Car Sharing Market Growth Opportunity By Key Industry Players: Autolib, car2go North America, Communauto, DriveNow GmbH & Co. KG, Getaround, ekar, Hertz, Lyft, Modo, ORIX Corporation USA, Turo, Zipcar

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%.

Car Sharing Market size is set to exceed USD 11 billion by 2024; according to a new research report by Global Market Insights, Inc. The global fleet size and number of members will grow at around 20% CAGR. 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.

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Car sharing model has the potential to significantly reduce the transportation costs for the commuters. According to the Transportation Sustainability Research Center, the monthly transportation savings for round trip car sharing members in the U.S. ranges from USD 154 to USD 435. Furthermore, car sharing addresses some of the traditional problems of owning a car including arranging and paying for parking spaces and maintaining the insurance cover.

The use of advanced technologies is creating lucrative opportunities for the car sharing market growth. Industries are actively integrating technologically-advanced systems such as vehicle access and reservation systems into their vehicles to gain prominence in the carsharing market. The vehicle access system enables keyless entry whereas the reservation system allows the users to freeze their vehicles as per their time of need.

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.

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.

Company profiled in this report based on Business overview, Financial data, Product landscape, Strategic outlook & SWOT analysis:

1. Autolib
2. car2go North America
3. Communauto
4. DriveNow GmbH & Co. KG
5. Getaround
6. Ekar
7. Hertz
8. Lyft
9. Modo
10. ORIX Corporation USA
11. Turo
12. Zipcar

Carsharing Market, By Business Model
• Round trip
• One-way

Carsharing Market, By Model
• P2P
• Station-based
• Free-floating

Carsharing Market, By Application
• Business
• Private

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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. For instance, the state of Washington has announced tax credits of up to USD 60 per employee per year to the employers that offer these services to the employees.

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.

Some of the players in the car sharing market include Autolib, car2go North America, Cambio CarSharing, Cityhop, Communauto, DriveNow GmbH & Co. KG, Getaround, CarShare Australia, Carrotshare, ekar, Hertz, Hour Car, Locomute (Pty) Ltd, Lyft, Mobility carsharing, Modo, ORIX Corporation USA, Peg City Car Co-op, Regina Car Share Co-operative, Turo Inc. and, Zipcar, Inc.

Browse key industry insights spread across 227 pages with 323 market data tables & 28 figures & charts from the report, Car Sharing Market in detail along with the table of contents:

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

About Global Market Insights

Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

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