30-Apr-2021 | Facts and Factors
According to a recent study published by Facts and Factors, the global B2C Mobility Sharing market was valued at USD 35 billion in 2020 and is expected to hit USD 99 billion by 2026, with a CAGR of about 30% between 2021 and 2026.
Vehicle sharing, ride-hailing, and ride-sourcing are examples of B2C mobility sharing services that are provided directly to consumers by the service provider. The service providers own the vehicles used in this service. The amount of time or distance traveled determines the services provided. Sharing mobility is a new transportation trend that has proven to be effective in increasing average vehicle occupancy and reducing the number of vehicles needed to transport multiple passengers. The shared mobility market has a huge potential to grow over the forecast period of 2021 to 2026, owing to rapidly increasing automotive sales. Furthermore, rising connected vehicle and smartphone penetration, as well as rising on-road vehicle traffic and fuel costs, are all having an impact on the growth of the shared mobility market. Another factor driving the growth of the shared mobility market is the high per capita income as well as the rising cost of vehicle ownership, which is driving people to seek alternative transportation solutions. In Business-to-Consumer (B2C) service models, providers typically own/lease and maintain several vehicles, and users pay membership and/or usage fees to access these vehicles.
Top Market Players
Major players in the market are are Uber Technologies Inc., ANI Technologies Pvt. Ltd. (OLA), Lyft, Inc., Grab, Careem, Taxify OÜ, Beijing Xiaoju Technology Co, Ltd. (Didi Chuxing), Cabify, Europcar, The Hertz Corporation, Avis Budget Group, Inc., and Enterprise Holdings, Inc
Increasing Urbanization and Penetration of Technology is Driving the Growth of B2C Mobility Sharing Market
Cities in Europe, North and Latin America house more than 70% of the population. The social costs of urbanization have risen, including environmental degradation, traffic congestion, and accidents, all of which are immediate and pressing issues. Technology is critical for both providing safe and sustainable transportation for millions of people sharing limited space and ensuring supply chain resilience. Residents' mobility has increased as cities have grown more densely populated. The high cost of living in cities, combined with the need for quick, flexible, and cost-effective mobility, has created an urgent need. As a result, B2C mobility sharing players meet this requirement. Traditional mobility was dominated by personal vehicles and public transportation, with only a small portion of the market available for sharing. However, with the increased use of smartphones and the emergence of platform-based businesses, the market for mobility services has changed, ushering in a new concept of Mobility as a Service (MaaS). Mobility-as-a-Service (MaaS) is an evolving concept that describes how consumers and businesses are shifting away from vehicle ownership and toward service-based transportation. In this sense, MaaS includes multi-modal transportation mode aggregation as well as on-demand mobility. This business innovation has increased the convenience of consumers and altered their choices, as an increasing number of consumers prefer not to own vehicles. This trend has also compelled global finance to invest in the market opportunity of B2C shared mobility business, resulting in the emergence of numerous market players catering to consumer needs. Governments all over the world are pledging to support the sharing infrastructure. Helsinki, Finland, is an example of a city that is at the vanguard of the transition to shared mobility. By 2025, Helsinki has set an ambitious goal of replacing private vehicles with shared mobility, integrating all shared and public transportation into a single linked network with easy payment via digital platforms. Many cities around the world lack adequate public transportation infrastructure and services, which limits their use. In addition, cities lack non-motorized transportation infrastructure, which may limit the adoption of bike/cycle sharing schemes.
APAC is projected To Dominate the Global B2C Mobility Sharing Market
APAC is also experiencing tremendous growth potential for shared mobility as a result of the region's high economic growth, rising population standards of living, and increasing urbanization. India's demand for mobility is growing in response to rising GDP, rapid urbanization, and urban sprawl. Between now and 2030, India's passenger kilometer traveled (PKT) is expected to nearly 14 times increase, rising from 1400 billion passenger kilometers (BPKM) to 18,750 BPKM. While India is expected to be a global leader in shared mobility, several obstacles must be overcome before solutions and services can be promoted. Infrastructure and services, policy and regulatory, behavioral, and data are the four major barriers to increasing shared mobility in India. There are five regions in the global B2C mobility sharing market. Ride-hailing services are becoming increasingly popular around the world, owing to their effectiveness in reducing the number of vehicles on the road, resulting in less pollution and traffic congestion. Several countries in North America and Europe are experiencing significant traffic congestion, which results in significant greenhouse gas emissions, leading to an increase in global temperature. As a result, governing bodies are emphasizing shared mobility services, particularly ride-sharing services, which have been shown to reduce pollution.
Browse the full “B2C Mobility Sharing Market, By Service Model (Car Sharing, Bike Sharing, Scooter Sharing, Ride-Hailing, And Others) By Vehicle Type (Cars, Two Wheelers, And Others), By Region: Global Industry Perspective, Comprehensive Analysis, and Forecast, 2021 – 2026” report at https://www.fnfresearch.com/b2c-mobility-sharing-market.
The Global B2C Mobility Sharing market is segmented as follows:
By Service Model:
By Vehicle Model:
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