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Data included in the report recently presented by the strategic consulting firm Oliver Wyman, commissioned by Bolt. Regarding the ride hailing market (taxis and VTCs), it is expected to reach 844 million euros in the Spanish market
Madrid, March 21, 2024.- The mobility sector has been in constant change in recent years, motivated not only by consumer behavior in their daily trips, but also by the sustainability challenges faced by companies. cities. In this context, and with the aim of establishing a baseline for improvements and a roadmap to maximize the potential of shared mobility, according to a recent report prepared by the strategic consulting firm Oliver Wyman, the shared mobility market in Spain will grow to 1,750 million euros in 2028.
According to the study, this would bring an estimated compound growth (CAGR) between 3% and 5% over that period, underscoring the continued potential of this sector. Along these lines, regarding the market for Transport Vehicle Services with Drivers (VTC) and taxis in Spain, they expect it to experience potential development, going from 698 million euros in 2023 to reaching 844 million euros in 2028. In this same period of time, the research also shows that E-Scooters show a CAGR (compound annual growth rate) of 12%, compared to 2% for shared vehicles, which shows a clear growth trend in this ambit.
Under the title “Towards a new model of shared mobility in Spain”, the study by Oliver Wyman, in which Bolt, the mobility platform, has collaborated by providing data, offers an objective, quantified and current vision of the impact and perspective of the shared mobility services. In addition, it highlights the economic, social and environmental impact of the sector in its evolution towards shared mobility.
The consultancy firm’s analysis highlights the key importance of the sector in ensuring accessible and affordable transport, especially during times of economic instability. For this reason, they highlight that renting a vehicle with a driver can be more profitable than owning one if less than 15,000 kilometers are traveled annually. This is significant given that the average annual mileage in Europe has decreased to 11,000 kilometers, marking a reduction of 1,700 kilometers in the last decade.
The regulation of shared mobility, especially with regard to ride-hailing, still requires different regulatory developments at the regional level. For this reason, the presentation of this report included a debate in which various agents of change and representatives of regional governments in the field of mobility and transportation gathered, including Luis Miguel Torres Hernández, general director of Transportation and Mobility of the Madrid’s community; María Lorena del Valle Alonzo, general director of the Autonomous Community of the Balearic Islands (CAIB); Miguel Ángel Anía, general director of Transport of Aragón; and Daniel Fernández, deputy director general of Transport Planning and Sectoral Development of the Generalitat of Catalonia.
For his part, Nuno Inácio, Regional General Manager of Bolt for Southern Europe, commented: “at Bolt, we are committed to strengthening our collaboration with cities to ensure that our mobility services continue to benefit citizens and improve their quality of life. It is essential that all administrations coordinate so that we have regulatory harmonization, which favors fair competition from which the consumer is the first beneficiary. Shared mobility not only boosts the economy, but also addresses environmental and social challenges, since that makes transportation accessible to all citizens, without discrimination. Our purpose has always been to help energize a sector, working with thousands of SMEs and self-employed workers, taxis and VTCs, thereby contributing to job creation and building a model of inclusive mobility”.
For Pablo Tramazaygues, Partner and Head of Financial Services and Mobility in Spain and Portugal at Oliver Wyman, “this report represents a significant milestone in understanding the impact of shared mobility in the current context. It has allowed us to offer an objective and quantified vision of how these services are transforming the economy, the environment and society. At Oliver Wyman we are committed to continuing to work to promote innovative solutions and provide knowledge that accelerates sustainable growth and improves the quality of life in our cities.”
For his part, Jaime Olmos, CEO of Harmon, highlighted “Harmon’s commitment to creating spaces for dialogue where companies, public decision-makers and representatives of civil society can calmly address the main challenges of the moment, especially the challenge of establishing a new model of sustainable mobility in our country”.
About Oliver Wyman
Oliver Wyman is a global leader in management consulting. With offices in more than 70 cities in 30 countries, Oliver Wyman combines deep industry knowledge with specialized experience in strategy, operations, risk management and organizational transformation. The firm has more than 6,000 professionals worldwide who work with its clients to optimize their business, improve their operations and risk profile, and accelerate their organizational performance to take advantage of the most attractive opportunities. Oliver Wyman is a Marsh McLennan [NYSE: MMC] company.
For more information, you can visit www.oliverwyman.es.
About Bolt
Bolt is the European super-app that has more than 150 million customers in more than 45 countries and more than 500 cities in Europe and Africa. The company aims to accelerate the transition from car ownership to shared mobility, offering better alternatives for each use case, such as shared transportation, shared cars and scooters, as well as food and grocery delivery.
Bolt offers micromobility services in more than 170 cities in 20 countries in Europe. Bolt is Europe’s largest micromobility provider.
For more information, you can visit: www.bolt.eu
Contact
Contact name: Ricardo
Contact Description: Oliver Wyman
Contact telephone number: 615900668
