North America and Europe are the regions having the highest car sharing market share. This is basically due to quick adoption rates by people in this region. On the other hand, the industry in China is rising at the rate of 40% CAGR and is set to drive the Asia Pacific growth. Some of the players in this business include Car2go, Uber, Zoomcar, Autolib, Mobility Car Sharing etc.
Car Sharing Market is set to exceed USD 11 billion by 2024, spurred by the rise in demand for shared mobility. With many companies looking at this as a lucrative market, there have been considerable investments in the space. This business model is a practical solution for vehicle owners to improve their mobility and the regular drive. It helps clients and experts to effectively deal with the utilization of parking spots, enhance travel decisions, and decrease harmful environmental impact. Vehicle ownership involves a few fixed costs, for example, protection, deterioration, and support that adds essentially to the aggregate cost of possession. In contrast, clients of shared vehicles pay just when they utilize a vehicle for time/separate services.
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Many OEMs are hunting for opportunities to set up an infrastructure and start a mobility car business because they see growth and high ROI in coming years. Increase in electronic gadgets has enabled a great platform for booking vehicles online and can boost the car sharing market in the coming years. This business model has various benefits like saving of parking space, less fuel cost, decrease in harmful gas emissions from vehicles and these benefits can prove to be the key opportunities.
The major drawback for the car sharing market is the high demand during peak periods when vehicles are not available immediately. Such a situation can lead to customer frustration and switching of clients.
Advancements in technology have been a major factor for driving the success of the car sharing market. Recent development of software, apps, and syncing apps with GPS that enables the user to track and locate the vehicle has added value to the overall system. This has made it easy for users to board a vehicle from their location. The invention of electric vehicles has significantly changed the car sharing market as it has numerous advantages and is environmental friendly.
One way trip model is expected to grow in the coming years as the user does not have to return the vehicle at the same point from where it was booked.
By application the market has been divided into corporate and private applications. Corporate usage reduces the vehicle of all the employees encouraging them to adopt sharing services.
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Table of Content (TOC-)
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
2.1.5 Model trends
Browse key industry insights spread across 130 pages with 52 market data tables & 13 figures & charts from the 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” in detail along with the table of contents: