Shared mobility trends demonstrate that the popularity of sharing cars and trips is rising steadily. Many people seek the freedom of driving, but without the costs and inconveniences associated with personal car ownership. Additionally, there is an increasing realization that shared mobility can have a significant impact on the environment and help minimize congestion.
But what does this mean for vehicle sales? Is the automotive industry at risk of going under due to the increasing popularity of shared mobility? Well, no, not exactly. Although we are likely to see slower growth of vehicle sales, there is a string of new opportunities on the horizon for the industry.
Potential Growth of Shared Mobility Market
Industry leaders suggest that some of the emerging companies in shared mobility are already surpassing big-name automakers in terms of market valuations. Three fundamental territories when it comes to shared mobility include the United States, Europe, and China. Together, their market value was close to $54 billion in 2016 and is expected to continue to grow at an impressive rate in the future.
However, there are still a number of problems with shared mobility, which means it’s probably still going to be a long time before we see a real difference in the industry. For instance, many people still prefer driving their own cars over ride-sharing and haven’t quite caught onto the trend of shared mobility.
It’s also worth noting that the need for shared vehicles to be replaced more frequently - due to them being used so often - will also have a positive impact on vehicle sales.
The Future of Shared Mobility
Although research suggests that we’re bound to experience steady growth in shared mobility, success ultimately depends on how successful the industry is in eliminating current issues with the concept. One major challenge is the issue of convenience. Customers should be able to get a vehicle when and where they want one, with minimal delay. The problem, of course, is that it’s not feasible (or possible) for service providers to have a vehicle at every corner all the time.
Another issue is that not everyone will be comfortable sharing a trip/vehicle with a complete stranger, while solo trips are likely to be too costly for most to utilize daily.
At the end of the day, there are still a lot of questions when it comes to shared mobility and only time will tell whether the industry is going to outgrow traditional mobility or if we’re in for an entirely different market.