Car Sharing Market share to grow 34.8% CAGR from 2016 to 2024The technology research report “Car Sharing Market Size By Business Model (Round Trip, One Way), By Application (Business, Private), Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, France, Turkey, Russia, China, India, Japan, South Korea, Brazil, Mexico), Growth Potential, Price Trends, Competitive Market Share & Forecast, 2016 – 2024”, by Global Market Insights, Inc. says Car Sharing Market size is set to exceed USD 16.5 billion by 2024; impelled by rising need for mobility on-demand.
The car sharing market aims at providing a cost-effective solution for vehicle owners to enhance their mobility and the daily commute. It helps users and authorities to efficiently manage the usage of parking space, improve travel choices, increase accessibility and reduce adverse environmental impact. Vehicle ownership comprises several fixed costs such as insurance, depreciation, and maintenance that adds significantly to the total cost of ownership. However, users of shared services pay only when they use a vehicle for time/distance based services.
Stringent government regulations associated with the emission of harmful pollutants in the environment such as the EPA National Emissions Standards for Hazardous Air Pollutants (NESHAP) are anticipated to drive the car sharing market. Various regulatory bodies from across the globe are supporting car sharing services. The German government has published a draft bill to accommodate car sharing in municipalities and cities to encourage the installation of the required infrastructure. The government sees this business model as a crucial element to make the transportation sector more environment-friendly. Additionally, it could reduce the need for owning a vehicle, particularly in urban areas.
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A considerable percentage of U.S. consumers still consider personal cars as their preferred mode of transport, although preference is lower among younger consumers. However, the popularity of the car sharing market among the younger population is growing due to rising traffic congestion and high degree of convenience. Lack of proper transportation infrastructure in countries such as China, India, Turkey, Mexico, and Brazil is posing a challenge to the carsharing market.
One way car sharing market is expected to grow significantly over the forecast period due to the reduction in user inconvenience to return the vehicle at the starting point. One-way services are more flexible for the customers; however, they present more difficulties to operators. They are difficult to manage, as the freedom given to the users creates imbalances on the fleet distribution. To address the issue, the operator can move the vehicles from areas with surplus availability to areas with high demand.
Corporate applications accounted for majority of the car sharing market size and are expected to remain dominant over the forecast timespan. Vehicle parking space is a big problem for several businesses, which can be overcome by employing these services.
U.S. car sharing market accounted for majority of the revenue in 2015 due to technology advancements. Increased funding activities from various organizations and authorities such as the Department of Transportation to promote these services is expected to propel the carsharing market demand.
Companies operating in the industry include DriveNow, Zip Car, AutoLiv, Car2go, Uber, etc. Players are concentrating on price reduction and service enhancement to improve the overall user experience. For instance, in Singapore, BlueSG operates one-way EV car sharing program. This program focuses on the flexibility and convenience of the customers so that they can return their vehicles at the destination eliminating the need to return at the original pickup location. U.S. based car sharing company, EZride, provides unique smart cards for its users to lock/unlock the doors of their vehicles.
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Chapter 1 Methodology & Scope
1.1 Research Methodology
1.1.1 Initial data exploration
1.1.2 Statistical model and forecast
1.1.3 Industry insights & validation
1.1.4 Scope, definitions & research assumptions
1.2 Data Sources
Chapter 2 Executive Summary
2.1 Car sharing industry 3600 synopsis, 2013 – 2024
2.1.1 Business trends
2.1.2 Regional trends
2.1.3 Business model trends
2.1.4 Application trends
Chapter 3 Car Sharing Industry Insights
3.1 Industry segmentation
3.2 Industry size and forecast, 2013 - 2024
3.3 Industry ecosystem analysis
3.3.1 Vendor matrix
3.4 Technology & innovation landscape
3.4.1 Radio Frequency (RF)
3.4.2 GPS based navigation
3.4.3 Autonomous vehicles
3.4.4 Electric vehicles
126.96.36.199 Battery electric car, stock by country, 2012-2015
188.8.131.52 Plug-in hybrid electric cars, stock by country, 2012-2015
3.5 Regulatory landscape
3.5.1 Vehicle Excise and Registration Act 1994 (Section 29)
3.5.2 Environment Protection Agency Regulation
3.5.3 Regulation for Greenhouse Gas Emission from Passenger cars and Trucks
3.5.4 Road Traffic Act 1988
3.6 Industry impact forces
3.6.1 Growth drivers
184.108.40.206 Stringent government regulations
220.127.116.11 Penetration of advanced technology
18.104.22.168 Escalating adoption of in-vehicle connectivity
22.214.171.124 Rising need for mobility on-demand
126.96.36.199 Reduction in traveling/commuting cost
3.6.2 Industry pitfalls and challenges
188.8.131.52 Inadequate transportation infrastructure
184.108.40.206 Fierce competition from similar transport models
220.127.116.11 Lack of flexibility
3.7 Car sharing business model
3.8 Evolution of shared mobility
3.8.1 International car sales outlook
18.104.22.168 South Korea
3.9 Operational model of corporate car sharing
3.9.2 Access booking platform
3.9.3 Reserve car
3.9.4 Access car
3.9.5 Check car
3.9.6 Drive car
3.9.7 Return car
3.10 Consumer insights
3.11 Growth potential analysis
3.12 Porter’s analysis
3.13 Competitive landscape, 2015
3.13.1 North America
3.13.3 Asia Pacific
3.13.4 Mergers and acquisitions landscape
3.13.5 Investment/go-to-market landscape
3.14 PESTEL analysis
Browse Related Report:
• Intelligent Transportation System (ITS) Market Size By Application (Road Safety and Security, Traffic Management, Freight Management, Parking Management, Public Transport, Environment Protection, Road User Charging, Automotive Telematics), By Product (ATMS, ATPS, ATIS, APTS, Cooperative vehicle systems),Industry Analysis Report, Regional Analysis, Application Potential, Price Trends, Competitive Market Share & Forecast, 2015 – 2022
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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