Albany, NY -- (SBWIRE) -- 05/30/2019 -- The automotive industry is witnessing a trend of connected, electrified, and shared mobility, which is attributed to the increased consumer awareness about global warming due to vehicular emission, increased government emphasis over alternative modes of transportation, and OEMs' shift toward advance mobility solutions. The cost of using shared mobility is much lower than that of owning a vehicle and hence, a large number of consumers and passengers are preferring shared mobility solutions instead of investing in owning a new vehicle.

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Less number of vehicles per 100 people, increase in number of daily commuters heading to workplaces and homes, increased burden on public transportation facilities due to rapid urbanization, and lack proper connectivity of public transportation systems are fueling the demand for shared mobility services. Adoption of smartphone-based internet services is rising among consumers primarily due to the increased usage of smartphones, ease of operating the app, faster internet connectivity, and presence of globally leading and local service providers coupled with lower charges of services compared to private services.

Public transportation facilities across the globe are failing to cater to the need due to increasing urbanization and increasing population. Increase in number of working class people, rise in income opportunities, increase in per capita income coupled with increased tendency to travel for work and holidays are fueling the demand for shared mobility services across the globe.

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Ride sourcing is an emerging trend across the globe, in which consumers can book a ride via a smartphone-based app. Ease of operating the app, increased penetration of smartphone users, and availability of reliable internet services are fueling the demand for ride sourcing services. Ride sourcing services are flexible, thus a large number of consumers traveling to workplaces, homes, to restaurants, and colleges prefer ride sourcing services. Thus, the demand for ride sourcing services is increasing owing to the rise in working class population.

Lesser number of vehicles per 1000 people, lack of proper public transportation facility, crowded public transportation, and increase in fuel prices coupled with no necessity of driving are fueling the ride sourcing segment of the global shared mobility market. The ride sourcing segment of the market is anticipated to expand at a CAGR of about 23% during the forecast period.