Sarasota, FL -- (SBWIRE) -- 03/13/2019 -- Global Shared Mobility Market: Overview
In recent years, the trend of shared transportation has increased tremendously owing to various factors such as rapid urbanization, increasing environmental issues, limiting resources of energy, and economic concerns. Thus rental car companies and automobile manufacturers have come up with solutions to solve these issues with the help of the internet and technology. Shared mobility is a term used for sharing transportation services with other individuals. This can include car sharing, bike sharing, taxis, cycles, and much more.
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Global Shared Mobility Market: Growth Factors
One of the key factors escalating market growth is the growing penetration of smartphones and connected vehicles. The growing traffic on the roads, high fuel costs, and decreasing parking spaces are other factors contributing to the growth of the shared mobility market. Provisions are provided by shared mobility such as canceling or modifying the rides and also these rides are cost-effective compared to other modes of transportation thus increasing its demand in the emerging economies. Several governments are taking initiatives to encourage people to use shared mobility in order to solve issues regarding traffic and greenhouse emissions. In addition, the high cost of vehicle ownership is forcing people to opt for solutions/ transportation modes that are cost-effective. Increasing adoption of rail hailing services is expected to positively influence the growth of the shared mobility market.
Certain factors limiting the growth of the shared mobility market are reluctance nature of individuals toward sharing their vehicle with strangers and less knowledge about such type of service models. Low network infrastructure and poor internet connectivity also negatively impacts the shared mobility market.
Global Shared Mobility Market: Segmentation
Global shared mobility market is segmented on the basis of vehicle type and service model. According to the vehicle type, the global market is divided into two-wheelers and cars. In terms of the service model, the shared mobility market is categorized into bike sharing, car sharing, and ride-hailing.
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Global Shared Mobility Market: Regional Analysis
Major shared mobility market shares are expected to be held by the Asia Pacific region. It is anticipated that in the coming years also the Asia Pacific will register a good growth rate in the shared mobility market. The market growth is quite visible in this region as the cost of vehicle ownership is increasing along with on-road automobile traffic especially in countries such as India and China. Furthermore, the urban population in these countries is growing and the transport infrastructure is also developing at a rapid rate thus contributing positively to the market growth. Regions such as the Middle East and Africa also anticipate registering a significant growth rate in the future. In countries such as UAE and South Africa, demand for shared transportation is increasing owing to the rise in the number of corporate tourists in these countries. The UAE government is shifting their focus and is taking initiatives to bring under control traffic congestion and greenhouse emissions thus supporting the market growth.
Global Shared Mobility Market: Competitive Players
Some of the major players involved in the shared mobility market include Uber, DiDi Chuxing, and Lyft, among others.
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Global Shared Mobility Market: Regional Segment Analysis
North America
The U.S.
Europe
The UK
France
Germany
The Asia Pacific
China
Japan
India
Latin America
Brazil
The Middle East and Africa