Mobility sharing is a service that allows the customers to rent a vehicle for a certain distance or time in exchange for money. The mobility sharing market is experiencing high growth due to increasing digitization, and the rising cost of vehicle ownership. The mobility sharing market is expected to witness high growth in APAC due to increasing adoption of mobile phones and high population.
The mobility sharing market is highly influenced by driving factors such as increasing traffic congestion, high fuel prices and low per capita income in the developing regions. However, the lack of standardization of transportation policies across various regions might hinder the growth of mobility sharing market.
The increasing popularity of shared mobility will slow global vehicle sales but not reverse them. Although there likely will be fewer new vehicles on the road because of sharing, car sales in developing countries will outpace shared mobility’s impact over the next 15 years. Still, through 2030, roughly a third of the expected increase in vehicle sales from urbanization and macroeconomic growth likely will not happen because of shared mobility
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Car sharing provides a solution
If we look at the usage of cars, we know that there are so many cars, that it causes problems to the environment. China for example, had 235 million cars on the road in the year 2018 and that’s a huge amount of cars that pollute the environment, of which we have seen the effects on the climate change. Some households have more than two cars, which sometimes feels futile. To improve the situation for the environment, carsharing can provide some kind of solution. Such as roundtrip-carsharing - where you return the car to the point you have started. Or One-way carsharing, where you return the car at the point of destination.
This not only helps the environment, but also is more accessible for more people. Buying a car and spending money on fuel, is expensive. Shared mobility allows people in this example, to use cars to do their daily stuff, but not to have spend all the money that comes with buying a car. This could definitely help going forward.
Traffic jams will reduce
As previously said, there are a lot of cars on the road. Perhaps people use the car for distances they could bike or use another means of transportation. If shared mobility is set up right with a variety of different vehicles, we could reduce the traffic problem a little bit. With scooters and bicycles coming up in electronic forms, they could offer a solution and perhaps let commuters make a choice between a car and another type of transportation.
Sizing the shared-mobility market
In three core regions—China, Europe, and the United States—the shared-mobility market was nearly $54 billion in 2016, and it should continue to experience impressive annual growth rates in the future. Under the most positive scenario, which involves strong customer demand for self-driving taxis or shuttles (so-called robo-taxis or shuttles), in low-density locations and in cities that take steps to enable them, the market could see 28 percent annual growth from 2015 to 2030. Even the least aggressive scenario points to steady growth based on convenience and economics; it projects 15 percent annual expansion, even if customers do not readily adopt robo-taxis and cities do not support them.
Currently, China and the United States are the two largest markets for shared mobility, at $24 billion and $23 billion, respectively. Both markets are dominated by e-hailing players, which hold market shares that exceed 80 percent in each country. Europe’s market, on the other hand, is much smaller, at just under $6 billion, and leans toward car sharing with a more fragmented landscape (cities regulate sharing individually, and the business is more asset intensive).
Changing the mobility game
Further growth in shared mobility will depend on how effectively the industry eliminates existing customer pain points. For example, some uses such as shared-mobility vehicle pooling can create uncomfortable dynamics among passengers who are basically strangers, while a solo ride-share commute may be too expensive for most people to use daily.