Increasing inclination toward shared vehicles as they are flexible, convenient, and saves travel cost are the factors expected to propel the market growth. Additionally, the usage of shared vehicles is increasing since they provide better, high-quality, and personalized travel options to the targeted population base, who does not own a vehicle, thus driving the market expansion.COVID-19 outbreak had an adverse impact on the shared vehicles market. A significant fall-off has been observed due to the drop in the demand and usage of shared vehicles, during the COVID-19 pandemic, to maintain the regulatory norms imposed by the government.
The various number of vehicles presented in a particular system that can be used by numerous individuals all day long is known as shared vehicles and the system is known as the shared vehicles system. Shared vehicles are highly flexible as they provide convenience equivalent to private automobiles. Shared vehicles can either be used by an individual or by a group of people by renting a particular vehicle as per their needs and choice.
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Shared vehicles help the users to save money, enjoy several benefits associated with the cars, help in decreasing the emission of greenhouse gas, and reduce the maintenance cost of the vehicles along with space needed for parking infrastructure. Shared vehicles are proved to be a practical alternative for individuals with a limited budget and do not require a full-time vehicle. The above-mentioned factors increase the usage of shared vehicles in the market.
Regional Insights
Asia Pacific accounted for the major revenue share of the global market. It was more than 35.0% in 2021 and is estimated to expand at a CAGR of 15.3% from 2022 to 2028. China in Asia Pacific has the highest number of active shared vehicle systems, which is approximately more than half of the total, which makes it the dominating region. The growth of the regional market is owing to the increasing adoption of shared vehicles in developing countries including India and Japan.
Key Companies & Market Share Insights
The shared vehicles market is characterized by the presence of established as well as new players. Most of the key players working in the shared vehicles market are adopting various strategies such as alliances, partnerships, mergers, development, and the launch of new systems to gain maximum share in the market. For instance, a partnership was formed between Hertz Global Holdings, Inc. and Tesla Inc. to supply 100,000 Model 3S, among which half of these vehicles are estimated to be rented out to Uber drivers. Some of the prominent players in the global shared vehicles market include:
Daimler AG
SIXT SE
Avis Budget Group Inc.
Lyft, Inc.
Hertz Global Holdings, Inc.
Europcar Mobility Group SA
Avis Budget Group Inc.
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