LONDON, April 18, 2023 (GLOBE NEWSWIRE) -- The Business Research Company’s research on the shared vehicles market identifies growing travel and tourism activities to drive future growth in the shared vehicle market. Travel is the movement of people or objects across geographical places using forms of transportation such as aeroplanes, boats, trains, and other modes of transportation. Tourism is a social, cultural, and economic phenomenon in which people travel to countries or areas outside of their usual environment for personal or business/professional purposes. Car sharing for transportation and tourism can reduce the number of private automobiles purchased, enhance vehicle utilisation, dramatically reduce traffic congestion, preserve energy, and lower emissions, all of which are reasons driving up demand for the shared vehicle market. According to the World Tourism Organisation (UNWTO), a United Nations organisation based in Spain, global tourism increased by 4% in 2021 compared to 2020 (415 million versus 400 million) in January 2022. Tourists' economic contribution in 2021 is expected to be US$1.9 trillion (measured in tourist direct gross domestic product), up from US$1.6 trillion in 2020. In 2021, the average receipt per arrival is predicted to be $1,500, up from $1,300 in 2020. As a result, rising travel and tourism activities are propelling the shared autonomous vehicle market forward.
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The global shared vehicles market size is expected to grow from $120.4 billion in 2022 to $139.6 billion in 2023 at a compound annual growth rate (CAGR) of 16.0%. The global shared vehicles market share is then expected to grow to $243.9 billion in 2027 at a CAGR of 15.0%.
Major players in the shared vehicles market are Sixt SE, Avis Budget Group, Lyft Inc., Hertz Corporation, Europcar Mobility Group, Uber Technologies Inc., Grab SG, Beijing Xiaoju Technology Co. Ltd., Careem, Gett.
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Strategic partnerships and collaborations have emerged as significant themes gaining traction in the market for shared vehicles. To strengthen their market position, the leading companies in the shared vehicle sector are focusing on partnerships and alliances. For example, in October 2021, Hertz Global Holdings, a vehicle rental company located in the United States, collaborated with Uber Technologies Inc., a ride-hailing services provider based in the United States. The firms planned to make up to 50,000 Teslas available for rental through the Uber network by 2023. Furthermore, Curb Mobility, a US-based mobility platform, joined with Gett, a US-based business ground transportation management technology platform, in April 2021. The partnership improves Gett's position as a technological platform to strengthen in the market, with a global spend of $79.6 billion on corporate ground transportation management (GTM).
Asia-Pacific was the largest region in the shared vehicles market in 2022. Europe is expected to be the fastest-growing region as per the global shared vehicles market overview during the forecast period. The regions covered in the global shared vehicles market research are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The global shared vehicles market is segmented by service into car rental, bike sharing, car sharing; by vehicle type into passenger cars, LCVS (light commercial vehicles), micro mobility; by propulsion into electric vehicles, IC engine vehicles.
Shared Vehicles Global Market Report 2023 by The Business Research Company provides insights on the shared vehicles market size, shared vehicles market segments, shared vehicles market trends, drivers and restraints, major competitors’ market positioning, revenues and market shares.
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