The shared mobility market is expected to reach $608.86 billion by the end of 2021, finds Frost & Sullivan
Santa Clara, Calif. –May 12, 2021–Frost & Sullivan’s recent analysis finds that the global shared mobility market is anticipated to accelerate and grow in H2 2021, reaching pre-pandemic levels by 2022. Led by the eHailing segment, the global gross market value (GMV) of the industry—which includes ride-hailing, ridesharing, corporate, peer-to-peer (P2P) and traditional car-sharing, mobility-as-a-service (MaaS), and bike-sharing—is expected to reach $608.86 billion by the end of 2021 from $305.92 billion in 2020. It will be driven by consumers’ increasing focus on safety and mobility companies’ renewed strategies toward micro-mobility adoption and their continual emphasis on carbon neutrality.
For further information on this analysis, Innovative Business Models and Disruptive Technologies Powering the Global Shared and Autonomous Mobility Industry, Outlook 2021, please visit: http://frost.ly/5o1
“Bike-sharing is emerging as a resilient transportation mode in cities and can better cater to sudden shifts in supply and demand. As a result, cities are actively promoting bike-sharing by offering funding and expanding the cycling infrastructure,” said Geraldine Priya, Team Leader, Mobility at Frost & Sullivan. “Last-mile delivery is emerging as a steady revenue stream for the shared mobility market. Industry players can further leverage this to shift to passenger and goods delivery.”
Priya added: “As the shift toward MaaS and expansion of mobility operators to offer multimodality are taking center stage, technology companies are deepening roots in the automotive industry ecosystem as future mobility key enablers. Technology giants and volume original equipment manufacturers (OEMs) are showing renewed interest in the shared mobility market. Big Data and AI are projected to substantially enhance operational and cost efficiencies in shared mobility solutions deployment. Additionally, the OEM approach toward future mobility products and services will rely on the capability to offer fully connected, automated, and digital experiences over the next 5–8 years.”
Stakeholders should focus on the following growth prospects:
- Resuming shared mobility demand and addressing post-COVID-19 security measures: Market participants should focus on improving health and safety features, especially in services across shared mobility business models, such as car-sharing, P2P car-sharing, and demand-responsive transit (DRT).
- Business model diversification and geographic expansions underpinning medium-term growth of mobility models: Instead of focusing primarily on delivery, shared mobility operators should look to diversify into other streams, like applying mobility business models to finance and payments.
- Partnerships, new business models, and new technologies supporting long-term shared mobility growth: Public-private partnerships between technology companies, OEMs, and public agencies are expected to create strategies for developing and deploying autonomous mobility services jointly.
Innovative Business Models and Disruptive Technologies Powering the Global Shared and Autonomous Mobility Industry, Outlook 2021 is part of Frost & Sullivan’s Global Mobility Growth Partnership Service program.
About Frost & Sullivan
For six decades, Frost & Sullivan has been world-renowned for its role in helping investors, corporate leaders and governments navigate economic changes and identify disruptive technologies, Mega Trends, new business models, and companies to action, resulting in a continuous flow of growth opportunities to drive future success. Contact us: Start the discussion
Innovative Business Models and Disruptive Technologies Powering the Global Shared and Autonomous Mobility Industry, Outlook 2021
Srihari Daivanayagam, Corporate Communications