Overview and Scope
Shared vehicles are vehicles that commuters use to get around without owning them individually. Compared to only using public transit, shared automobiles provide more flexibility and the comfort of a private vehicle. These systems are appealing because they have the ability to minimize a user’s commuting expenditures, lessen the need for parking spaces in a community, improve general air quality, and make other modes of transportation, such as rail transit, easier to reach, and encourage their use.
Sizing and Forecast
The shared vehicles market size has grown rapidly in recent years. It will grow from $138.76 billion in 2023 to $160.69 billion in 2024 at a compound annual growth rate (CAGR) of 15.8%. The growth in the historic period can be attributed to urbanization and population density, environmental concerns and sustainability, cost-effective transportation, last-mile connectivity needs, changing consumer behavior.
The shared vehicles market size is expected to see rapid growth in the next few years. It will grow to $281.81 billion in 2028 at a compound annual growth rate (CAGR) of 15.1%. The growth in the forecast period can be attributed to government policies and incentives, technological integration and connectivity, rising awareness of mobility-as-a-service (MaaS), collaborations and partnerships, post-pandemic transportation trends. Major trends in the forecast period include autonomous and self-driving shared vehicles, subscription-based models, focus on safety and sanitization, regulatory support and infrastructure development, last-mile connectivity solutions.
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Segmentation & Regional Insights
The shared vehicles market covered in this report is segmented –
1) By Service: Car Rental, Bike Sharing, Car Sharing
2) By Vehicle Type: Passenger Cars, LCVs (Light Commercial Vehicles), Micro Mobility
3) By Propulsion: Electric Vehicles, IC Engine Vehicles
Asia-Pacific was the largest region in the shared vehicles market in 2023. Europe is expected to be the fastest-growing region in the global shared vehicles market during the forecast period. The regions covered in the shared vehicles market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
Growing travel and tourism activities are expected to propel the growth of the shared vehicles market going forward. Travel is the movement of people or objects such as airplanes, boats, trains, and other modes of transportation between different geographical areas. Tourism is a social, cultural, and economic phenomenon that involves individuals traveling to nations or locations beyond their typical environment for personal or business/professional reasons. The use of car sharing for transportation and tourism can reduce the number of private vehicles purchased, increase vehicle utilization, significantly reduce traffic congestion, conserve energy, and lower emissions, all of which are factors that are increasing demand for the shared vehicles market. For instance, in January 2022, according to the World Tourism Organization (UNWTO), a Spain-based United Nations organization for tourism, global tourism increased by 4% in 2021 compared to 2020 (415 million versus 400 million). Tourists’ economic contribution in 2021 (measured in tourism direct gross domestic product) was predicted to be US$1.9 trillion, up from US$1.6 trillion in 2020. The average receipt per arrival is expected to be $1,500 in 2021, up from $1,300 in 2020. Therefore, growing travel and tourism activities are driving the growth of the shared vehicles market.
Key Industry Players
Major companies operating in the shared vehicles market report are Daimler AG, General Motors Company, ANI Technologies Private Limited, Uber Technologies Inc., Enterprise Holdings Inc., Avis Budget Group Inc., The Hertz Corporation, CarShare Ventures BV, Lyft Inc., Sixt SE, Europcar Mobility Group S.A., Grab Holdings Inc., Careem Network FZ-LLC, Ola Cabs Private Limited, Turo Inc., Gett Israel Ltd., Wingz Inc., BlaBlaCar France SAS, Zipcar Inc., Getaround Inc., Communauto Inc., GoGet Carshare Inc., Car Next Door Pty Ltd, Curb Mobility LLC, Modo Cooperative, Zoomcar India Private Limited, Hourcar Inc., Co-wheels Car Club, Beijing Xiaoju Technology Co Ltd., Car2Go Europe GmbH, City Car Club Inc., DriveNow GmbH, Mobility Carsharing LLC, RelayRides Inc., Carrot Inc., Carma Mobility BV
The shared vehicles market report table of contents includes:
1. Executive Summary
2. Shared Vehicles Market Characteristics
3. Shared Vehicles Market Trends And Strategies
4. Shared Vehicles Market – Macro Economic Scenario
5. Global Shared Vehicles Market Size and Growth
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32. Global Shared Vehicles Market Competitive Benchmarking
33. Global Shared Vehicles Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Shared Vehicles Market
35. Shared Vehicles Market Future Outlook and Potential Analysis
36. Appendix
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