Transparency Market Research has released a new market report titled “Shared Mobility Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2018–2026.” According to the report, the global shared mobility market is expected to expand at a CAGR of about 8% during the forecast period.
The automotive industry is witnessing a trend of connected, electrified, and shared mobility, which is attributed to the increased consumer awareness about global warming due to vehicular emission, increased government emphasis over alternative modes of transportation, and OEMs’ shift toward advance mobility solutions.
The cost of using shared mobility is much lower than that of owning a vehicle and hence, a large number of consumers and passengers are preferring shared mobility solutions instead of investing in owning a new vehicle. Less number of vehicles per 100 people, increase in number of daily commuters heading to workplaces and homes, increased burden on public transportation facilities due to rapid urbanization, and lack proper connectivity of public transportation systems are fueling the demand for shared mobility services.
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Adoption of smartphone-based internet services is rising among consumers primarily due to the increased usage of smartphones, ease of operating the app, faster internet connectivity, and presence of globally leading and local service providers coupled with lower charges of services compared to private services. Public transportation facilities across the globe are failing to cater to the need due to increasing urbanization and increasing population. Increase in number of working class people, rise in income opportunities, increase in per capita income coupled with increased tendency to travel for work and holidays are fueling the demand for shared mobility services across the globe.
The organized sector accounts for a large amount of revenue generated from the passenger transportation services. The share of organized sector varies according to the adoption of advanced technologies, adoption of smartphones, and availability of faster internet services coupled with awareness about internet-based service providing companies across the country. Countries from Europe and North America are well-developed and witness extensive adoption of advanced technologies and smartphones.
Availability of faster internet connectivity and presence of globally leading service providers coupled with higher rate of adoption from consumers led the organized sector to hold a major share of the market in North America and Europe. However, in other regions, the unorganized segment accounts for major share of the market, in terms of revenue. Vehicles utilized in the unorganized sector are generally privately owned. These are considered as private services, as the unorganized services cannot be availed through internet or smartphone-based apps.
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Demand for shared mobility services is rising considerably across countries that have lower number of vehicles per capita and lack proper public transportation facilities. China and India are countries with large population and have lower number of vehicles per 1000 people. Rapid urbanization in these nations is increasing the burden over public transportation facilities.
Key players operating in the global shared mobility market include Uber Technologies Inc., ANI Technologies Pvt. Ltd. (OLA), Lyft, Inc., Grab, Careem, Taxify OÜ, Gett, Beijing Xiaoju Technology Co, Ltd. (Didi Chuxing), BlaBlaCar, Wingz, Inc, Curb Mobility, Cabify, Europcar, The Hertz Corporation, Avis Budget Group, Inc., and Enterprise Holdings, Inc. The global shared mobility market is witnessing an increase in merger and acquisition as well as integration activities. Several auto manufacturers have entered the shared mobility market. Shared mobility is considered as a niche market despite the high level of competition.