Shared Vehicles Market Challenges and Solutions

The global shared-vehicles market was valued at USD 127.9 billion in 2021 and is projected to grow at a compound annual rate of 14.4 % from 2022 to 2028. Rising consumer preference for flexible, convenient, and cost-saving mobility options is expected to fuel this expansion. Because shared vehicles offer targeted users—especially those who do not own cars—high-quality and personalized travel choices, their popularity continues to climb.

Impact of COVID-19

The pandemic temporarily dampened demand: usage dropped sharply as governments imposed distancing regulations, leading to a noticeable contraction in shared-vehicle activity.

What counts as a shared vehicle?

A shared-vehicle system provides a pool of automobiles available around the clock to multiple users. Individuals or groups rent the vehicle that best suits their needs for the desired period, enjoying flexibility comparable to private ownership.

Benefits driving adoption

By lowering personal transportation costs, cutting greenhouse-gas emissions, and reducing both vehicle upkeep and parking-space requirements, shared-vehicle programs present a practical alternative for budget-conscious users who do not need a full-time car.

Service insights

• Car rental dominates: In 2021, traditional car-rental services generated more than 90 % of total revenue and are expected to increase at a 14.4 % CAGR through 2028. Professional providers supply vehicles for personal use at predetermined time-based rates—a model especially attractive to cost- and fuel-conscious millennials.

Get a preview of the latest developments in the Global Shared Vehicles Market! Download your FREE sample PDF today and explore key data and trends

Regional insights

• Asia-Pacific leads: The region captured over 35 % of global revenue in 2021 and is forecast to grow at 15.3 % CAGR from 2022 to 2028. China alone hosts more than half of the world’s active shared-vehicle systems, while adoption in India and Japan continues to climb.

Competitive landscape

Both long-established and emerging companies vie for share, using alliances, partnerships, mergers, and new-system launches to expand their footprints. For example, Hertz Global Holdings, Inc. partnered with Tesla Inc. to acquire 100,000 Model 3s—about half earmarked for Uber drivers. Prominent market participants include:

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

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