The ways people move from place to place and use shared transportation services are transforming at an unprecedented pace. In recent years, lots of new shared mobility services had emerged promising sustainable, efficient, and cost-effective alternatives to traditional modes of transportation. In this article, we will explore the main trends shaping the future of this industry and provide a detailed definition on this concept.
What is Shared Mobility?
Shared mobility is a transportation model that emphasizes shared access to vehicles, bicycles, electric scooters, and other modes of transportation, rather than individual ownership. Unlike traditional shared transportation models such as taxis, buses, or trains, and other mobility services are typically accessed through smartphone apps or online platforms, allowing users to reserve, unlock, and pay for transportation on the go. In this regard, shared mobility is an integral component of MaaS – Mobility as a Service.
Global Market Size and Projected Growth
The shared mobility industry has witnessed exponential growth in recent years, driven by changing consumer preferences, environmental concerns, and technological advancements. The global market size of shared mobility is estimated to have reached $258 billion in 2023 with ride-hailing market size at $70 billion. It is also expected that size of the industry will grow to exceed $730 billion by 2030.
Several factors contribute to this robust growth. First and foremost is the increasing urbanization of populations worldwide. As cities become more congested, the demand for efficient and sustainable transportation options rises.
Main Types of Shared Mobility
Shared mobility services have gained immense popularity in recent years, providing solutions to urban congestion, environmental concerns, and the changing preferences of modern commuters. Let’s explore the five main types of shared mobility.
- Ride-Sharing: Ride-sharing, exemplified by companies like Uber and Lyft, has changed the landscape of personal transportation. It connects passengers with nearby drivers who share their vehicles for a fee. Users can request rides through smartphone apps, making it easy to access rides on-demand. Ride-sharing is known for its convenience, affordability, and flexibility, allowing commuters to forgo car ownership while still enjoying the benefits of personal transportation.
- Carsharing: Carsharing services offer access to a fleet of vehicles that users can rent for short periods, typically by the hour or minute. Companies like Car2Go and Zipcar provide a flexible alternative to traditional car ownership. Carsharing is especially popular in urban areas, where residents may not need a car every day but require occasional access for specific trips. It promotes cost savings and reduces the need for personal vehicles, thus decreasing traffic congestion and emissions.
- Bikesharing: As part of micro-mobility, bike-sharing programs provide a fleet of bicycles stationed at docking stations throughout urban areas. Users can rent bikes for short-term use, promoting eco-friendly transportation and reducing reliance on cars. Bikesharing encourages physical activity, reduces pollution, and is a popular choice for short trips or the last mile of a journey. Cities worldwide have embraced bikesharing as a sustainable and healthy mode of transportation.
- Scootersharing: Electric scootersharing has become a prevalent mode of urban transportation, thanks to companies like Lime, Bird, and Spin. Users can locate and rent electric scooters using mobile apps. Scootersharing is ideal for covering short distances quickly and efficiently. These compact vehicles reduce traffic congestion and provide a fun and convenient way to navigate cities while reducing one’s carbon footprint.
- Urban Aerial Mobility: The latest addition to shared mobility is urban aerial mobility, which takes transportation to new heights—literally. This innovative mode of transit involves electric vertical takeoff and landing (eVTOL) aircraft or drones to transport passengers above ground-level traffic. Companies like Uber Elevate and Joby Aviation are developing this futuristic means of commuting. Urban aerial mobility promises faster travel times, reduced congestion, and decreased environmental impact, all while offering a unique and efficient travel experience.
The Three Trends Shaping Shared Mobility
Shared mobility is not static; it is constantly evolving to meet the ever-changing demands of consumers and urban environments. Three key trends (5) are shaping the shared mobility landscape:
- Electrification and Sustainability: As concerns about environmental sustainability intensify, shared mobility providers are increasingly adopting electric vehicles (EVs) and promoting greener transportation options. This trend aligns with global efforts to reduce carbon emissions and combat climate change. Shared electric scooters and bicycles, as well as electric car-sharing programs, are becoming more prevalent in urban areas, providing cleaner alternatives to traditional fossil fuel-powered vehicles.
- Integration and Multimodal Solutions: To enhance the user experience, shared mobility platforms are moving towards integration with other modes of transportation. Consumers now have access to multimodal journey planning, allowing them to seamlessly combine different transportation options like ride-sharing, public transit, and bikesharing to reach their destinations. This trend promotes convenience and encourages people to leave their cars at home in favor of more efficient and cost-effective alternatives.
- Autonomous and Connected Vehicles: The advent of autonomous vehicles (AVs) and connected transportation systems is poised to transform shared mobility further. AVs have the potential to increase safety, reduce costs, and enhance the efficiency of shared mobility services. Additionally, connected vehicles can improve real-time data sharing, enabling more precise route planning and optimising transportation networks. While the widespread adoption of AVs is still on the horizon, the technology is rapidly advancing and holds promise for the future of shared mobility.
