The global shared vehicles market size was estimated to reach USD 328.2 billion by 2028, registering a CAGR of 14.4% during the forecast period, according to a new report by Grand View Research, Inc. The growing demand for shared vehicles due to their flexibility, time efficiency, and convenience are some of the key factors that drive the growth of the shared vehicles market.

In addition, the reduction in maintenance cost and availability of personalized and high-quality travel options for those who do not own personal vehicles is also driving the shared vehicles market. The presence or availability of other various travel modes at low or convenient prices is hindering market growth. Most of the key players operating in the shared vehicles market are adopting partnership strategies to capture maximum global market share.

The COVID-19 pandemic has negatively impacted the shared vehicles market. The market witnessed a major decline due to the global lockdown, imposed to prevent the spread of infections across the globe. Most of the countries remained under strict restrictions which lead to the closure of shared vehicle services. The hold on supply chains and delay in the process of decision making by local partners, corporate, and authorities regarding new agreements have also affected the shared vehicles market, during the pandemic.

The car rental segment contributed to the global market revenue share of more than 90.0% in 2021. The rising popularity of online bookings for rental cars is boosting the market growth. Moreover, the factors such as time-saving and cost-effectiveness provide lucrative opportunities for the development and growth of the car rental segment. Thus, its demand is high and contributes more to the market revenue.

Asia Pacific accounted for the largest market share of more than 35.0% in 2021. Increasing travel & tourism and the growing availability of high-end luxury along with economy vehicles across the developing countries are driving the market within this region. The rise in the adoption of shared vehicles, due to the growing population, has led to an exponential growth in the national vehicle fleet, which is a reason for the growing demand for shared vehicles. India and China thereby have observed growth in the adoption of urban mobility solutions including ride sharing, car sharing, and car rental services. Thus, it contributes to more revenue generation in Asia Pacific.

Shared Vehicles Market Report Highlights

• Europe is forecast to expand at the 2^ndhighest CAGR of 14.5% from 2022 to 2028. This can be credited to increased business activities and educational tourism, especially in the central and eastern European countries
• Bike sharing segment is likely to register the highest CAGR of 15.0% during the forecast period. The rising demand for fuel-efficient micro-mobility vehicles that are environment-friendly and increasing government support initiatives are the key reasons estimated to increase the growth of the bike sharing market 
• Asia Pacific accounted for the major market revenue share of more than 35% in 2021. China has the highest number of active shared vehicle systems which is approximately more than half of the total which makes it the dominating region.

Shared Vehicles Market Segmentation

Grand View Research has segmented the global shared vehicles market based on the service, and region:

Shared Vehicles Service Outlook (Revenue, USD Million, 2017 - 2028)

• Car Rental
• Bike Sharing
• Car Sharing

Shared Vehicles Regional Outlook (Revenue, USD Million, 2017 - 2028)

• North America
  • US
  • Canada
• Europe
  • UK
  • Germany
  • France
• Asia Pacific
  • China
  • India
  • Japan
• Central & South America
  • Brazil
  • Argentina
• Middle East & Africa
  • Saudi Arabia
  • South Africa

List of the Key Players

• Daimler AG
• SIXT SE
• Avis Budget Group Inc.
• Lyft, Inc.
• Hertz Global Holdings, Inc.
• Europcar Mobility Group SA
• Avis Budget Group Inc.

Order a free sample PDF of the Shared Vehicles Market Intelligence Study, published by Grand View Research.