Posted on August 10th, 2022

Shared mobility services have steadily grown for urban transportation, especially for commuting in cities, over the past few years. Shared mobility companies are offering e-hailing services to tap into the enormous revenue potential. The shared mobility market size is projected to reach US$ 397.61 billion by the end of 2031.

OEMs and other automotive companies are geared toward growing their stakes in the shared mobility market by offering fleets at lower costs. The exponential rise in demand for e-hailing services has created sizable revenue streams for shared mobility service providers to capitalize on over the past few years. Especially in developed and developing economies, the keen inclination of customers toward e-hailing services is anchored in the propositions of convenience and availability.

Recent shared mobility trends suggest that car-pooling, vehicle rental, and ride-sourcing economies—the exponential growth in cities, transportation, and services—are gathering steam among customers for numerous benefits, including convenience, cost-efficiency in commuting, and availability. Of note, in emerging economies, micro-mobility and ride-sharing services have gained momentum on the back of the trend that these have helped bridge the gaps in public transport.

Key Findings of Shared Mobility Market Study

• Environmental Benefits Reinforcing Investments by Fleet Owners and OEMs: The rise in traffic congestion and difficulty in finding parking spaces have strongly nudged customers away from using their personal vehicles for commuting. Additionally, personal vehicle ownership has been declining, which has catalyzed the need for shared mobility. The environmental benefits of the use of shared mobility in urban transport are also spurring the growth prospects of the shared mobility market. Fleet owners and OEMs are leaning toward offering shared mobility services at attractive price points, observed the authors of the study on the shared mobility market.
• Rising Demand for E-Hailing and Car-Pooling Services among Urban Consumers Underpins Abundant Avenues: The rise in demand for e-hailing services has generated vastly lucrative avenues for players in the shared mobility market. The use of car-pooling services by corporate customers has been growing, adding promising opportunities. Furthermore, the popularity of affordable micro-mobility, notably among customers in developing countries such as Asia and the Pacific, will open up new revenue streams.
• Need for Affordable Autonomous Mobility to Unlock Incredible Opportunities in the Shared Mobility Market: The push toward commercializing autonomous mobility has created a new frontier for firms in the shared mobility market. They are keen on capturing value by offering affordable autonomous vehicles, particularly robo-taxis. In the next few years, rolling out autonomous vehicle services at scale for cities is likely to considerably enrich the entire value chain in the shared mobility market.

Shared Mobility Market: Key Drivers

• The need to make urban transport more convenient, affordable, and environmentally friendly in the face of the rapid pace of urbanization is a key pivot for the evolution of the shared mobility market. Witnessing the enormous value proposition of shared mobility, investments in the form of venture capital and private equity in shared mobility companies are growing, which will thus drive the market.
• Rising demand for e-hailing, carsharing, and shared micro-mobility services among consumers for commuting is a key driver of the shared mobility market. Advancement in e-hailing apps will extend the horizons for various industry players during the forecast period.

Shared Mobility Market: Key Players

• Players in the shared mobility market need to constantly realign their business models in order to stay on course. Key players are geared toward expanding their product portfolio to retain their market shares. Of note, to meet this end, many have engaged in mergers and acquisitions and are forging partnerships with private players.
• Some of the key players in the market are The Hertz Corporation, Beijing Xiaoju Technology Co, Ltd., Careem, Curb Mobility, Avis Budget Group, Inc., Taxify OÜ, Grab SG, Lyft, Inc., Wingz, Inc., ANI Technologies Pvt. Ltd. (OLA), BlaBlaCar, and Uber Technologies Inc.

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Source: PR Newswire