According to TechSci Research report, “Passenger Cars Shared Mobility Market – Global Industry Size, Share, Trends, Competition Forecast & Opportunities, 2028”, the Global Passenger Cars Shared Mobility Market stood at USD 93 billion in 2022 and is anticipated to grow with a CAGR of 10.7% in the forecast period, 2024-2028.
The passenger car shared mobility market represents a dynamic and evolving sector within the broader transportation landscape. This market is characterized by the concept of sharing vehicles, where individuals can access cars on a short-term basis, typically through smartphone applications, without the burdens of ownership.
It has gained significant traction in urban areas worldwide, driven by factors such as urbanization, sustainability concerns, technological advancements, and changing consumer preferences. Shared mobility services offer users a cost-effective and convenient alternative to owning a private car, particularly in densely populated urban centers.
They align with the growing emphasis on sustainability and environmental responsibility, with many operators incorporating electric vehicles into their fleets to reduce emissions and contribute to cleaner air in cities.
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The passenger car shared mobility market is at the forefront of a transformative shift in urban transportation. This market revolves around the concept of shared mobility, where individuals gain access to vehicles on a temporary basis, typically through user-friendly mobile applications, eliminating the need for private car ownership.
It represents a compelling response to the evolving needs and challenges of urban residents and commuters, underpinned by several key drivers and trends that are reshaping the way we think about mobility. At the heart of the passenger car shared mobility market lies the recognition of the profound impact of urbanization on transportation needs. As more people around the world move to cities, these urban environments face mounting challenges such as traffic congestion, limited parking, and increased pollution. Shared mobility services provide a viable solution to these problems, offering users the convenience of on-demand access to vehicles without the burdens of ownership. This trend is further fueled by changing consumer preferences, especially among younger generations who prioritize experiences over ownership and value convenience and cost-effectiveness.
A driving force behind the growth of shared mobility is the commitment to sustainability and environmental responsibility. With an increasing emphasis on reducing carbon footprints and curbing emissions, shared mobility operators are incorporating electric vehicles (EVs) into their fleets. Electric cars offer not only environmental benefits but also lower operating costs, contributing to more sustainable transportation options in urban areas.
This alignment with sustainability goals and the reduction of greenhouse gas emissions makes shared electric vehicles an attractive and eco-conscious choice for users.
Technological advancements are a hallmark of the passenger car shared mobility market. The proliferation of smartphones and the development of user-friendly mobile applications have made accessing shared vehicles incredibly convenient. These apps enable users to locate, book, and unlock vehicles with ease, along with features like real-time tracking, digital payment options, and integrated navigation systems. Furthermore, telematics and the Internet of Things (IoT) technology have empowered operators with valuable data on vehicle usage, maintenance needs, and user behavior, optimizing fleet management and service quality.
The integration of Mobility as a Service (MaaS) is another pivotal trend that is revolutionizing the user experience within the shared mobility market. MaaS platforms aim to consolidate various transportation options, including shared mobility services, public transit, ridesharing, and more, into a single, user-friendly application. This seamless integration offers users a comprehensive, door-to-door transportation solution and simplifies the travel planning process. Additionally, it enables operators to gain insights into user preferences and travel patterns, optimizing their services to meet specific user needs.
Autonomous vehicles (AVs) represent a transformative trend poised to reshape the passenger car shared mobility landscape. AVs have the potential to eliminate the need for human drivers, offering users mobility on demand 24/7. While fully autonomous vehicles are still in development, pilot programs and partnerships between shared mobility operators and AV technology companies are emerging.
These initiatives provide a glimpse into the future of transportation, where users can summon a shared autonomous vehicle through a mobile app for on-demand transportation. Data-driven insights and personalization are integral components of the passenger car shared mobility market.
Operators are leveraging data analytics to gain a deeper understanding of user behavior, preferences, and travel patterns. This data-driven approach allows operators to optimize fleet distribution, pricing models, and vehicle availability. Moreover, personalization enhances the user experience, with operators offering customized recommendations, route planning, and incentives to encourage user loyalty. As data privacy and security concerns are addressed, the use of data-driven insights and personalization will continue to shape the growth and sustainability of the passenger-car shared mobility market.
Collaborative initiatives and public-private partnerships are fostering the integration of passenger car shared mobility services into urban transportation ecosystems. Governments, municipalities, and transportation authorities recognize the value of shared mobility in addressing urban mobility challenges and actively seek partnerships with operators.
Shared mobility operators are collaborating with public transit agencies to provide first- and last-mile solutions, enhancing connectivity between shared mobility services and traditional public transportation networks. Public agencies are often offering incentives, such as reduced transit fares or integrated ticketing, to encourage the use of shared mobility options in conjunction with public transit. These collaborations not only promote the growth of shared mobility but also address issues related to congestion, pollution, and transportation equity.
Major companies operating in the Global Passenger Cars Shared Mobility Market are:
- Uber Technologies Inc.
- ANI Technologies Pvt. Ltd.
- Lyft, Inc.
- Careem
- Bolt Technology OÜ
- Gett
- Enterprise Holdings Inc.
- Europcar
- Curb Mobility
- BlaBla Car
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“The passenger car shared mobility market is revolutionizing urban transportation, offering a flexible and sustainable alternative to traditional car ownership. In this rapidly evolving landscape, individuals can access vehicles on a pay-as-you-go basis through user-friendly mobile apps, reducing the need for private car ownership. This shift towards shared mobility is driven by factors such as increasing urbanization, environmental consciousness, and technological advancements. Shared mobility services, including ridesharing and car-sharing, not only alleviate traffic congestion and reduce emissions but also provide cost-effective solutions for users. As cities continue to grow and face mobility challenges, the passenger car shared mobility market is poised to play a pivotal role in creating more efficient, accessible, and eco-friendly transportation systems, transforming the way people move within urban environments.,” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based management consulting firm.
“Passenger Cars Shared Mobility Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028, Segmented By Propulsion Type (ICE, Electric), By Mobility Type (Ride Sharing, Vehicle Leasing, Private), By Region, By Competition.”, has evaluated the future growth potential of Global Passenger Cars Shared Mobility Market and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the Global Passenger Cars Shared Mobility Market.
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Table of Content-Passenger Cars Shared Mobility Market
- Introduction
1.1. Market Overview
1.2. Key Highlights of the Report
1.3. Market Coverage
1.4. Market Segments Covered
1.5. Research Tenure Considered
- Research Methodology
2.1. Objective of the Study
2.2. Baseline Methodology
2.3. Key Industry Partners
2.4. Major Association and Secondary Sources
2.5. Forecasting Methodology
2.6. Data Triangulation & Validation
2.7. Assumptions and Limitations
- Executive Summary
3.1. Market Overview
3.2. Market Forecast
3.3. Key Regions
3.4. Key Segments
- Impact of COVID-19 on Global Passenger Cars Shared Mobility Market
- Global Passenger Cars Shared Mobility Market Outlook
5.1. Market Size & Forecast
5.1.1. By Value
5.2. Market Share & Forecast
5.2.1. By Propulsion Type Market Share Analysis (ICE, Electric)
5.2.2. By Mobility Type Market Share Analysis (Ride Sharing, Vehicle Leasing, Private)
5.2.3. By Regional Market Share Analysis
5.2.3.1. Asia-Pacific Market Share Analysis
5.2.3.2. Europe & CIS Market Share Analysis
5.2.3.3. North America Market Share Analysis
5.2.3.4. South America Market Share Analysis
5.2.3.5. Middle East & Africa Market Share Analysis
5.2.4. By Company Market Share Analysis (Top 5 Companies, Others - By Value, 2022)
5.3. Global Passenger Cars Shared Mobility Market Mapping & Opportunity Assessment
5.3.1. By Propulsion Type Market Mapping & Opportunity Assessment
5.3.2. By Mobility Type Market Mapping & Opportunity Assessment
5.3.3. By Regional Market Mapping & Opportunity Assessment
- Asia-Pacific Passenger Cars Shared Mobility Market Outlook
6.1. Market Size & Forecast
6.1.1. By Value
6.2. Market Share & Forecast
6.2.1. By Propulsion Type Market Share Analysis
6.2.2. By Mobility Type Market Share Analysis
6.2.3. By Country Market Share Analysis
6.2.3.1. China Market Share Analysis
6.2.3.2. India Market Share Analysis
6.2.3.3. Japan Market Share Analysis
6.2.3.4. Indonesia Market Share Analysis
6.2.3.5. Thailand Market Share Analysis
6.2.3.6. South Korea Market Share Analysis
6.2.3.7. Australia Market Share Analysis
6.2.3.8. Rest of Asia-Pacific Market Share Analysis
6.3. Asia-Pacific: Country Analysis
6.3.1. China Passenger Cars Shared Mobility Market Outlook
6.3.1.1. Market Size & Forecast
6.3.1.1.1. By Value
6.3.1.2. Market Share & Forecast
6.3.1.2.1. By Propulsion Type Market Share Analysis
6.3.1.2.2. By Mobility Type Market Share Analysis
6.3.2. India Passenger Cars Shared Mobility Market Outlook
6.3.2.1. Market Size & Forecast
6.3.2.1.1. By Value
6.3.2.2. Market Share & Forecast
6.3.2.2.1. By Propulsion Type Market Share Analysis
6.3.2.2.2. By Mobility Type Market Share Analysis