Car Sharing Market Technological Growth Analysis On Car2Go, Autolib, Cambio CarSharing, Orix Corporation, Lyft, Inc., and Zipcar, Inc.

Global Car Sharing Market Size, Status and Forecast 2024 provides Market information about Manufacturers, Countries, Type and Application. This Industry report also states Company Profile, sales, Car Sharing Market revenue and price, market share, market growth and gross margin by regions.

In the coming years, the car sharing market is estimated to expand relatively swiftly owing to increasing traffic congestion on roads coupled with economic benefits of renting a car compared to the total cost of ownership. For instance, for people who need a car infrequently and for short travels, renting is a better option than purchasing in terms of cost. It can be aptly stated however, that the car sharing market has experienced momentum owing to the presence of distinguished players operating across myriad geographies. In Europe for example, some of the key players include DriveNow, Car2Go, and Flinkster, while prominent companies partaking in North America car sharing market share include DriveNow and Zipcar. The China car sharing market boasts of PPzuche and EVCard while Park24 and Orix offer car sharing services in Japan. According to industry experts, the car sharing market is anticipated to join the ranks of leading verticals that have made their presence felt across the multibillion-dollar worth business cosmos.

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Car sharing is gradually gaining ground in major urban areas in both the developed and the developing economies. Currently, APAC is being touted as one of the biggest markets, owing to the contribution of leading contenders such as China, Australia, South Korea, Japan, Malaysia, New Zealand, Hong Kong, Singapore, and Taiwan, with approximately 2.3 million users and roughly 33,000 vehicles. In a recent turn of events, Toyota Motor Corp and Daimler AG reportedly declared their intentions to launch mobility services in Paris next year, in a bid to outcompete Renault SA which has already started rolling out car sharing services in the French capital. Lately, it has been observed that automakers across the world are venturing into mobility services as the transition toward car sharing has changed the traditional vehicle ownership scenario. Meanwhile, sources cite that Daimler’s Car2Go would be launched in Paris prior to Toyota.

Car Sharing Market is projected to surpass USD 11 billion by 2024. Increasing initiatives by the government to increase the usage of these services are expected to be one of the major factors driving the car sharing market growth. In July 2017, the ministry of transport of China drafted a policy to provide incentives to the users of these services, such as preferential parking slots & rates. Increasing government support is encouraging the implementation of these services with the traditional transportation modes. For instance, the local public transport operator in Brussels, STIB has partnered with Cambio CarSharing to facilitate the integration of these services with public transportation, thus positively impacting the car sharing market in the country.

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. Furthermore, the environmental benefits due to traffic congestion are attracting customers to these services. In March 2014, Paris imposed a partial vehicle ban due to persistent air pollution above the stipulated European standards. During this time, the city has granted access to only car sharing and public transport vehicles.

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%.

Some of the key vendors in the car sharing market are Car2Go, Autolib, Cambio CarSharing, Orix Corporation, Lyft, Inc., and Zipcar, Inc. These companies are constantly devising strategies such as lowering fares and offering promotional discounts to remain competitive in the industry. Furthermore, the industry is characterized by strong competition among both global and regional players.

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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.

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.

Complete report for 2017-2024 on Car Sharing market is now available at https://bit.ly/2BWitK8

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