground transportation management technology platform, in April 2021. The partnership improves Gett’s position as a technological platform to strengthen in the market, with a global spend of $79.6 billion on corporate ground transportation management (GTM).

The Shared Vehicles Global Market Report 2023  provides a shared vehicles market overview for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The shared vehicles market forecast analyzes shared vehicles market size, shared vehicles market share, leading competitor market positions. The regions covered in the report include Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa and the countries include Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

Commuters use shared automobiles to get about without owning them individually. When compared to using exclusively public transport, shared autos offer more freedom and the convenience of a private vehicle. These systems are appealing because they can reduce a user’s commuting costs, reduce the demand for parking spaces in a neighbourhood, improve overall air quality, and make other means of transportation, such as rail transit, more accessible and encourage their use.

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