Shared Mobility Market Size, Share, and COVID-19 Impact Analysis, By Vehicle Type (Passenger Vehicle, Commercial Vehicles, and Two-Wheelers), By Business Model (Ride-Hailing, Car-Sharing, Peer to Peer Rental, and Others), By Propulsion Type (Electric and Conventional Engine), and Regional Forecast, 2024-2032.

The shared mobility market has been experiencing significant growth in recent years and is expected to continue expanding in the coming years. Shared mobility refers to transportation services that allow multiple users to share a single vehicle, such as ride-hailing services, car-sharing, bike-sharing, and scooter-sharing. As urban areas grow, traffic congestion and limited parking spaces become more prevalent. Shared mobility services offer convenient alternatives to private vehicle ownership and help alleviate congestion by efficiently utilizing vehicles. Shared mobility provides cost-effective transportation options, particularly in densely populated urban areas where owning a private vehicle can be expensive. Users can pay for transportation only when needed, reducing the financial burden associated with car ownership.

Changing consumer preferences, especially among younger generations, have led to a shift away from traditional car ownership. Many people are now more interested in flexible mobility solutions that offer convenience and are aligned with sustainability goals. The increasing demand for mobility services such as OLA and Uber is expected to boost the market's growth in the near future.

Impact of COVID-19 on the Shared Mobility Market

COVID-19 had a significant impact on the economy and the Shared Mobility market. The slowdown in Public transportation and disruptions in office work led to reduced demand for shared mobility. The pandemic has led to a decline in revenue for shared mobility companies. The pandemic also raised concerns about the safety of shared mobility due to the risk of viruses transmitted through car-sharing services. This also led to a decrease in the market of ride-sharing and hailing.

The pandemic has also created a challenge for mobility companies due to strict lockdowns and reduced efficiency for these companies. As the pandemic effects are reducing and increasing usage of shared mobility, which is more economical, it has led to high demand for different companies for car and two-wheeler ride-sharing. The lockdowns, travel restrictions, and social distancing measures implemented to curb the spread of the virus led to a significant decline in demand for shared mobility services. People's mobility needs were reduced as many shifted to remote work and were concerned about sharing vehicles with others. However, post covid-19 pandemic, things have changed with the steadily growing demand for shared mobility services.

Key Insights

The report will cover the following key insights:

• Key Industry Developments – Mergers, Acquisitions, and Partnerships.


• Porter's Five Forces Analysis.


• Technological Developments.


• Impact of COVID-19 on the Shared Mobility Market.

Analysis by Vehicles Type

The vehicle type segment includes passenger, commercial, and two-wheelers. Shared mobility services provide users with various vehicle options based on their needs. Whether it's a short ride in a compact car or a longer journey in a larger vehicle, shared mobility platforms typically offer a variety of vehicle types to cater to diverse transportation requirements. The demand for passenger vehicles in the context of shared mobility services, such as car-sharing or carpooling, has grown significantly in recent years. Shared mobility services offer an alternative to private vehicle ownership, allowing individuals to access transportation on-demand without the responsibilities and costs associated with owning a car. There can be advanced safety and comfort features in passenger cars as they provide better control and convenience for the drivers, especially in congested urban areas leading to increased demand for car sharing by consumers. Additionally, the growing popularity of compact cars and sedans is expected to drive growth in this segment.

On the other hand, while electric two-wheelers have shown significant demand, they are constrained by limited range, lack of charging infrastructure, and concerns over safety and reliability. However, they are expected to grow in urban areas where they offer much more value and be practical and affordable for short trips.

Analysis by Propulsion Type

The propulsion type segment includes electric and conventional engines. Despite the growing popularity of electric vehicles, conventional engines are expected to dominate the global fleets of the shared mobility operator and are expected to do so for the forecast period. Some automakers are exploring hybrids for future mobility, but it is still nascent and will grow more.

Electric vehicles produce zero emissions, helping to reduce air pollution and greenhouse gas emissions. Shared mobility services that utilize electric vehicles contribute to a cleaner and greener transportation system, aligning with environmental sustainability goals. The increasing demand for electric vehicles and straightened environment norms are some factors expected to boost segment growth.

Analysis by Region

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The highest growth rate is expected in the Asia Pacific market, especially India and other south East Asian countries, due to having major operators of shared mobility services like Ola, Uber, Lyft, etc. High automation and the presence of major manufacturers of E.V. and hybrids will positively impact electric car sales, thus increasing ride-sharing transport popularity in the Asia Pacific. The rapid adoption of electric vehicles and their affordability by these operators will boost regional growth.

Key Players Covered

Uber (U.S.), Ola (India), Lyft (U.S.), Didi Chuxing (China), Lime (U.S.), Zipcar (U.S.), BlaBla Car (France), Share Now (Germany), Zipcar (U.S.), Zoomcar (India), Turo (U.S.), Getaround (U.S.).

Segmentation

Key Industry Developments

• April 2021: Apple announced an investment of USD 430 billion in the USA in the next five years, focusing on building a new autonomous plant. The move represents a major push by Apple into the smart mobility market and the company's entry into the self-driving car industry.


• September 2021: Uber announced the launch of an electric vehicle fleet in India, starting with 50 cabs in Delhi. Uber is looking to expand its electric vehicle fleet in India, as well as in other markets around the world.


• November 2021: Ola, one of the largest ride-hailing companies in the world, announced that it raised USD 500 million in funding to expand its electric vehicle fleet. Ola has set a target of having one million electric vehicles on the platform by 2023.