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Shared Vehicles Market

Shared Vehicles Market: Information by Service (Car Rental, Bike-Sharing), and Region — Forecast till 2030

Published At : 17 Aug, 2022
Updated At : 17 Aug, 2022
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Market Snapshot
Base Year:
2021
Study Period:
2020-2030
CAGR:
15.16 %
Fastest Growing Market:
Europe
Largest Market:
Asia-Pacific

The global shared vehicles market 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.

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Market Dynamics

Global Shared Vehicles Market Drivers

Crowded Public Transport Facilities and Growing Traffic Congestion

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.

Economical and Environmentally Friendly

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.

Global Shared Vehicles Market Restraint

Lack of Appropriate Technologies and Transportation Infrastructure

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.

 

Segmental Analysis of the Global Shared Vehicles Market

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.

 

Regional Analysis of the Global Shared Vehicles Market

The global shared vehicle market is segmented into North America, Europe, Asia-Pacific, Central and South America, and the Middle East and Africa.

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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.

 

Competitive Analysis of the Global Shared Vehicles Market

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

 

Recent Developments

  • 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.
  • May 2022- Hertz Became the Exclusive Rental Car Partner of the Tampa Bay Buccaneers. The Tampa Bay Buccaneers and Hertz have announced a multi-year partnership designating Hertz as the Buccaneers' Exclusive Rental Car Partner. Hertz will be acknowledged as the team's newest Pewter Partner, the organization's most prestigious partnership level, and several first-ever collaborations.

 

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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