Shared mobility is a type of service in which a vehicle is shared based on the time and distance it is used in return for money. In shared mobility, a vehicle owner or the owner of a large fleet provides the vehicle on a rental basis to consumers and other companies. Shared mobility comprises sharing a car, a ride, a two-wheeler, and sharing trucks and buses.
Transparency Market Research (TMR), in its report, predicts the global shared mobility market to grow at a sound CAGR of 8% over the period between 2018 and 2026. Furthermore, the total volume of revenues within the global shared mobility market is projected to cross US$ 608 Bn by the end of 2026. Based on the type of service, vehicle rental or leasing has emerged as a viable option for several population groups.
A large population of people prefers carsharing over other modes of transport. This trend is gathering momentum in cosmopolitan cities, and could act as a launch pad for market growth. Therefore, the global shared mobility market is projected to tread along a lucrative growth track in the years to follow. Trend of carsharing and bike-sharing has gained greater prominence with the inception of cab-boking apps such as Ola and Uber. The option of taking shared rides on these apps has helped in popularising shared mobility services. Furthermore, investments public transport lines, including trams and metros, has also played a key role in market growth.
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Growing Trend of Ride-Sharing amongst University Students
The trend of ride-sharing on bikes is common amongst college students and youngsters. Several universities provide easy options for students to book shared cars for their daily commute. This trend, coupled with the rising demand for better traffic management, has brought shared mobility services under the spotlight of attention. The unprecedented increase in the fleet of on-demand ride services has also emerged as a prominent driver of market demand. A number of experts in the automobile industry consider shared mobility services as a contributor to sluggish sales in the automobile market. However, this assertion has not affected the growth dynamics of the shared mobility market.
The energy sector is keen on popularising shared mobility services. Use of shared rides, in conjunction with the availability of public transport, shall help in reducing fuel usage. This shall in turn improve the air quality, and help in protecting the environment. Some of the notable players operating in the global shared mobility market are ANI Technologies Pvt. Ltd., Uber Technologies Inc., Cabify, Grab, Lyft, Inc., and Careem.