Shared mobility is defined as the sharing of transportation services and resources either concurrently or one after another. It includes micro-mobility, automobile-based modes, public transit, and ridesharing.
Shared mobility has grown drastically with no signs of letting up since its inception due to renewed interest in energy, urbanism, growing environment, and economic concerns, which intensify the need for a sustainable alternative. Advances in wireless technologies and electronics have made data and sharing assets more and more accessible and efficient. It has led rental car companies, automobile manufacturers, city-sponsored programs, and venture-backed startups to establish new solutions ranging from mobile applications to large networks designed to fill empty seats, alter routes for various reasons based on conditions, and combine fare media with real-time departure and arrival information.
Benefits of shared mobility include:
The entire transportation industry faces rapid changes and development as new technologies and trends emerge all the time. Shared mobility and car-sharing are still booming, which has attracted new big players, including power companies. The industry aims to create a diverse portfolio, including connected services and free-floating car sharing.
Below we outline a list of the most significant emerging transportation and car-sharing trends.
Car sharing has been traditionally associated with companies involved in transportation. However, new players are beginning to join the market. Power companies are one of them due to the shift to electric vehicles (EVs) and alternative fuels. The power sector plays a large role in managing the demand and supply of electricity by supporting the development of long-range batteries and alternative fuels.
Micro-mobility involves the ability to move via minimalistic means using light vehicles for short distances. Bikes, scooters, and longboards are an emerging and significant trend, especially in overcrowded cities. Technological advancement has a considerable impact on how people pay for and use scooters and bikes, as they account for almost 60% of rides shorter than 5 miles. Major players have now entered or are entering the market to offer electric scooters for rent in various larger cities.
Both taxi, car sharing, and micro-mobility services are bundled in a single app, which has enhanced the future of shared mobility in cities. Car-sharing providers have continued offering a comprehensive client journey to facilitate transportation, including renting scooters and bikes and entering the car-sharing market. Partnerships have been created to develop electric scooters app and hybrid bike apps to cater to short-term rent-on-demand use.
According to experts from service providers like Avail car sharing, automotive manufacturers have to anticipate client demand shifts and respond timely with the right products and services to cater to the always-changing markets. Automakers have to position themselves in a better position to capitalize on opportunities that come along the way. They need to consider car-sharing, especially during the car’s design, by creating dealer networks and leasing organizations specializing in vehicle servicing and partial ownership. Automakers can take initiative to reach new drivers to begin to develop brand loyalty to these clients.
Car sharing mobility may minimize the number of vehicles operating on the road but will increase mileages as cars are subjected to larger drives. Individual car sales may decrease, but accelerated car replacement and more extensive fleet sales will provide new profitability options.
The shared mobility market is classified on a vehicle, service, and business model basis. Based on the vehicle, the market is divided into two-wheelers, cars, and others. The car segment, however, has the largest revenue share due to the growing interest in ride-hailing, car-sharing, and rental services offered by transport companies. Based on the service segment details, shared mobility includes bike-sharing, ride-hailing, and car-sharing, among others. Ride-hailing is the most dominant model and is driven by the increase in the participation of significant players in shared mobility services. P2P (Peer-to-Peer), B2C, and B2B are the main business model segments for shared mobility markets. P2P is the most significant due to the increase in the utilization of cars for leasing and rental services.
The applications on our phones help us register for car rental services and measure the time and distance to establish the amount to pay. Such applications are developed from the perspective of developers, consultants, and users.