Car Sharing Market Revenue, Growth & Companies - (Autolib, Car2go, Getaround, Hertz Corporation, Lyft, Uber, Zipcar) 2020-2024

Reduction in transportation costs is anticipated to steer the global car sharing market path toward success in the next few years. As per the American Association of Automobiles, the average yearly costs of owning and operating vehicles are approximately USD 8,698. Car sharing service has the potential to considerably decrease the commuting costs for the travelers.

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As per the Transportation Sustainability Research Center, per month transportation savings on a round trip-based car sharing in the U.S. ranges from USD 154 to USD 435 for sharing members. Moreover, car sharing eradicates the costs and need for owning a car along with worries such as arranging & reimbursing parking spaces and availing the insurance coverage, thereby further propelling the popularity of car sharing market.

Company profiled in car sharing market report based on Business overview, Financial data, Product landscape, Strategic outlook & SWOT analysis:
1. Autolib
2. Car2go
3. Getaround
4. Hertz Corporation
5. Lyft
6. Uber
7. Zipcar

Car Sharing Market Growth drivers: -
1. Stringent government regulations regarding emission control in Europe and North America
2. Incentives offered by the government to use car sharing in U.S.
3. Growing adoption of vehicles enabled with advanced technologies
4. Reduction in traveling/commuting cost
5. Increasing investments in car sharing by the automobile manufacturers in Germany
6. Growing adoption of urban mobility due to increasing traffic congestion and pollution in China
7. Lack of proper public transportation infrastructure in India
8. Changing regulations in Malaysia and Singapore

The round-trip business model is anticipated to witness massive adoption on account of lower costs for covering longer distances as the fares are calculated on the grounds of distance traveled. The sharing model permits a user to hire and return a shared car at the same pooling station that is supported by a personal access card or mobile application. Burgeoning awareness about the environmental benefits of ride sharing services, such as decrease in carbon emissions, would further fast-track the adoption of round-trip car sharing services as we move forward.

The stringent regulatory landscape enforced by regional governments pertaining to greenhouse gas emissions would add significant impetus to car sharing market growth over the future. Lately for example, the German government has undertaken an initiative to promote the adoption of car sharing services by sanctioning a draft bill to enhance the installation of infrastructure for the rapid development of these services. Global governments are positively favoring the espousal of these services as they have the potential to reduce the environmental threats generated by the transportation sector.

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The U.S. car sharing market is anticipated to grow at a decent pace owing to the incentives announced by the federal government to promote the adoption of these services. Also, various states in the nation have enforced tax regulations and legislation as well as enticing incentives for corporations offering these services. For example, the state of Washington has publicized the taxation credits of up to USD 60 per year per employee to the companies that introduce these services.

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