Albany, NY -- (SBWIRE) -- 01/19/2019 -- Shared mobility is a method in which a single vehicle or a ride is shared by more than one person. It comprises vehicle sharing, car sharing, ride sharing, peer-to-peer ride sharing, business-to-consumer ride sharing, business-to-business ride sharing, vehicle leasing, vehicle rental services, carpooling, and outsourcing services. Increasing traffic congestion results in driver fatigue, which might lead to fatal injuries. Shared mobility can reduce traffic congestion by reducing the number of on-road vehicles, thereby reduce driver fatigue by eliminating the need to drive.
Government initiatives for enhancing shared mobility activities, consumer demand for sharing a vehicle instead of buying one, raised awareness about increase in pollution levels and impact of shared mobility, and availability of mobility or ride-sharing service providing companies are fueling the global shared mobility market.
In the U.S., several local governing bodies are providing incentives to high occupancy vehicles (HOV) – vehicles that contain more than three passengers. Several regulatory bodies across the U.S. have built separate transit lanes for HOV, which in turn is fueling the demand for shared rides. Sharing a vehicle or ride costs much less than that of owning a vehicle and hence, consumers are preferring shared mobility solutions. A shared ride can reduce up to four on-road vehicles, and a shared vehicle also result in significant drop in number of vehicle ownership, which in turn lead to a significant decline in pollution.
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Increase in pollution level and its impact on human health and the nature is prompting consumers and governing bodies to search for alternative transportation options. Shared mobility has proven to be an effective method to reduce the number of on-road vehicles and subsequently, reduce pollution occurring through different modes of transportation.
Shared mobility solutions are hampering the well-established taxi fleet operators' business. Consequently, governing bodies of several nations have banned several modes of shared mobility solutions, which in turn is restraining the global shared mobility market.
The global shared mobility market can be segmented based on type, vehicle type, service type, and region. In terms of type, the global shared mobility market can be classified into five segments. Vehicle leasing is a prominent type of shared mobility service. In this mode, a vehicle is owned by a consumer for a specific time period. In this type of service, consumers pay the vehicle owner on the basis of the duration the vehicle is shared and not on the distance traveled.
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Carpooling is another prominent mode of mobility sharing. In this type of service, a vehicle owner or driver picks a traveler from one point and drops at another, charging the traveler or co-passenger in terms of kilometers traveled and time required for travelling. Ride sharing is transforming the face of global shared mobility market by offering lucrative opportunities to fleet operators as well vehicle owners and travelers too.
Based on vehicle type, the global shared mobility market can be divided into three segments. Cars are readily being used for shared mobility services. Higher efficiency and lower space requirement are fueling the demand for cars in the shared mobility market across the globe. Vans and buses are being preferred for transportation of employees of large firms.
In terms of service type, the global shared mobility market can be segregated into three segments. The business-to-consumer (B2C) segment is expanding at a rapid pace. B2C services involve mobility sharing service providing companies directly offering their services to consumers. They include carpooling, bike pooling, outsourcing, and vehicle leasing services. The business-to-business (B2B) is expanding at a significant pace, which is attributed to the expanding workforce of large organizations and stringent emission norms implemented by governing bodies.
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In terms of region, the global shared mobility market can be segmented into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. Asia Pacific is witnessing an increase in per capita income, increased preference for travel, and development of road infrastructure; however, the demand for shared mobility is rising owing to lower number of vehicles behind every 1000 people in the region.
China, India, and ASEAN countries account for less than 200 vehicles per 1000 persons, which fuels the demand for shared mobility solutions. Mobility sharing service companies are focused on expansion of their presence across those regions where per capita income is rising and the countries account for lower number of vehicles per 1000 persons. Consequently, Middle East & Africa and Latin America are expected to witness an increase in mergers, acquisitions, and partnership activities.
Key players operating in the global shared mobility market include Hertz Corporation, Avis Budget Group, Europecar, Enterprize Holding, Sixt SE, Uber Technologies Inc., ANI Technologies Pvt. Ltd, Flywheel, Wingz Inc., Lyft, Grab, Careem, Juno, Gett, Taxify OÜ, Beijing Xiaoju Technology Co, Ltd. (Didi Chuxing), and BlaBlaCar. The global shared mobility market has been witnessing a surge in merger and acquisition activities in the last few years.
Grab, a leading shared mobility services proving company in ASEAN, acquired Uber Technologies Inc.'s ASEAN business. Likewise, in 2016, Beijing Xiaoju Technology Co, Ltd. (Didi Chuxing) acquired Uber Technologies Inc.'s business in China. Several auto manufacturers and Tier 1 suppliers are entering the global shared mobility market either through acquisitions, partnerships, or startups.