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Transparency Market Research (TMR) notes that the global shared mobility marketis categorized by the presence of several large and small players operating in it. The rivalry between the potential players is likely to increase as they aim at adopting various strategies to offer consumer to ride a vehicle at lower price.
Among multiple strategies adopted by players in the global shared mobility market to stay ahead of the competitors, vehicle automation with the help of advanced technology has paid off the most. The global shared mobility market is expected to grow steadily due to the existence of potential large players who are heavily investing in vehicle electrification. Some of the leading players in the global shared mobility market are Grab, ANI Technologies, Gett, BlaBlaCar, Careem, Cabify, Avis Budget Group, and Curb Mobility.
The TMR report projects the global shared mobility market to register an impressive CAGR of 23% from 2018 to 2026. By the end of 2026, the market will be worth $608 billion, predicts the report.
Out of the various types of shared mobility services, the demand for ride-sharing is expected to remain high in the next few years as these service provides passenger safety along with reduced travel time. Region wise, Asia Pacific is expected to lead the global shared mobility market in the coming years. This is attributed to increased ride-hailing and ride-sharing services in the region.
Rapid Penetration of Smartphones and Connected Vehicles to Fuel Shared Mobility Market
Shared mobility services offer flexibility in modifying or cancelling booking instantly. This service is less expensive, where the vehicle owner provides consumers the vehicle on a rental basis. Shared mobility services comprise of sharing a ride, a car, a two-wheeler, and also sharing buses and trucks. Growing fuel costs and on-road vehicle traffic, rapidly reducing parking spaces, and rising global emission levels are factors driving demand in the global shared mobility market. Shared vehicle provides vehicle ownership to the consumers who do not afford a vehicle and also effectively capable of decreasing the number of vehicle owners. Such benefits are also fueling the global shared mobility market. Apart from these, rising tourism, increasing interests in family outings, and growing disposable income is also boosting the demand in the global shared mobility market.
Furthermore, governments worldwide are taking serious initiatives in reducing traffic congestion on roads and limiting the global temperature rise through vehicular emissions. Such initiatives are propelling demand in the global shared mobility market. Along with these, increasing mobile ownership, rising number of working people, rapid emergence of faster internet connectivity, and growing availability of mobility sharing apps are some of the major factors fueling the global shared mobility market.
Growing Reluctance in Sharing Personal Vehicles with Strangers Hinder Market Growth
A few challenges hindering the growth in the global shared mobility market are lack of awareness about the benefits of the shared mobility service, individuals' problem in sharing own vehicles with unknown, and substandard internet connectivity in developing economies. Nonetheless, rising demand for ride-sharing services for reducing travelling expenditure is expected to help overcome some of these challenges.
