Global Car Sharing Market by Business Model, by Application, by Vehicle Type, by Booking type and by Geography - Forecast to 2023

The global car sharing market is expected to witness significant growth in the coming years due to high cost of personal vehicle ownership, rising traffic congestion in cities, and increasing number of smartphones and other mobile devices, that provide platform for accessing car sharing services.

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On the basis of business model, the car sharing market is segmented into one-way and round-trip. The one-way category is expected to dominate the car sharing market in terms of size, during the forecast period, owing to customer flexibility and its operational advantages over round-trip.

The car sharing market in North America has seen considerable growth in the last decade owing to high adoption of internet technology, and increased funding activities from various automakers and authorities.

Stringent emission norms in many countries coupled with government support and initiatives for shared mobility are expected to drive the car sharing market during the forecast period.

As mobility service providers such as Lyft Inc., Car2go Ltd. enter the industry, they face strong competition from similar transport modes and public transport systems, which are usually more affordable and accessible. In addition, the poor transport infrastructure coupled with traffic congestion, especially in developing countries, poses a challenge for the car sharing market.

Owing to the high future growth potential of the car sharing market, the competition among the key players in market is expected to increase.

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Major key players in the market are Car2go Ltd., Hertz24/7, Getaround Inc., Zipcar Inc., and RelayRides Inc. Other important players in the industry are Austin Car Share, Buffalo Car Share, Ithaca Car Share, Timecar, Car Share Vermont, City CarShare Inc., Uhaul Car Share, eGo CarShare, and HOURCAR.

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