Shared mobility
is a type of service in which a vehicle is shared based on the time and
distance it is used in return for money. In shared mobility, a vehicle
owner or the owner of a large fleet provides the vehicle on a rental
basis to consumers and other companies. Shared mobility comprises
sharing a car, a ride, a two-wheeler, and sharing trucks and buses.
Key driver of the global shared mobility
market is low per capita income of people in developing nations. Shared
mobility services provide short-term ownership to consumers at a
significantly lower price, and hence, consumers prefer shared vehicles
instead of owning one. A vehicle, if not shared, is only utilized for up
to 5% of its total life; it remains parked for 95% of its life.
Considering this, several vehicle owners are readily sharing their
vehicles. Increase in number of vehicle owners has led to increased
traffic congestion and rise in global emission levels.
Consequently, governing bodies are
promoting alternative fuel powered vehicles and alternative modes of
transportation that are capable of limiting the global temperature rise.
Shared mobility services are effectively capable of reducing the number
of vehicle owners and hence, governing bodies are implementing
regulations in favor of shared mobility services.
Consumers who do not own a vehicle are
preferring a shared vehicle, as a shared vehicle provides vehicle
ownership without having to invest in owning one, which is further
compounded by the increased interest rates on vehicle loans. Increased
tourism, rise in number of family outings, and raised per capita income
are fueling the demand for shared mobility services. Increase in number
of working class people is prominently fueling the demand for shared
mobility services across the globe.
Availability of faster internet
connectivity, increased mobile ownership, availability of mobility
sharing apps, and increased consumer awareness are fueling the global
shared mobility market.
Incorporation of electric and autonomous
vehicles is likely to reduce the cost of shared mobility services.
Electric vehicles reduce fuel expenses, which reduces the overall cost
of utilizing mobility sharing services, such as ride sharing and ride
sourcing. This, in turn, is likely to fuel the demand for such on-demand
services across the globe. Autonomous vehicles are expected to
eliminate the driver and subsequently, expenses over the driver. Lower
number of vehicles per capita across several nations is fueling the
demand for shared mobility services, which in turn is likely to offer
lucrative opportunities to the global shared mobility market. Forward
integration of vehicle manufacturers in the shared mobility market is
likely to offer considerable opportunities to the market.
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