The increasing popularity of urban mobility solutions to deal with problem of traffic congestion is anticipated to be the key factor driving the car sharing market growth. The rising inclination toward shared ownership of vehicles in order to restrict the effects of harmful carbon emissions would further instigate the overall market development over the forthcoming timeframe.
With respect to the model segment, the station-based car sharing industry is projected to observe steady growth patterns due to increased customization of services as well as availability of options to select from a number of vehicles. Station-based car sharing services are compelling consumers to park their vehicles at the same station from where they picked it up. Due to this, a customer gets several benefits like surged accessibility along with designated free of cost parking spots as well as advanced booking options.
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Lately, the market has seen the emergence of numerous private car sharing solutions like station-based, free-floating, and P2P services. These solutions offer individuals a myriad of choices of shared mobility. The car sharing market could reach USD 9 billion by 2026.
However, the recent COVID-19 outbreak could disrupt the car sharing market growth, as a majority of large and small enterprises across Europe, North America and Asia are forced to temporarily close down their operations. Government-initiated lockdowns could further impede business growth.
Availability of a wide range of vehicle options coupled with promising customization prospects of car sharing services could fuel the demand for station-based car sharing services. These services demand users to drop-off their selected vehicle back to the pickup point situated somewhere near the station.
They offer numerous benefits like advanced booking options and improved accessibility due to designated free parking spots. Besides, station-based services enable users to lease vehicles with an option to pay by the hour for long-distance commutes. This helps customers to save a fortune on vehicle reallocation costs that are usually borne in one-way car sharing services.
car sharing service providers are gradually adopting the free-floating model as it allows users to access and book on-demand services that suit their requirements. Escalating shift towards electric vehicles and surging investments across charging infrastructures could boost the growth prospects of private car sharing businesses. Taking July 2019 for instance, Electrify America, an energy company, revealed its intention to invest almost USD 2 billion in Zero Emission Vehicle (ZEV) infrastructure.
Companies operating in the car sharing market are constantly working on developing their customer bases and geographical presence by implementing partnership and merger deals.
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Citing an instance, back in November 2019, Hyundai introduced its latest car sharing service dubbed Mocean Carshare, in collaboration with French technology provider Vulog. Currently, Lyft, Inc., Orix Corporation, Turo, Inc., Regina Car Share Co-operative, Car2Go, Autolib, Communauto Inc., Getaround, Inc., Zipcar, Inc., CarShare Australia, DriveNow GmbH & Co. KG, and Carrotshare, Hour Car are some of the leading players in the car sharing market.
Table of Contents (ToC) of the report:
Chapter 5. Car Sharing Market, By Model
5.1. Key trends by model
5.2.1. Market estimates and forecast, 2015 – 2026
5.3.1. Market estimates and forecast, 2015 – 2026
5.4.1. Market estimates and forecast, 2015 – 2026
Chapter 6. Car Sharing market, By Application
6.1. Key trends by application
6.2.1. Market estimates and forecast, 2015 – 2026
6.3.1. Market estimates and forecast, 2015 – 2026
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