Shared Vehicles Market Major impacting factors Analysis Report By 2028

Shared Vehicles Market Growth & Trends

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.

Gather more insights about the market drivers, restrains and growth of the Global Shared Vehicles Market

 U.S. Shared Vehicles Market Size, By Service, 2019 - 2028 (USD Billion)

Market Segmentation

Grand View Research has segmented the global shared vehicles market based on the service (Car Rental, Bike Sharing, Car Sharing).

Based on Regional Insights, the market is segmented into North America, Europe, Asia Pacific, Central & South America, and Middle East & Africa.

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.  The growth of the market can also be attributed to growing travel & tourism activities in the region along with the increasing and easy availability of the economical and high-end luxury shared vehicle services. Thus, due to the above-mentioned factors, the demand for shared vehicles in Asia Pacific is high and it contributes more to revenue generation.

Europe is expected to register the 2nd highest CAGR of 14.5% from 2022 to 2028.

The growth of the market in this region is credited to the increasing tourism, related to education and business. The growth of the region is also attributable to increased investment and spending by the government on transportation services, which in consequence attracts numerous professionals, investors, and executives. Therefore, Europe is estimated to expand by a steady CAGR during the forecast period.

Browse through Grand View Research’s Automotive & Transportation Industry Research Reports.

  • Luxury Car Market – The global luxury car market size was valued at USD 617.36 billion in 2022 and is expected to expand at a CAGR of 6.9% from 2023 to 2030.
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Key Companies

The key 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.

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.

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

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