AutoTrends Weekly

Shared mobility market to $535.2 billion in 2028 at a CAGR of 12.5%

• The shared mobility market is expected to grow to $535.2 billion in 2028 at a CAGR of 12.5%, according to a recent report from The Business Research Company.

• The growth in the forecast period can be attributed to the strict environmental regulations and emission requirements, a rise in demand for ride hailing and ride sharing services, and an increase in fuel prices.

• Rising fuel prices are driving growth in the shared mobility market, as consumers seek alternatives to individual vehicle ownership. (The Business Research Company, Oct. 3)

Ride-sharing software market size to grow a CAGR of 17.6% 

• Ride-sharing software market is projected to grow a CAGR of 17.6% during the forecast period 2024-2032, according to a recent report from Infinity Business Insights.

• The rise of smart city initiatives, coupled with advancements in GPS, mobile technology, and digital payment systems, has further fueled the adoption of ride-sharing software.

• Additionally, factors such as rising fuel costs, traffic congestion, and the push for sustainable transportation options are accelerating the shift towards shared mobility.

• As consumer preferences evolve towards convenience and environmental consciousness, the ride-sharing software market is poised for continued expansion. (Infinity Business Insights, Oct. 4)

Tesla's 'cybercabs' could be a potential ride-sharing disruptor

• Tesla will host its robotaxi event on Oct. 10, investors are skittish about autonomous ride-share services, said a Morgan Stanley analyst.

• Tesla will likely move forward with a dual approach with respect to autonomous ride sharing – a fully app-based “cybercab” and a supervised autonomous/FSD ride-share service.

• Tesla may be in a position to offer the latest version of the FSD to Tesla drivers conducting ride-sharing services on the Tesla app at a discounted rate.

• Tesla likely offering a more attractive take rate to Tesla ride-share drivers than the 30% Uber was offering its drivers, potentially even a 0% take rate for the first month on the platform as a temporary incentive, said the analyst. (Benzinga, Oct. 3)

Connected cars market to $165.72 billion in 2028

• The connected cars market size is expected to grow to $165.72 billion in 2028 at a CAGR of 15.7%, according to a recent report from The Business Research Company.

• The growth in the forecast period can be attributed to rise in global population, the emergence of various technologies such as 5G and AI, a rise in internet penetration, IoT, rising preference of in-car wi-fi hotspots and data services and increasing demand for smart solutions in mobility.

• Government initiatives aimed at developing intelligent transportation systems are set to accelerate growth in the connected car market. (The Business Research Company, Oct. 2)

Auto software market to reach $43.5 billion by 2027

• The auto software market is projected to reach $43.5 billion by 2027, registering a CAGR of 14.5% from 2020 to 2027, according to a recent report from Allied Market Research.

• Factors such as adoption of ADAS features in vehicles, increasing adoption of connected car services, and intervention of innovative technologies for advanced UI are expected to drive the market growth.

• Also, the inclination of vehicle manufacturers toward the introduction of autonomous vehicles has increased the demand for efficient and reliable software. (Allied Market Research, Oct. 4)

Global autonomous car market to hit nearly $115 billion in 2029

• The global autonomous car market was valued at over $41 billion in 2024. The market is expected to grow in the following years, reaching a size of nearly $115 billion in 2029. 

• Overcoming technological hurdles is not enough for autonomous vehicles to take off. Securing public support is vital as well. People need to feel comfortable about riding in an autonomous vehicle in order to use them and buy them.

• Although over 40% of customers worldwide would be willing to use fully autonomous or semi-autonomous cars, they still have some concerns. More than half of the customers are worried about the safety of autonomous cars and over 30% are not sure whether the technologies necessary for autonomous vehicles to operate are advanced enough. (Statista, Oct. 4)

Hyundai partners with Waymo on self-driving cars 

• Hyundai said on Oct. 4 it is partnering with the California-based driverless taxi service Waymo.

• Waymo will integrate its fully autonomous driving technology into Hyundai’s all-electric Ioniq 5 SUV, with plans to add the vehicle to its Waymo One robotaxi fleet.

• The companies said they plan to make a significant volume over multiple years; testing is scheduled to begin in late 2025. (Spectrum News 1, Oct. 4)