Electric Vehicle Shared Mobility Market: Exploring Opportunities through Market Share and Growth Projections

According to a report by TechSci Research titled "Global Electric Vehicle Shared Mobility Market - Size, Share, Trends, Opportunities, and Forecast 2016-2026: Segmentation by Service Type (Ride-Hailing, Car Sharing, Car Rental, Ride Sharing), Vehicle Type (Two-Wheeler, Four-Wheeler), Commuting Pattern (Daily, Weekly, Occasionally), and Region," the global market for electric vehicle shared mobility is projected to experience steady growth at a compound annual growth rate (CAGR) during the forecast period of 2022-2026. Electric vehicle shared mobility refers to a commuting service that provides commercial vehicles for transportation from one location to another. With rapid urbanization, the number of daily commuters in cities has significantly increased for various purposes. However, the surge in privately owned vehicles has led to escalating traffic congestion. To alleviate traffic congestion and reduce harmful emissions, the adoption of electric vehicle shared mobility is growing worldwide.

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The limited availability of fossil fuels and concerns over environmental impact are driving the demand for eco-friendly vehicles. Governments of many countries are actively promoting ride-sharing as an alternative to personal vehicles to combat pollution, thus fueling the growth of the global electric vehicle shared mobility market. Consumer preferences are shifting towards economical and luxurious modes of transportation rather than owning personal vehicles.

However, the lack of sufficient charging infrastructure may impede the growth of the global electric vehicle shared mobility market during the forecast period.

The global electric vehicle shared mobility market is segmented based on service type, vehicle type, commuting pattern, regional distribution, and company. The market is divided into ride-hailing, car sharing, car rental, and ride sharing. The ride-hailing segment is expected to hold a significant market share during the forecast period of 2022-2026. The rapid growth of e-commerce, food delivery, and last-mile delivery services is driving the surge in ride-hailing. The convenience of booking and passenger comfort, along with increasing traffic congestion, create lucrative opportunities for ride-hailing. Government initiatives to raise awareness about air pollution and efforts by market players to attract more customers are expected to propel the segment's growth.

Based on vehicle type, the market is categorized into two-wheeler and four-wheeler. The four-wheeler segment is expected to dominate the global electric vehicle shared mobility market for the next five years. The convenience of long-distance travel provided by passenger cars and buses is driving the growth of this segment. The ability to accommodate a larger number of passengers compared to two-wheeler electric vehicles further accelerates the adoption of four-wheeler vehicles for shared mobility worldwide.

Leading players operating in the global electric vehicle shared mobility market include Uber Technologies, Inc., ANI Technologies Pvt. Ltd., Lyft, Inc., Hertz Corporation, Europcar Mobility Group, Avis Budget Group, Sixt SE, Budget Rent a Car System, Inc., Grab Holdings Inc., and Car2Go Ltd. Manufacturers are increasingly focusing on research and development to drive higher growth in the market. To meet evolving customer demands for improved efficiency and durability, electric vehicle shared mobility manufacturers are introducing technologically advanced offerings.

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“The increase in the efforts to make efficient charging infrastructure by the government around the globe coupled with the incentives offered to the OEMs is expected to fuel the adoption of the electric vehicle shared mobility in the next five years. Manufacturers are developing an electric vehicle with better battery life and longer usage duration thereby boosting the demand for electric vehicle shared mobility for short as well as longer durations. High-end investments for the research and development activities and the introduction of preferential policies, subsidies, tax rebates along with the rise in the increasing awareness about environmental pollution is expected to contribute to propelling the global electric vehicle shared mobility market growth till 2026” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.

“Electric Vehicle Shared Mobility Market - Global Industry Size, Share, Trends, Opportunity and Forecast, 2016-2026, Segmented By Service Type (Ride-Hailing, Car Sharing, Car Rental and Ride Sharing), By Vehicle Type (Two-Wheeler and Four-Wheeler), By Commuting Pattern (Daily, Weekly and Occasionally) and By Region” has evaluated the future growth potential of global electric vehicle shared mobility market and provided statistics & information on market size, shares, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the of global electric vehicle shared mobility market.

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