This article reviews shared mobility, a prominent urban transportation concept with considerable potential to contribute to more sustainable urban mobility. Shared passenger mobility spans diverse services, often leveraging technological advances and disruptions such as smartphones and data analytics to optimize transport resources. Given the broad range of services, a shared mobility taxonomy is proposed, accommodating evolving services. Key challenges for delivering efficient and effective shared mobility services with lower environmental impacts are also identified. Finally, the International Transport Forum transport demand models are used to analyze policy implications and potential effects quantitatively. This article presents a possible scenario for the global evolution of these services to 2050. Results emphasize shared mobility's role in transport decarbonization in the present and future and show that shared mobility may reduce resource use and mobility externalities (e.g., CO2, local pollutants, congestion, urban space use) but that the uptake will differ between Global South and Global North cities.