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).
An emerging market called shared mobility allows users to share transportation resources and services simultaneously or sequentially. A shared vehicle 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. Car sharing lowers the cost of transportation, congestion, and car ownership. Shared cars are as convenient as private cars, which gives them a lot of flexibility. Individuals or groups can use a shared vehicle by renting a vehicle that meets their requirements and preferences.
Lack of parking space, increasing traffic congestion, the high cost of owning personal vehicles, and high fuel prices are some factors supporting the growth of the market for shared mobility. As employment opportunities in the private sector continue to expand, the market will be expected to expand even further, given that many people working in the private sector prefer to commute using shared mobility services.
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. Individuals with a limited budget may find sharing a vehicle a more cost-effective and convenient alternative. This is anticipated to propel market growth.
The growth of the car-sharing industry is being hampered, and the most significant of which is the absence of suitable technologies and transportation infrastructure. Well-known automobile manufacturers are teaming up with leading technology companies like EasyMile, Apple, and Google to develop friendly, user-friendly applications for car-sharing services. In addition, the market expansion is anticipated to be hindered by the intense competition from businesses with comparable business models.
| Study Period | 2018-2030 | CAGR | 15.16% |
| Historical Period | 2018-2020 | Forecast Period | 2022-2030 |
| Base Year | 2021 | Base Year Market Size | USD 121.13 Billion |
| Forecast Year | 2030 | Forecast Year Market Size | USD 431.49 Billion |
| Largest Market | Asia Pacific | Fastest Growing Market | Europe |
The global shared vehicle market is segmented into North America, Europe, Asia-Pacific, Central and South America, and the Middle East and Africa.
The Asia-Pacific region currently dominates the global shared vehicle market and is expected to grow during the forecast period. China is home to half of all actively shared vehicle systems in the Asia-Pacific region. The regional market expansion is attributable to the rising use of shared vehicles in developing nations like Japan and India. The expansion of tourism and travel in the area and the expansion and accessibility of shared vehicle services are other factors contributing to the market's growth.
Europe is expected to have the second highest CAGR. The market expansion in this area is attributed to rising tourism, which is connected to business and education. The government's increased spending and investment in transportation services are also responsible for the region's growth.
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The global shared vehicles market is segmented by service.
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. In a car rental service, authorized car rental companies offer vehicles for rent to individuals. The cost of rentals is predetermined in advance based on the length of the rental period. Additionally, millennials are quickly adopting car rental services because they are cost-effective and contribute to fuel savings. The market segment for bike-sharing is anticipated to grow with the highest CAGR during the forecast period. Bike-sharing is a service where companies that own bikes collaborate with various cities to offer bikes for use by the general public. The market for bike-sharing is expanding as more people choose fuel-efficient and environmentally friendly vehicles and as there are more government initiatives to support bike-sharing programs.
COVID-19 has positive and negative market consequences, as carbon emissions have decreased globally due to the lockout. COVID-19's reduction in emissions is a short-term benefit. Still, when industries and enterprises attempt to recoup some of their financial losses in the first quarter of the year, carbon emissions will rise dramatically. COVID-19 had a negative impact on global recycling efforts. Countries, notably the United States, have halted or decreased recycling programs to focus on collecting additional domestic waste or because services have been disrupted by the virus.
Also, with industries slowly returning to normalcy following the COVID-19 outbreak, this shift in workplace health and safety is expected to increase due to mandatory social distancing and continuous personal care through sanitization to eliminate even the tiniest possibility of COVID-19 spread. COVID-19 has impacted various companies' revenues, and if the lockdown is lifted, companies will turn their attention to operations to make up for their losses.
