Global shared mobility market to reach $1.55 Trillion by 2030

Frost & Sullivan’s recent research, Strategic Analysis of the Global Shared Mobility Market, 2030, forecasts that the gross market value of the sector will exceed $1 trillion by 2026, despite suffering a major setback due to the pandemic. The growing urban population and rising smartphone penetration are key factors driving the segment globally, followed by tightening emission norms and a shifting focus toward autonomous mobility. As a result, the global shared mobility market is expected to grow from $731.8 billion in 2020 to $1.55 trillion by 2030.

For further revenue opportunities, market participants should explore these strategic recommendations:

• Single-occupancy shared mobility: Service providers must focus on single-occupancy modes, as post-pandemic demand would be inclined toward these instead of public transport.
• Bike-sharing: Bike-sharing will be in high demand because it provides a safe transport option that ensures social distancing. Cities must consider promoting safe and eco-friendly transport by instituting emergency bike lanes.
• Last-mile delivery: Fleets across ride-hailing and car-sharing companies should be repurposed to deliver healthcare supplies and essentials and become P2P courier services to enable the utilization of fleets during lockdowns.
• Corporate mobility: Shared mobility service providers need to consider making changes to vehicle designs as shared transport would be crucial post-pandemic for the safe transport of workers.
• Autonomous mobility: Cities and governments should undertake more initiatives to develop infrastructure technology for a seamless transition to autonomous vehicles.
• Mobility-as-a-Service: MaaS providers must offer greater flexibility, personalization, safety precautions, transparency on pricing, and data privacy to increase the comfort of potential customers.