Carsharing Market on Course for Rapid Growth; APAC to Lead the Way

According to the latest publication of the World Health Organization, 7 million people die of air pollution-induced illnesses each year. Huge amounts of harmful gases, such as carbon dioxide, nitrogen oxides, and sulfur dioxide, are emitted from vehicles, factories, and households, where fossil fuels are burned. Apart from causing lung problems, air pollution also leads to ozone depletion, which, in turn, results in climate change in the form of global warming. This has become a major issue across the world, with individual countries and international bodies stepping up efforts to curb it.

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Encouraging people to diverge, away from personal transport, to shared mobility is one of these efforts. This is why the carsharing market, which valued $5,571.2 million in 2018, is expected to almost double in size by 2025, to $10,846.9 million, at an 11.0% CAGR during 2019-2025 (forecast period). As the name suggests, carsharing refers to services wherein people can rent a car on a short-term basis. Three types of cars are pressed in sharing services across the globe -- luxury, executive, and economy.

Across the world, Asia-Pacific (APAC) has the largest carsharing fleet size and registered members, and the sharing service providers also make the most here. The increasing demand for shared mobility and growing concerns over air pollution have been the major reasons for the services' popularity in the region. Due to rapid urbanization and industrialization, the pollution levels in China, India, Taiwan, and other regional countries are increasing rapidly, which is why the governments here are focused on reducing the personal vehicle ownership rate.Due to this, during the forecast period, the market would grow the fastest in the APAC region.

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Introduction of mobility as a service observed as a key trend in the market

The evolution of MaaS is a key trend observed in the carsharing market, driven by the shift from the personal ownership of vehicles to shared mobility solutions, including carsharing. The service provides a gateway to help manage trips and offer mobility solutions on the basis of the traveling needs of the end users. MaaS depends on a digital platform that integrates online booking, payment services, end-to-end trip planning, electronic ticketing, and other additional services across all public and private modes of transportation.

Competitive landscape of the market

Some of the major players operating in the carsharing market are Car2Go Ltd., cambio Mobilitätsservice GmbH & Co. KG, Cityhop Ltd., Communauto inc., DriveNow GmbH & Co. KG, Getaround Inc., CarShare Australia Pty. Ltd., Ekar FZ LLC, HOURCAR, Locomute (Pty.) Ltd., Peg City Car Co-op Ltd., Turo Inc., ORIX Auto Corporation, Mobility Cooperative, Modo Cooperative, Lyft Inc., Hertz Global Holdings Inc., and Zipcar Inc.

CARSHARING MARKET SEGMENTATION

Market Segmentation by Car

Economy
Executive
Luxury
Market Segmentation by Fuel Type

Electric
Fuel-Based
Market Segmentation by Business Model

Peer-to-Peer (P2P)
Round-Trip
One-Way
Market Segmentation by Application

Business
Private

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This release was published on openPR.