Shared Vehicles Industry Overview
The global shared vehicles market size was valued at USD 127.9 billion in 2021 and is expected to expand at a CAGR of 14.4% from 2022 to 2028.
Increasing inclination toward shared vehicles as they are flexible, convenient, and saves travel cost are the factors expected to propel the market growth. Additionally, the usage of shared vehicles is increasing since they provide better, high-quality, and personalized travel options to the targeted population base, who does not own a vehicle, thus driving the market expansion.
Gather more insights about the market drivers, restrains and growth of the Global Shared Vehicles Market
COVID-19 outbreak had an adverse impact on the shared vehicles market. A significant fall-off has been observed due to the drop in the demand and usage of shared vehicles, during the COVID-19 pandemic, to maintain the regulatory norms imposed by the government.
The various number of vehicles presented in a particular system that can be used by numerous individuals all day long is known as shared vehicles and the system is known as the shared vehicles system. Shared vehicles are highly flexible as they provide convenience equivalent to private automobiles. Shared vehicles can either be used by an individual or by a group of people by renting a particular vehicle as per their needs and choice.
Shared vehicles help the users to save money, enjoy several benefits associated with the cars, help in decreasing the emission of greenhouse gas, and reduce the maintenance cost of the vehicles along with space needed for parking infrastructure. Shared vehicles are proved to be a practical alternative for individuals with a limited budget and do not require a full-time vehicle. The above-mentioned factors increase the usage of shared vehicles in the market.
The COVID-19 pandemic had a severe negative impact on the shared vehicles market as the lockdown was imposed in all the countries, across the globe, to stop the further spread of SARS-CoV-2. Several restrictions were made, associated with the traveling. Break and hold on supply chains along with delay in the process of decision making by the corporate sector, local partners, and authorities regarding new agreements also furthermore harshly affected the shared vehicles market.
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- Shared Mobility Market – The global shared mobility market size was valued at USD 166.3 billion in 2021 and is anticipated to expand at a compound annual growth rate (CAGR) of 16.9% from 2022 to 2030. Shared mobility is an emerging market wherein transportation resources and services are shared concurrently or one after the other among its users.
- Commercial Vehicles Market – The global commercial vehicles market size was estimated at USD 1.35 trillion in 2022 and is projected to register a compound annual growth rate (CAGR) of 3.7% from 2023 to 2030. Implementation of vehicle scrappage programs, aggressive investments in infrastructure development and rural development, and drafting of stringent regulatory norms for vehicle length and loading limits, among other parameters, are anticipated to fuel the growth.
Shared Vehicles Market Segmentation
Grand View Research has segmented the global shared vehicles market based on the service, and region:
Shared Vehicles Service Outlook (Revenue, USD Million, 2017 – 2028)
- Car Rental
- Bike Sharing
- Car Sharing
Shared Vehicles Regional Outlook (Revenue, USD Million, 2017 – 2028)
- North America
- Europe
- Asia Pacific
- Central & South America
- Middle East & Africa
Key Companies profiled:
Some prominent players in the global shared vehicles market include
- Daimler AG
- SIXT SE
- Avis Budget Group Inc.
- Lyft, Inc.
- Hertz Global Holdings, Inc.
- Europcar Mobility Group SA
- Avis Budget Group Inc.
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