Global Shared Vehicles Market is valued at approximately USD 127 billion in 2021 and is anticipated to grow with a healthy growth rate of more than 14% over the forecast period 2022-2028. Shared vehicles enable customers to save money, enjoy various benefits connected with cars, reduce greenhouse gas emissions, and minimise vehicle maintenance costs as well as the space required for parking infrastructure. Individuals on a tight budget who do not require a full-time vehicle have found shared vehicles to be a viable option. The aforementioned elements increase the market’s use of shared vehicles. The market is expected to develop as people become more interested in shared vehicles because they are flexible, handy, and save money on trips. Furthermore, the use of shared vehicles is growing because they provide better, higher-quality, and personalised transport options to the targeted population base, which does not own a vehicle, resulting in market increase. The market’s expansion can also be linked to the region’s growing travel and tourism activities, as well as the increasing and simple availability of low-cost and high-end luxury shared vehicle services. To get the most market share, most of the major companies in the shared vehicle market are pursuing various strategies such as alliances, partnerships, mergers, development, and the launch of new technologies. For example, Hertz Global Holdings, Inc. and Tesla Inc. forged cooperation to sell 100,000 Model 3S automobiles, half of which are expected to be rented out to Uber drivers.
The key regions considered for the global Shared Vehicles market study include Asia Pacific, North America, Europe, Latin America, and Rest of the World. Asia Pacific accounted for the majority of the worldwide market’s revenue. From 2022 to 2028, it is expected to grow with the highest growth rate. In Asia Pacific, China has the most active shared vehicle systems, accounting for over half of the total, making it the most dominant area. Whereas, from 2022 to 2028, Europe is predicted to have the second-highest growth rate. The expanding tourism, associated with education and business, is credited with the market’s rise in this region. The region’s expansion is also due to the government’s increasing investment and spending on transportation services, which attracts a large number of professionals, investors, and executives. As a result, Europe is expected to grow at a constant rate over the projection period.
Major market players included in this report are:
Avis Budget Group Inc.
Hertz Global Holdings, Inc.
Europcar Mobility Group SA
Avis Budget Group Inc.
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
Rest of the World
Furthermore, years considered for the study are as follows:
Historical year – 2018, 2019, 2020
Base year – 2021
Forecast period – 2022 to 2028
Target Audience of the Global Shared Vehicles Market in Market Study:
Key Consulting Companies & Advisors
Large, medium-sized, and small enterprises
Value-Added Resellers (VARs)
Third-party knowledge providers