Global Shared Vehicles Market Size is Estimated to Reach USD 431.49 Billion in 2030, Growing at a CAGR of 15.16%: Straits Research

The market statistics are driven by the rising demand for car sharing as a practical and affordable means of short-distance transportation. Car sharing lowers the cost of transportation, congestion, and car ownership.

New York, United States, Jan. 11, 2024 (GLOBE NEWSWIRE) -- Shared mobility allows users to share transportation resources and services simultaneously or sequentially. This is not only cost-effective and eco-friendly but also functional. As a result, shared mobility will only completely replace car ownership. In areas with lower population densities, there has been an increase in customer demand for self-driving taxis and shuttles. The market statistics are driven by the rising demand for car sharing as a practical and affordable means of short-distance transportation.

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Increased Traffic Congestion and Overcrowding in Public Transportation Systems and Cost-Effectiveness of Shared Vehicles Drives the Global Market

According to Straits Research, “The global shared vehicles market size was valued at USD 121.13 billion in 2021. It is projected to reach USD 431.49 billion by 2030, growing at a CAGR of 15.16% during the forecast period (2022–2030).” Lack of parking space, increasing traffic congestion on the roads, the high cost of owning a personal vehicle, and most importantly, high fuel prices are some factors contributing to the expansion of the shared mobility market. The users can benefit from several car-related benefits, save money, reduce greenhouse gas emissions, lower vehicle maintenance costs, and require less parking infrastructure space, among other things. These advantages are all connected to shared vehicles.

Regional Analysis

The Asia-Pacific region currently dominates the market for shared vehicles, and it is anticipated to expand during the forecast period. China has half of the Asia-Pacific’s active shared vehicle systems. Regional market expansion is attributable to the rising use of shared vehicles in developing nations like Japan and India.

Key Highlights

  • Based on service, the market is categorized into car rental, bike-sharing, and car-sharing. The car rental sector is the market leader and most significant revenue contributor in the global shared vehicles market.
  • The Asia-Pacific region currently dominates the global shared vehicle market and is expected to grow during the forecast period.

The major players in the global shared vehicles market are:

  • Lyft, Inc.
  • Hertz Global Holdings, Inc.
  • Europcar Mobility Group SA
  • Avis Budget Group Inc.
  • Daimler AG
  • Avis Budget Group Inc.

Market News

  • February 2022- Sixt and Accor announced a Multi-Year Strategic Partnership. Accor, one of the world's top hospitality groups, announced a future-focused strategic partnership, and SIXT, one of the top international mobility providers. Through this partnership between two top European travel companies, Accor will be able to offer free, global benefits to both its employees and guests.
  • March 2022- Lyft and Spin Partnered to Offer Spin Scooter Rentals in the Lyft App in 60 U.S. Markets. In 60 U.S. markets, the Lyft app will now feature Spin scooters thanks to a partnership between Lyft and Spin. 13 additional cities launched throughout April after Nashville, Tennessee, which served as the initial launch location.

Global Shared Vehicles Market: Segmentation

By Service

  • Car Rental
  • Bike-Sharing
  • Car-Sharing

By Regions

  • North America
  • Europe
  • Asia-Pacific
  • Central and South America
  • The Middle East and Africa

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About Straits Research Pvt. Ltd.

Straits Research is a market intelligence company providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision-makers. Straits Research Pvt. Ltd. provides actionable market research data, especially designed and presented for decision making and ROI.

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