The global shared mobility market size is projected to reach USD 619.51 billion by 2025, according to a new report by Grand View Research, Inc., rising at a CAGR of 25.1% during the forecast period. Growing use of smartphones and connected vehicles, along with an elevated problem of traffic congestion in prominent cities worldwide, is anticipated to drive the market. Increasing fuel costs are impelling individuals to shift towards alternative transportation solutions, further escalating the growth of the market during the forecast period.
Reluctance towards sharing personal vehicle with strangers in ride sharing is one of the major factors challenging market growth. Furthermore, high costs of developing internet infrastructure in some low-income countries and substandard connectivity are inhibiting the upward rise of the market.
Proliferation of internet-based technologies, mass marketing of connected vehicles, and burgeoning popularity of intelligent transportation systems (ITS) are prominent technological breakthroughs that are estimated to positively influence the growth of the market. Web-integrated services offer advanced features, such as V2V, V2X, and V2I communication, for vehicles. Moreover, availability of real-time information pertaining to parking and congestion is expected to further augment the shared mobility market over the coming years.
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Further key findings from the report suggest:
- Introduction of shared mobility services availed through electric vehicles is one of the key growth opportunities for industry players. Electric car sharing is a popular trend in developed countries of Europe and is likely to shape the future of the regional market over the coming years
- The ride-hailing segment is poised to account for the highest revenue share of more than 52.0% by 2025. Growing penetration of internet across the globe and introduction of new services by ride hailing companies are projected to supplement the growth of the segment
- Bike sharing is anticipated to be the most promising service model segment, registering a CAGR of over 29.0% from 2018 to 2025, owing to increasing number of bike-sharing programs, especially in matured economies worldwide
- Asia Pacific is estimated to dominate the market throughout the forecast horizon owing to high adoption rate of ride-hailing and car-sharing services in densely populated countries such as China.