Shared Vehicles Market size is estimated to reach USD 328.2 billion by 2028

 Shared Vehicles Industry Overview

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.

 

Shared Vehicles Market Segmentation

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

 

Based on the Service Insights the market is segmented into Car Rental, Bike Sharing, Car Sharing

  • The car rental segment dominated the market and contributed a revenue share of more than 90.0% in 2021. It is forecast to expand at a CAGR of 14.4% from 2022 to 2028. In car rental service, vehicles are supplied by the professional providers of the rental car intended for personal use, and the rent for the same is fixed in advance based on the time. 
  • The bike sharing segment is expected to witness the highest CAGR of 15.0% from 2022 to 2028. Bike sharing is a type of service in which bikes are owned by various companies and they form a partnership with various cities, to provide bikes for public use. The growing usage of vehicles, that are environment friendly and fuel-efficient along with the increase in the number of initiatives by the government to support bike sharing systems, is contributing to the bike sharing segment growth. Thus, the segment is expected to grow at the fastest CAGR, during the forecast period.

 

Shared Vehicles Regional Outlook

  • North America
  • Europe
  • Asia Pacific
  • Central & South America
  • Middle East & Africa

 

Key Companies Profile & 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. 

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.

 

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

 

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