Car Sharing Market to hit USD 16.5 billion by 2024: Market Size Forecasters

The Car Sharing Market size is set to exceed USD 16.5 billion by 2024; according to a new research report.

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.

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.

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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.

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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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