Will Shared Mobility lead to a less car-centric future?
The mobility industry has seen many upside downs in the market. But, along with the time it has seen multiple innovations and has evolved to follow a customer-driven approach in every action. Our older generations have already seen the dramatic shift of public transport towards private transport. Now, the existing and coming time calls for a shift of private transport towards the shared mobility transport mode.
But what does that hold for the future? Are we moving towards the probability of not having more cars in the market? Is the concept of shared mobility taking away the possibility of having more cars in the market?
This blog highlights and tries to bring attention to all these favorable points that altogether explain the active role of shared mobility in leading towards a less car-centric future.
Reasons for the growing popularity of shared mobility businesses
We all know that there is a switch between the preferences of private and shared mobility modes of travel. But have you ever wondered, why and how this shift has become a past and parcel of now’s economy?
Statement: By 2030, it is believed that shared mobility will be more affordable, convenient, and preferred among travelers as compared to private vehicles.
The reason behind it: The current economy of the mobility market is largely driven by shared mobility businesses. The market share is on a higher verge and people have been choosing shared cabs over private cabs.
- There is a huge spike in gas prices and it keeps on fluctuating and increasing, making it tough for individuals to plan ahead for their expenses.
- The market for car purchases is diminishing significantly because of the high purchase value of the vehicles.
- The technology has facilitated the process to find, book, and ride a shared cab without any hassles.
And the list goes on.
Impact: People are becoming confident to avail of shared mobility services for their intercity and intracity travel. Experts have seen a sudden downfall in the procurement of private vehicles in the market.
It would not be an exaggeration if we put a point that because of the ease and convenience of shared mobility vehicles, the customers are open to bidding farewell to the idea of owning the cars and are looking forward to covering their travel with the current ridesharing vehicles.
The tech behind empowerment of shared mobility use case
With Lyft and Uber taking the charge of growth in the ride-hailing industry, other small businesses are trying to resonate with their actions. But have you wondered what drives Uber to success?
The presence of software, services, and shared mobility altogether has helped the ride-hailing giant player to grow and earn a better ROI in its operational capacity. As always, mobility software has been one of the differentiating factors in making Uber and Lyft; the game changers in the market.
Similar to it, the shared mobility market is seeing an upward growth and scope with its integration with feature-packed software. The easy-to-use integrated software can be used to plan, find, book, avail, and then pay for the ride. And that too at your own comfort.
You can click here to read additional resources about shared mobility and software related to it.
Futuristic and strategic outlook of the market with shared mobility
We already have discussed the part that most traveling enthusiasts have started considering shared cabs as their preferred mode of travel. This has been made possible due to certain factors that support on-demand and on-spot availability and accessibility of the cars.
Many industry leaders have predicted that in the near future, people will tend to ditch private modes of transportation and would be open to trying ridesharing.
Here are some stats that explain this prediction:
- The total revenue is projected to reach around $1.08 tn.
- The annual CAGR growth is expected to be 12.78% by 2026.
- By 2026, 5.8m users are expected to join the tribe of people preferring shared mobility over others
- China holds the largest share in generating revenue from shared mobility use cases.
All these stats clearly give the indication of why a shared mobility business idea will be a super hit idea to go ahead with.
Steps taken to support the expansion of shared mobility
There are certain initiatives and steps that have been taken to make sure that shared mobility becomes the latest trend and sustains in the market.
Here are a few to name:
- The shared mobility action agenda has announced that they are aiming to make shared mobility practically accessible and available to the public for their convenient use by 2030.
- This can be done by networking with organizations that are keen to participate and promote shared mobility vehicle patterns.
- Ditching the age-old practices of using private cars, the people are keen to try their luck with ridesharing.
- People are moving towards sustainability quotients, making it obvious for them to opt for fewer emissions of dangerous gases.
- There are certain green campaigns that are empowering people to make informed choices of opting for group travel to avoid travel congestion, oil combustion, and many more.
What does the future look like with shared mobility?
Once the trend of shared mobility becomes popular among the audiences ( which it already had become in some areas), then there is no looking back. This concept has already been welcomed in metro and tier 1 and 2 cities.
Though there is a huge scope left in urban cities, it’s just the beginning. If things went in the right direction, there are high potential markets that can be scoped out.
For instance, in urban cities where connectivity and transportation are issues, choosing shared mobility can become a permanent resolution for travelers.
However, to get fit into this approach, one needs to stay open and flexible with the choice of vehicles and their current availability.
Does it mean that people will move to a no-car ownership approach?
This is a question that has been asked in many discussions and holds great importance in many ways.
Since ridesharing will solve the problem of commuting and finding the genuine cost for every trip. This might allow the people to shift their focus from owning the car to only hiring it when required. There are several reasons that justify the statement.
- The cost of cars can be alarming; based on the recent price hikes
- Now’s generation looks for asset-light lifestyles.
- There is a huge fluctuation in gas prices
- Our planet is on the verge of losing its grip on a healthier and greener side.
- Green gas combustion is at an alarming stage
- Traffic congestion and deteriorated road conditions are going to be one of the possible causes of ditching car ownership
- The added comfort and convenience of getting vehicles at the doorstep at the time of requirements is another big reason for the shift.
Looking at these reasons we can easily conclude that in the coming future, it might be possible to have a sudden shift in the market.
The future of shared mobility seems to be bright and sustainable. This might bring a new trend of shifting the people’s mindset from pre-owing the cars to boarding the shared mobility cars.
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