The global B2C mobility sharing market is primarily driven by the lower vehicle ownership across several developing nations coupled with increased per capita income and increased preference to travel. Availability of job opportunities is fueling urbanization rapidly, which in turn is increasing the burden over urban public transportation facilities. Several countries across the globe are lagging in proper public transportation facilities. This, in turn, fuels the demand for alternative modes of transportation, such as ride sharing and ride hailing. Increased per capita income, rising standards of living, inability to own a vehicle, increasing fuel prices, changed mindset to share a vehicle instead of owning it, lower cost of sharing mobility than that of owning a vehicle, and raised awareness about global temperature rise and advantages of shared mobility in limiting the global temperature rise are fueling the demand for B2C shared mobility services across the globe.
Major restraint to the B2C mobility sharing market is regulations implemented by governing bodies coupled with heavy opposition from local taxi and passenger transportation service providers.
The global B2C mobility sharing market can be segmented based on vehicle type, service type, autonomy level, and geography. In terms of vehicle type, the global B2C mobility sharing market can be classified into five segments. Maneuverability, higher fuel-efficiency, lower cost, minimal space requirement for parking, exemption from several taxes, and capacity to accommodate up to four passengers are fueling the demand for passenger cars across the globe. Generally, the number of passengers traveling to a place is up to four and hence, passenger cars are highly suitable for such applications. Increase in daily commuters travelling to workplaces, rise in family outings, and increase in number of people travelling to restaurants and bars are fueling the demand for passenger cars across the globe.
In terms of service type, the global B2C mobility sharing market can be categorized into three segments. Ride sourcing services are witnessing rapid adoption among consumers across the globe, which is attributed to its flexibility, low cost, and no requirement to drive coupled with ease of operating the service providing app. Ride sourcing services are handled via a smartphone; therefore, increase in rate of smartphone usage is expected to fuel the expansion of ride sourcing services across the globe.
Key players operating in the global B2C mobility sharing market are Uber Technologies Inc., ANI Technologies Pvt. Ltd. (OLA), Lyft, Inc., Grab, Careem, Taxify OÜ, Beijing Xiaoju Technology Co, Ltd. (Didi Chuxing), Cabify, Europcar, The Hertz Corporation, Avis Budget Group, Inc., and Enterprise Holdings, Inc.
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