Rising Vehicle Sharing Apps to Fortify Growth in Global Shared Mobility Market, Noted Transparency Market Research

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Jul 09, 2019, 08:00 ET

ALBANY, New York, July 9, 2019 /PRNewswire/ -- The global shared mobility market is foreseen to witness a boom in the coming years. The important players leading the global shared mobility market are ANI Technologies Pvt. Ltd. (OLA), Uber Technologies Inc., Lyft, Inc., Careem, Grab, and Taxify OÜ. These players are indulging into strategic alliances such as mergers and acquisitions, partnerships and collaborations. Many automobile manufacturers are getting into the shared mobility services. Despite high competition, the shared mobility market is likely to flourish well in coming years.

According to a recent report by Transparency Market Research, the global shared mobility market is likely to expand at a steady CAGR of 8% within the forecast period from 2018 to 2026.

On the basis of sector type, the global shared mobility market is bifurcated into organized and unorganized. Out of these, the organized sector holds the highest revenue obtained from passenger transportation facilities. The share of this segment fluctuates as per the advancement in technology, better internet services, popularity of smartphones, rising awareness regarding internet-based service providers all over the globe. Geographically, North America is likely to lead the global shared mobility market due to faster internet services, and increased adoption of technology in the region. The region is trailed by Europe.

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Low per Capita Income to Instigate Demand in Shared Mobility Market

Major aspects of the global shared mobility market are low per capita pay of individuals in developing countries. Shared mobility service give a temporary possession to purchasers at an altogether lower cost, and henceforth, buyers get inclined towards shared vehicles as opposed to owning one. A vehicle, when not shared, is used for up to 5% of its entire life; it stays parked for 95% of its life. Thinking about this, few vehicle proprietors are promptly sharing their vehicles. Surge in number of vehicle owners has led to high traffic jam and surge in pollution across the globe. Thusly, authorities are also encouraging elective fuel controlled vehicles and other methods of transportation that are equipped for reducing the global temperature rise.

Shared mobility services are adequately fit for decreasing the number of owners of vehicles and thus, governing bodies are imposing guidelines for shared mobility services. Rise in tourism, surge in number of family outings, and per capita pay are filling the demand regarding shared mobility service. Rising number of working class individuals is noticeably filling the demand for shared mobility benefits over the globe. Increase in number of mobile owners, accessibility of quicker web service, accessibility of mobility sharing applications, and rising awareness among the consumers are accelerating the growth of the global shared mobility market.

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Emergence of E-vehicles to Support Growth in Shared Mobility Market

Inclusion of autonomous and electric vehicles is foreseen to decrease the price of shared mobility services. Electric vehicles also help in decreasing fuel expenses that help reduce entire utilization cost of mobility sharing services, for example, ride sourcing and ride sharing. As a result, it is estimated to boost the demand for on-demand services around the world. Autonomous vehicles are likely to eliminate the human drivers and resultantly, the expense spent on them. Lesser number of vehicles per person in various countries is also propelling the growth in global shared mobility market, such that they provide interesting opportunities in future.

This analysis is based on a recent market research report by Transparency Market Research, titled, "Shared Mobility Market (Sector Type - Unorganized, Organized; Type - Ride-sharing, Vehicle Rental/Leasing, Ride Sourcing, Private; Vehicle Type - Passenger Cars, LCVs, Buses and Coaches, Micro mobility; Business Model - P2P, B2B, B2C; Autonomy Level – Manual, Semi-autonomous, Autonomous; Power Source - Fuel Powered, HEV (HEV), PHEV (PHEV), BEV (BEV)) – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2018 – 2026."

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The global Shared Mobility Market has been segmented as follows:

Sector Type

Unorganized
Organized

Type

Ride-sharing
Vehicle Rental/Leasing
Ride Sourcing
Private

Vehicle Type

Passenger Cars
LCVs
Buses & Coaches
Micro mobility

Business Model

Autonomy Level

Manual
Semi-autonomous
Autonomous

Power Source

Fuel Powered
HEV (HEV)
PHEV (PHEV)
BEV (BEV)

Region/ by Country/ Sub-region

North America

U.S.
Canada

Europe

Germany
U.K.
France
Italy
Spain
Rest of Europe

Asia Pacific

China
India
Japan
ASEAN
Rest of Asia Pacific

Middle East & Africa (MEA)

GCC
South Africa
Rest of MEA

Latin America

Brazil
Mexico
Rest of Latin America

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