WorldWide Car Sharing Market, Industry / Sector Analysis Report, Regional Outlook & Competitive Market Share & Forecast, 2019 - 2025 (Includes Business Impact of COVID-19)

                                          
Abstract, Snapshot, Market Analysis & Market Definition: Car Sharing Market

Industry / Sector Trends

Car Sharing Market size revenue exceeded USD 1.5 billion with fleet size of over 100,000 in 2017 and the number of carsharing members is set to grow at 20% to 2024.
 

U.S. car sharing market, by application, 2017 & 2024 (USD Million)
 

Increasing demand for cost-effective and convenient mobility on demand services is expected to drive the car sharing market over the coming years. The daily commuters are depending on this car rental service due to the increase in passenger traffic in buses, rails, and metros. Countries such as Argentina, Brazil, India, and China are the major economies with high public transit crowd. The passengers are highly concerned with the safety & security of their belongings in crowded transport facilities. These services allow passengers to rent out the car for short travel distances with nominal charges. The price competitiveness among the players is allowing customers to select the rental service from a large number of alternative price options. Moreover, the rental charges of the global players vary from country to country to suit the economic budget of the passengers. For instance, Zipcar offers rental service in the U.S. with a trip cost of around USD 17–35 while in the UK, it costs around USD 17–23 for a one-hour traveling duration.
 

Rising concerns towards increased air pollution and vehicular emissions is being witnessed globally. Some of the environmental benefits of vehicle sharing include reduced GHG emissions & traffic congestion, increased usage of low-emission vehicles, and reduced noise pollution. According to the report of UC Berkeley’s Transportation Sustainability Research Center (TSRC), Car2go’s ride-hailing and vehicle sharing service in North America kept around 28,000 privately-owned vehicles off the road. This service reduced carbon emissions between 5.5-12.7 metric tons per vehicle per year. Moreover, the increased contribution of the players to reduce the carbon emission levels with the introduction of electric vehicles is anticipated to drive the car sharing market demand. For instance, in June 2019, Volkswagen announced the launch of WeShare electric car sharing service in Berlin.
 

Market Segmentation, Outlook & Regional Insights: Car Sharing Market

 Car Sharing Market, By Model

The P2P car sharing model is predicted to witness high growth over the coming years owing to the increased flexibility in renting out the vehicles to gain monetary benefits. In 2017, it accounted for over 25% of the global industry share. This model allows vehicle owners to charge a fee for renting their vehicles when not in regular use. Moreover, it allows the user to get pay-as-you-drive access to the available cars around with additional benefits such as maintenance, insurance, and car wash. It also reduces the purchase of separate commercial cars by players for service delivery, reducing the traffic congestion and carbon emissions of vehicles. However, some of the major factors that are challenging the P2P services include low public awareness, lack of confidence, and trust issues.
 

Car Sharing Market, By Business Model

Global car sharing market, by business model, 2024

 

One-way car sharing model is expected to witness a high adoption due to the increased convenience of customers to drop off the vehicle at nearby stations. It offers flexibility to users, who are planning for a one-way trip to rent a car and park it near their destination. Several companies are engaged in enhancing the customer’s parking or dropping convenience. For instance, in April 2017, the American Automobile Association announced the launch of Gig, a one-way sharing service that allows drivers to pick up and leave the car anywhere they want. The service is introduced to offer greater value to users and is being launched in Oakland and Berkeley cities.
 

Car Sharing Market, By Application

The B2B car sharing industry is anticipated to expand at a CAGR of around 33% over coming years owing to the increased adoption of these services among businesses. The business organizations are highly concerned about the safety & security, comfortability, and convenience of their employees, encouraging them to provide pick & drop services to their employees. It becomes very difficult for employees staying far away from the business facility to travel daily to the workplace. Moreover, the businesses are continuously engaged in adopting sustainable practices to reduce the carbon footprints of their enterprise operations. The pick & drop facility allows businesses to reduce carbon emissions from individual employee vehicle and operate environmentally friendly shared cab service for their employees.
 

Car Sharing Market, By Region

Asia Pacific car sharing industry, by country, 2017

 

The Asia Pacific car sharing market is expected to grow at over 30 per cent CAGR owing to the rising customer preferences for ride sharing services. This is due to the increase in passenger crowd in public transit facilities. With the rapid increase in the population of countries such as India and China, the public transport is becoming overcrowded, which is encouraging people to shift toward car rental services. Moreover, factors such as traffic congestion and rising air pollution in the region are propelling the use of these services. The players need to adhere to several vehicle emission standards developed by government authorities to operate in the region. For instance, the Government of India plans to regulate the BS-V automotive fuel and emission standards to all the vehicles by April 2020.
 

Key Players, Recent Developments & Sector Viewpoints: Car Sharing Market


Key players operating in the car sharing market include Turo Inc., Regina Car Share Co-operative, Zipcar, Inc., Lyft, Inc., Orix Corporation, CarShare Australia, Car2Go, Autolib, Communauto Inc., Getaround, Inc., DriveNow GmbH & Co. KG, Car2Go, Carrotshare, Mobility carsharing, Hour Car, Hertz Corporation, and Ekar Fz LLC, among others. Several automobile manufacturers are engaged in partnerships and collaborations to offer vehicle sharing services to customers. For instance, in February 2019, BMW and Daimler announced their partnership to jointly offer car and ride sharing services with the adoption of Electric Vehicles (EVs). The companies are planning to invest around USD 1.10 billion in this project. Similarly, in March 2019, Tencent and Alibaba announced their partnership and invested around USD 1.45 billion to introduce car sharing service with renewable energy sources.
 

Industry Viewpoint

 

Rapid changes in government policies and regulations regarding the environmental impacts of vehicles around the world are impacting the business operations of market players. These policies change from country to country, forcing the companies to adhere to the vehicle regulations to operate in the market. The stringent regulations of some countries to reduce the carbon emissions of vehicles are encouraging industry players to use battery electric vehicles for their business operations. For instance, in May 2019, Canada became the first country to sign on the international initiative Drive to Zero Pledge to increase the number of low or zero-emission vehicles on roads

Key Insights Covered: Exhaustive Car Sharing Market
1.  Market size (sales, revenue and growth rate) of Car Sharing industry.
2. Global major manufacturers' operating situation (sales, revenue, growth rate and gross margin) of Car Sharing industry.
3. SWOT analysis, New Project Investment Feasibility Analysis, Upstream raw materials and manufacturing equipment & Industry chain analysis of Car Sharing industry.
4. Market size (sales, revenue) forecast by regions and countries from 2019 to 2025 of Car Sharing industry.

Research Methodology: Car Sharing Market

Data collection and base year analysis is done using data collection modules with large sample sizes. The market data is analyzed and forecasted using market statistical and coherent models. Also market share analysis and key trend analysis are the major success factors in the market report. To know more please Request a Sample Report.
Demand Side Primary Contributors: OEMs, Industrial Professionals, Researches, Suppliers and Distributors, Group Purchasing Organizations, Associations, Insurers, Universities, Technological Writers, Scientists, Promoters, Investors among others.
Supply Side Primary Contributors: Product Managers, Marketing Managers, C-Level Executives, Distributors, Market Intelligence, Regulatory Affairs Managers among others.