Shared transport or shared mobility is a transportation system where travelers share a vehicle either simultaneously as a group (e.g. ride-sharing) or over time (e.g. carsharing or bike sharing) as personal rental, and in the process share the cost of the journey, thus creating a hybrid between private vehicle use and mass or public transport. It is a transportation strategy that allows users to access transportation services on an as-needed basis. Shared mobiIity is an umbrella term that encompasses a variety of transportation modes including carsharing, Bicycle-sharing systems, ridesharing companies, carpools and microtransit.

The global Shared Mobility market size is projected to reach USD 145460 Million by 2027, from USD 90690 Million in 2020, at a CAGR of 6.5% during the forecast period 2021-2027, Valuates Reports publishes.

Major factors driving the growth of the shared mobility market are:

• Increasing on-road car traffic and fuel prices, along with dwindling parking spaces, particularly in developed countries around the world are expected to fuel market expansion. Shared mobiIity helps avoid all the above scenarios.
• Shared mobility is more economical because it is less expensive than acquiring and maintaining a vehicle.
• Shared mobiIity reduces the number of automobiles on the road while also lowering CO2 emissions, resulting in a pollution-free environment.
• In an effort to minimize traffic congestion on roadways, various governments throughout the world are launching programs to increase the adoption of smart mobility

TRENDS INFLUENCING THE SHARED MOBILITY MARKET

Increasing traffic congestion and low per capita income in emerging countries are two high-impact rendering drivers for the shared mobiIity sector. Increasing costs of vehicle ownership are encouraging individuals to opt for solutions offering to share a wide range of transportation modes. Consumers can use shared mobility for short-term transit at a lesser cost. Thus, increased traffic congestion and the growing acceptance of shared mobility are expected to drive the growth of the shared mobility market.

Investments from government entities towards strengthening shared mobility systems. Governments of every country are concerned about the increase in population, which leads to hazardous effects on the environment. Governments encourage people to restrain themselves from using automotive as much as they can. Furthermore, sharing rides among families and friends is one of the key ideas from the government to encourage people to opt for a shared ride instead of a personal ride, which is expected to enhance the growth of the global shared mobility market.

Shared mobility reduces the number of automobiles on the road while also lowering CO2 emissions, resulting in a pollution-free environment. A typical automobile emits 4.6 metric tonnes of carbon dioxide per year, according to the US Environmental Protection Agency. Every year, a half-Million tonnes of carbon dioxide is emitted into the atmosphere by millions of vehicles in cities.

SHARED MOBILITY MARKET SHARE ANALYSIS

The Asia Pacific is expected to be the most lucrative segment during the forecast period. This is due to the high adoption rate of ride-hailing and car-sharing services in densely populated countries in the region

Ride hailing is expected to be the most lucrative segment during the forecast period.  Ride hailing services were the most preferred services as they offered a convenient and cost-effective means of personal mobility with the help of a transportation network system.

Major Players in the Shared MobiIity Market