GLOBAL SHARED MOBILITY MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2024-2031)

Regional Analysis

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North America has emerged as the clear dominant player with 48.9% in 2024 in the global shared mobility market. The large presence of ridesharing giants like Uber and Lyft has transformed urban transportation across major cities in the United States and Canada. The early developments and high adoption of smartphone technologies provided a fertile ground for the growth of mobility-as-a-service platforms. Additionally, American consumers have shown a strong preference towards flexible, on-demand transportation options compared to fixed schedules of public transit systems. This has enabled shared mobility services to achieve extremely high penetration rates in key metropolitan areas. However, companies now face challenges in smaller suburban and rural communities with lower population densities.

The Asia Pacific region is poised to be the fastest growing shared mobility market going forward. Several factors contribute to the immense potential seen in this region. Firstly, urbanization levels are rising at an unprecedented pace with millions moving into cities across developing nations each year. This massive influx is straining existing infrastructure and traditional transit systems. As a result, shared mobility provides a highly cost-effective solution to this urban mobility problem. Secondly, these rapidly developing economies are experiencing tremendous gains in disposable incomes. Combined with young demographic profiles, more people now have increased access to new mobility technologies. Countries like China and India also offer a huge investment advantage with their large geographical sizes and consumer bases. Local entrepreneurs and international players have thus prioritized expanding operations and partnerships within Asia Pacific. If supportive policies are adopted, the region may surpass Western markets within the next decade.

What makes India a promising emerging shared mobility hub is the 'Make in India' push by the government. To attract foreign direct investment, the government has eased policies for manufacturing units to set up shop locally. This has encouraged global automakers and tech giants like Uber to manufacture and assemble vehicles and fleet management systems at competitive prices to serve the Indian as well as exports markets. Another boost is given through programs like 'Smart City Mission' that aims to develop sustainable and walkable urban infrastructure integrated with public transit solutions, making Indian cities more amenable for shared mobility networks to flourish. With initiatives under these schemes ongoing and yielding results it is clear India is ascending as Asia Pacific's most vibrant shared mobility marketplace.