Car Sharing Market 2020 by Industry Players and Forecast to 2024 | Autolib, Car2Go, Cambio CarSharing, Cityhop, Communauto Inc, DriveNow GmbH & Co. KG, Getaround, Inc., CarShare Australia, Carrotshare, Ekar Fz LLC, Hertz Corporation, Hour Car, Locomute (P

The competition among prominent participants in car sharing market is rather cutthroat. Companies have been vying against one another to consolidate their position in this business space, on the grounds of which they have been adopting tried-and-tested as well as novel growth strategies. A few days ago, for example, renowned luxury car makers, BMW AG and Daimler AG collaborated to overtake ride haling services such as Uber Technologies, Inc. for which they conveniently have merged their car sharing services. The resultant team would comprise Car2Go of Daimler and DriveNow of BMW, thereby creating one of the strongest pooling service providers in car sharing market. In addition, they are also planning to launch smartphone apps for providing taxis, recharging electric autos, and locating parking spots. As other automobile behemoths would continue to follow suit, the revenue graph of car sharing industry is likely to witness an exponential rise.

Ride sharing is set to become a major source of transportation in the corporate sector, owing to huge demand for shared mobility from major corporations. The necessity to contribute toward environmental safety, reduce vehicular emissions, and optimize transportation will augment car sharing industry share from business applications. Private vehicle parking is often a major issue with most corporates, which can be eliminated with car sharing. Reduced parking inconvenience is thus, a major factor that would propel car sharing market from business applications - indeed, this segment is anticipated to remain dominant over 2018-2024, accounting for a major share of the overall revenue.

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This vertical practically has its roots spread across myriad geographies, though China is touted to emerge as a prime revenue contributor over the course of the next few years. The country is home to major car sharing market participants such as Park24 and Orix Auto. The nation is also witnessing a rise in the number of start-ups that will require abundant car sharing services. Regional magnates such as Didi Chuxing have also lately been involving themselves to enhance the efficiency of the country's ride-sharing services.

Speaking along similar lines, Didi Chuxing recently joined a bandwagon of 31 renowned automakers to launch the Didi Auto Alliance - a car sharing alliance that is touted to bring together vital resources and the strengths of shared mobility with pivotal links in the automotive industry. The nation is also aided by a favorable regulatory framework that earnestly supports the promotion of ride sharing citing environmental and economic concerns. A couple of years back, in March 2016, the National Development and Reform Commission enforced a set of guidelines that helped strengthen the credit system for the shared economy. Regional government bodies across Beijing, Shanghai, Shenzhen, and Qingdao have also been providing offering parking lots and other services that are certain to augment China car sharing industry outlook.

Subject to highly advanced technological upgradations, car sharing market share will experience a steep ascent over the years to come. Companies are rapidly investing in R&D activities and have been expanding their reach across myriad geographies with their innovative plans for shared mobility. Recently for instance, Zoomcar and Mahindra Electric signed a deal that aims to increase the frequency of electric car sharing. This venture will enable users to purchase Mahindra's electric vehicles on Zoomcar's platform, leading to an increase in the sharing of electric vehicles, thereby stimulating global car sharing market.

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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.

With new investors foraying in car sharing market lately, it is rather overt that the competitive scenario of this business space is doomed to be highly fierce in the ensuing years. Numerous service providers - the established ones as well as the new entrants, have been looking forward to implementing innovative technology features to their existing portfolio for attracting more consumers. In fact, it would seem as though the new stakeholders in car sharing market plan to offer cheaper services for establishing a strong user base across several geographies. This would, in turn, have a pivotal impact on the overall car sharing industry size, slated to register an appreciable CAGR of 20% over 2017-2024.

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