Shared Mobility Market – Snapshot
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.
Key driver of the global shared mobility market is low per capita income of people in developing nations. Shared mobility services provide short-term ownership to consumers at a significantly lower price, and hence, consumers prefer shared vehicles instead of owning one. A vehicle, if not shared, is only utilized for up to 5% of its total life; it remains parked for 95% of its life. Considering this, several vehicle owners are readily sharing their vehicles.
Consumers who do not own a vehicle are preferring a shared vehicle, as a shared vehicle provides vehicle ownership without having to invest in owning one, which is further compounded by the increased interest rates on vehicle loans. Increased tourism, rise in number of family outings, and raised per capita income are fueling the demand for shared mobility services. Increase in number of working class people is prominently fueling the demand for shared mobility services across the globe. Availability of faster internet connectivity, increased mobile ownership, availability of mobility sharing apps, and increased consumer awareness are fueling the global shared mobility market.
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Incorporation of electric and autonomous vehicles is likely to reduce the cost of shared mobility services. Electric vehicles reduce fuel expenses, which reduces the overall cost of utilizing mobility sharing services, such as ride sharing and ride sourcing. This, in turn, is likely to fuel the demand for such on-demand services across the globe. Autonomous vehicles are expected to eliminate the driver and subsequently, expenses over the driver. Lower number of vehicles per capita across several nations is fueling the demand for shared mobility services, which in turn is likely to offer lucrative opportunities to the global shared mobility market. Forward integration of vehicle manufacturers in the shared mobility market is likely to offer considerable opportunities to the market.
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Taxi fleet operators across several nations are opposing on-demand sharing services, which in turn is restraining the global shared mobility market, especially for ride sharing and ride sourcing services. Several nations, such as Germany and France, have banned peer-to-peer taxi services, which is marginally restraining the global shared mobility market. Several negative incidents, such as murder of a passenger by a driver of DiDi Chuxing and rape of a female passenger by a driver of Uber, are hampering the global shared mobility market.
A large share of passenger transportation services across the global is accounted by the unorganized sector, which comprises services provided by local taxi fleet operators and non-internet based service providers. Lack of adoption of smartphone-based apps, lack of awareness among consumers, and unavailability of service providing companies across several countries are fueling the demand for unorganized services. However, the economic benefits of organized services are attracting consumers and hence, the unorganized segment of the market is anticipated to contract in the near future.
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The private segment accounts for a major share of the market, in terms of revenue, followed by the vehicle rental or vehicle leasing services. Vehicle leasing services are significantly popular across families and companies willing to provide transportation services to their employees. Long family tours, outings with friends, and increased tourism activities are fueling the demand for vehicle sharing and leasing services.
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