Shared Mobility Market is estimated to reach a market size worth US$516.541 billion by 2027

Shared Mobility Market is estimated to reach a market size worth US$516.541 billion by 2027

By Knowledge Sourcing Intelligence Press Releases

Knowledge Sourcing Intelligence announces the publication of a new analysis report on the market “Shared Mobility Market - which is forecasted from 2020 to 2027”.

The prime factor driving is government investment, rising environmental concerns and the need for more cost-effective forms of transportation.

As per the report, Shared Mobility Market is expected to grow at a CAGR of 16.48% to reach US$516.541 billion by 2027, from US$177.517 billion in 2020.

Shared mobility is a form of commute service in which businesses provide commercial cars to people who need to go from one location to another, ride-sharing and hiring. It is cost-effective, environment friendly, and convenient. In areas with lower population density, there has been an increase in consumer need for self-driving taxis and shuttles. The potential for integration, automated operations, customized on-demand travel. The increase in the number of connected vehicles and cellphones on the road. Improvements in the cost of road cars and fuel, along with a restriction in parking, a lack of road traffic congestion, and increased price of operating personal vehicles, and, most importantly, high fuel costs.

While the responsibility of taking the long-popular route due for sharing transportation has the potential to stymie the expansion of this market as well as growing concerns about theft of private information.

Based on the business model, the segment is categorized into ride-hailing and ride-sharing. Due to clients' preference for a more cost-effective and beautiful form of transportation over personalized driving preferences, the ride-sharing type category is expected to develop significantly during the projection period. For example, Europe's leading free-floating automobile sharing operator SHARE NOW stated on September 30, 2021, that it will utilize artificial intelligence to help cities overcome gridlock. With the addition of artificial intelligence to car-sharing services, Share Now will be able to better monitor and regulate its fleet.

Based on vehicle type, the segment is categorized into two-wheelers, cars and others. Cars are expected to produce the more than half revenue to this segment over a forecast period. It's due of the automobiles' enticing features and the thrilling driving experience they deliver. The introduction of new services by ride-hailing companies is also likely to drive industry growth. For example, Rapido, India's leading bike taxi platform, announced the development of its automotive service to Bengaluru on August 6, 2021, bringing the total number of cities served to 26. Such better achieve to provide them with safer and more inexpensive commute options as well as additional sources of income for auto drivers.

Based on geography segmentation, the market of shared mobility market is segmented into Asia Pacific, North America, South America, Europe, the Middle East and Africa regions. Rising on-road car traffic and car ownership prices in Asia-Pacific region leading the way in shared mobility market over a forecast period, while the MEA region is expected to project exponential growth prospects.                            

As a part of the report, the major players operating in the shared mobility market, that have been covered are Uber, Lyft, DiDi Chuxing, Grab, BlaBlaCar, Car2go, Hellobike, Ola, Zipcar, and Rapido.

View a sample of the report or purchase the complete study at https://www.knowledge-sourcing.com/report/shared-mobility-market

This analytics report segments the cast elastomer market on the following basis:

  • By Business Model
    • Ride-hailing
    • Ride-sharing
  • By Vehicle Type
    • Two Wheelers
    • Cars
    • Others
  • By Geography
    • North America
      • USA
      • Canada
      • Mexico
    • South America
      • Brazil
      • Argentina
      • Others
    • Europe
      • Germany
      • France
      • UK
      • Others
    • Middle East & Africa
      • Israel
      • Saudi Arabia
      • Others
    • Asia-Pacific
      • China
      • Japan
      • South Korea
      • India
      • Others