Car sharing market To cross US$11bn by 2024 | Key players are Hertz Corporation, Autolib, Car2Go, DriveNow, Getaround, Orix Corporation, Zipcar, CarShare Australia, Carrotshare, Ekar Fz LLC, Hertz Corporation, Hour Car, Mobility carsharing, Modo Co-operat

Car sharing market is projected to witness growth due to the benefits experienced by the users such as reduction in costs incurred including the purchase of vehicles, parking, insurance, fuel, maintenance, etc. The users can avoid the fixed costs of ownership by accessing the vehicles on the pay-per-use basis. Reduction in commuting costs is expected to propel the car sharing market growth over the next six years. According to the American Association of Automobiles (AAA), the average annual costs to own and operate vehicles are about USD 8,698. Car sharing model has the potential to significantly reduce the transportation costs for the commuters.

Car sharing market in business applications is expected to witness growth, due to advantages such as flexibility for employees and reduction in fleet management costs. These services allow employees of the organization access to a large fleet of vehicles and flexibility of booking vehicles as & when needed. These services allow the fleet managers to streamline fleet operations and make an optimal use of vehicles. Furthermore, these services allow the organizations to save more by reducing total cost of mobility by about 30%.

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P2P carsharing market is expected to witness growth due to the increasing number of people willing to rent out their idle cars on a short-term basis. For the owner, car is an asset that incurs costs in the form of loan repayment, insurance, maintenance, depreciation, etc. The owners are becoming increasingly inclined toward earning money by renting it out rather than letting the car sit idle in the parking lot.

Increasing competition from other mobility services, such as ride-hailing, and car rental, are expected to challenge the car sharing market during the forecast timespan. The perceived benefits of these models such as more reduction in traffic and pollution are encouraging the consumers to use these services often. Furthermore, the vendors in the industry are increasingly providing low-cost ride-sharing services, threatening the car sharing market growth.

Round trip car sharing market is projected to undergo wide adoption due to the lower costs for long-distance trips as the fares are based on distance traveled. The model allows a user to pick and return a shared vehicle at the same station that is supported by mobile applications or a personal access card. Growing awareness related to environmental benefits of these services, such as reduction in carbon emissions, will further increase the adoption of round trip services over the coming years.

Car Sharing Market size was over USD 1.5 billion in 2017, to exceed USD 11 billion by 2024. The global fleet size and number of members will grow at around 20% CAGR.

Growth Drivers:

• Stringent government regulations regarding emission control in Europe and North America
• Incentives offered by the government to use car sharing in U.S.
• Growing adoption of vehicles enabled with advanced technologies
• Reduction in traveling/commuting cost
• Increasing investments in car sharing by the automobile manufacturers in Germany
• Growing adoption of urban mobility due to increasing traffic congestion and pollution in China
• Lack of proper public transportation infrastructure in India

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The U.S. carsharing market is projected to grow due to the incentives introduced by the government to promote the use of these services. The states in the country have enacted taxation regulations & legislation and incentives for companies providing these services. Various public transit agencies such as Los Angeles County Metropolitan Transportation Authority, Dallas Area Rapid Transit, Tri-County Metropolitan Transportation District of Oregon, Metropolitan Atlanta Rapid Transit Authority, and Massachusetts Bay Transportation Authority have formed partnerships with car sharing companies to locate car sharing vehicles near transit stations. The aim is to create a mobility hub for the commuters, thus propelling the car sharing market growth.

Europe car sharing market is expected to witness a significant growth due to the increasing awareness regarding these services among people and increasing government support. Under Initiativa Car Sharing, the government of Italy provides an extensive support to the players in the industry including incentives for drivers such as free parking in city centers and access to low emission zones. London Municipality, in association with the Transport for London (TfL), has introduced Car Clubs Strategy to support local clubs to penetrate the industry. The local authorities actively promote the use of these services and their benefits to the consumers.

Browse key industry insights spread across 227 pages with 323 market data tables & 28 figures & charts from the report, “Car Sharing Market Size By Model (P2P, Station-Based, Free-Floating), By Business Model (Round Trip, One Way), By Application (Business, Private), Industry Analysis Report, Regional Outlook (U.S., Canada, UK, Germany, France, Italy, Spain, Russia, Turkey, China, Japan, South Korea, India, Taiwan, Malaysia, Singapore, Australia, Brazil, Mexico, GCC, South Africa), Growth Potential, Competitive Market Share & Forecast, 2018 – 2024” in detail along with the table of contents:

https://www.gminsights.com/industry-analysis/carsharing-market

Some of the companies in the car sharing market include Autolib, Car2Go, Cambio CarSharing, Cityhop, Communauto, DriveNow GmbH & Co. KG, Getaround, Inc., CarShare Australia, Carrotshare, Ekar Fz LLC, Hertz Corporation, Hour Car, Locomute (Pty) Ltd, Lyft, Inc, Mobility carsharing, Modo Co-operative, Orix Corporation, Peg City Car Co-op, Regina Car Share Co-operative, Turo Inc., and Zipcar, Inc.

Market share calculation in this report is not done based on companies covered in it. The calculation of car sharing market share is done based on a regional approach and countries covered. On request, additional companies can be covered as well as regional data for particular country / countries can be provided.

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