Shared Mobility Global Market Opportunities and Strategies to 2032

This report describes and explains the shared mobility market and covers 2017-2022, termed the historic period and 2022-2027 termed the forecast period, along with further forecasts for the period 2027-2032. The report evaluates the market across each region and the major economies within each region.

The global shared mobility market reached a value of nearly $271,907.1 million in 2022, having increased at a compound annual growth rate (CAGR) of 9.1% since 2017. The market is expected to grow from $271,907.1 million in 2022 to $495,778.6 million in 2027 at a rate of 12.8%. The market is then expected to grow at a CAGR of 12.0% from 2027 and reach $874,436.3 million in 2032.

Growth in the historic period resulted from increased sales of hybrid electric vehicles (HEVS), a surge in urbanization, increased occurrences of vehicle theft, and a lack of parking spaces. Factors that negatively affected growth in the historic period were the COVID-19 impact and the fluctuating prices of raw materials of automobiles.

Going forward, the strict environmental regulations and emission requirements, a rise in demand for ride hailing and ride sharing services, and an increase in fuel prices will drive the market. Factors that could hinder the growth of the shared mobility market in the future include the Russia-Ukraine war impact and the rising interest rates.

The shared mobility market is segmented by service into ride hailing, bike sharing, ride sharing, car sharing, and other services. The ride hailing market was the largest segment of the shared mobility market by service, accounting for $124,491.2 million or 45.8% of the total market in 2022. The bike sharing market is expected to be the fastest-growing segment going forward at a CAGR of 13.8%.

The shared mobility market is segmented by mobility vehicle into cars, two-wheelers, and other mobility vehicles. The cars market was the largest segment of the shared mobility market by mobility vehicle, accounting for $203,692.9 million or 74.9% of the total market in 2022. The two-wheelers market is expected to be the fastest-growing segment going forward at a CAGR of 16.4%.

The shared mobility market is segmented by business model into P2P (peer-to-peer), B2B (business-to-business), and B2C (business-to-customer). The B2C market was the largest segment of the shared mobility market by business model, accounting for $151,340.5 million or 55.7% of the total market in 2022. The B2B market is expected to be the fastest-growing segment going forward at a CAGR of 12.6%.

Asia-Pacific was the largest region in the shared mobility market, accounting for 39.2% of the global market in 2022. It was followed by North America, Western Europe, and other regions. Going forward, the fastest growing regions in the shared mobility market will be the Asia-Pacific and the Middle East, where growth will be at CAGRs of 14.8% and 13.8% respectively from 2022-2027.

The global shared mobility market is highly fragmented, with a large number of players operating in the market. The top ten competitors in the market made up to 11.30% of the total market in 2021. Didi Chuxing Technology Co was the largest competitor with a 5.69% share of the market, followed by Uber Technologies Inc. with 2.71%, Avis Budget Group with 1.41%, Lyft, Inc. with 0.49%, The Hertz Corporation with 0.47%, Grab Taxi Holdings Pvt. Ltd. with 0.20%, Deutsche Bahn Connect GmbH with 0.15%, BlaBlaCar with 0.09%, Gett Inc with 0.06%, and ANI Technologies Private Limited with 0.06%.

The top opportunities in the shared mobility market by service will arise in the ride hailing market, which will gain $102,511.2 million of global annual sales by 2027. The top opportunities in the shared mobility market by mobility vehicle will arise in the cars market, which will gain $149,971.0 million of global annual sales by 2027. The top opportunities in the shared mobility market by business model will arise in the B2C market, which will gain $122,013.2 million of global annual sales by 2027. The shared mobility market size will gain the most in China at $61,374.5 million.

Market-trend-based strategies for the shared mobility market include a focus on innovative vehicle fleet-sharing platforms, the adoption of autonomous vehicle technology, technology advancements, upgrading of mobility sharing apps, and strategic partnerships and collaborations.

Player-adopted strategies in the shared mobility industry include a focus on gaining experience in shared mobility services and cutting-edge technology through the strategic introduction of new vehicles, a focus on advancing technology to improve the customer experience through strategic partnerships, a focus on expanding the micro mobility market through strategic partnerships, and a focus on expanding the business through strategic partnerships.

To take advantage of the opportunities, the publisher recommends the shared mobility companies to, focus on innovative vehicle fleet-sharing platforms, focus on autonomous vehicle technology, focus on technology advancements, focus on mobile applications, continue to focus on fast-growing services, expand in emerging markets, continue to focus on developed markets, focus on partnerships and collaborations, provide competitively priced offerings, dynamic pricing, participate in trade shows and events, target consumers through digital channels, focus on digital native population, and focus on the urban population.