Shared Vehicles Global Market Report 2024

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 expansion observed during the historical period can be attributed to urbanization and population density, environmental concerns and sustainability, cost-effective transportation, last-mile connectivity needs, and 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 anticipated growth in the forecast period can be attributed to government policies and incentives, technological integration and connectivity, the rising awareness of Mobility-as-a-Service (MaaS), collaborations and partnerships, and post-pandemic transportation trends. Key trends expected in the forecast period involve autonomous and self-driving shared vehicles, subscription-based models, a focus on safety and sanitization, regulatory support and infrastructure development, and last-mile connectivity solutions.

The shared vehicles market is expected to experience growth propelled by the increasing travel and tourism activities. Travel involves the movement of people or goods between different geographical areas, and tourism, a social, cultural, and economic phenomenon, entails individuals traveling for various reasons. Car sharing in transportation and tourism can reduce private vehicle ownership, increase vehicle utilization, alleviate traffic congestion, conserve energy, and decrease emissions, thereby boosting the demand for shared vehicles. The World Tourism Organization (UNWTO) reported a 4% increase in global tourism in January 2022, reaching 415 million compared to 400 million in 2020. The economic contribution of tourists in 2021 was predicted to be US$1.9 trillion, up from US$1.6 trillion in 2020. Growing travel and tourism activities are driving the growth of the shared vehicles market.

The shared vehicles market is poised for growth, driven by increasing urbanization. Urbanization involves the process of a population's increasing residence in urban areas, leading to city and town growth. Shared mobility solutions thrive in urban environments, addressing challenges associated with urbanization. A June 2021 report from GOV.UK indicates that global urban populations are projected to increase from 23% to 28% between 2018 and 2030. This shift towards urban living emphasizes the ongoing urbanization trend, thereby driving the growth of the shared vehicles market.

Strategic partnerships and collaborations have gained traction as key trends in the shared vehicles market, with major players focusing on reinforcing their market positions through such alliances. Hertz Global Holdings, a US-based car rental company, partnered with Uber Technologies Inc. in October 2021, intending to make up to 50,000 Teslas available for rental over the Uber network by 2023. Another example is the partnership between Curb Mobility, a US-based mobility platform, and Gett, a US-based corporate ground transportation management technology platform, announced in April 2021. This collaboration enhances Gett's position as a technology platform in the corporate ground transportation management market.

The major companies in the shared vehicles sector are driving innovation by adopting new technologies to sustain and improve their market standing. Technological advancements, such as Honda Motor Company's CI-powered micro-mobility technologies, are enhancing user experience, efficiency, and sustainability. Honda's technologies include map-less cooperative driving and user intention understanding, providing a personalized and intuitive experience in micro-mobility machines. This technological initiative aligns with Honda's goal of creating a world where individuals experience happiness and liberation through mobility.

In July 2022, Free2move, a car rental and car-sharing company based in Germany, acquired Share Now for an undisclosed amount. Through this acquisition, Free2move extends its mobility hubs concept to 14 new cities, marking significant growth as a global mobility leader. Share Now GmbH, a free-floating car-sharing service provider in Germany, is now part of Free2move.

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.

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. The countries covered in the shared vehicles market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The primary services offered in shared vehicles encompass car rental, bike sharing, and car sharing. Car rental services present a popular alternative for individuals not consistently requiring a car but needing one for a few days to a month, allowing road trips to nearby tourist attractions and performing regular tasks such as shopping, office commuting, and exploring local areas. Major vehicle types used include passenger cars, light commercial vehicles (LCVs), and micro-mobility with different propulsions such as electric vehicles and IC engine vehicles.

The shared vehicles market research report is one of a series of new reports that provides shared vehicles market statistics, including shared vehicles industry global market size, regional shares, competitors with a Shared vehicles market share, detailed shared vehicles market segments, market trends, and opportunities, and any further data you may need to thrive in the shared vehicles industry. This shared vehicles market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The shared vehicle market includes revenues earned by entities by providing services such as free-floating, peer-to-peer (PTP), and ride-hailing car-sharing services. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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