Shared Mobility Market Analysis, Size, Growth, Share, Outlook & Forecast to 2025
The global shared mobility market size is projected to reach USD 619.51 billion by 2025, according to a new report by Grand View Research, Inc., rising at a CAGR of 25.1% during the forecast period. Growing use of smartphones and connected vehicles, along with an elevated problem of traffic congestion in prominent cities worldwide, is anticipated to drive the market. Increasing fuel costs are impelling individuals to shift towards alternative transportation solutions, further escalating the growth of the market during the forecast period. Reluctance towards sharing personal vehicle with strangers in ride sharing is one of the major factors challenging market growth. Furthermore, high costs of developing internet infrastructure in some low-income countries and substandard connectivity are inhibiting the upward rise of the market. Proliferation of internet-based technologies, mass marketing of connected vehicles, and burgeoning popularity of intelligent transportation systems (ITS) are prominent technological breakthroughs that are estimated to positively influence the growth of the market. Webintegrated services offer advanced features, such as V2V, V2X, and V2I communication, for vehicles. Moreover, availability of real-time information pertaining to parking and congestion is expected to further augment the shared mobility market over the coming years. Further key findings from the report suggest: