According to IMARC Group’s latest report, titled “Car Sharing Market Size, Share, Trends, Growth, Opportunity and Forecast 2020-2025”, the global car sharing market grew at a CAGR of around 8% during 2014-2019. Looking forward, IMARC Group expects the global market has huge potential for growth during 2020-2025.
Car sharing refers to a car rental service where individuals hire cars for a shorter period of time. It supports community transit, improves urban land use and development, decreases personal car ownership, helps in achieving environmental goals, and provides affordable access to vehicles. At present, the rising need for affordable and convenient mobility services, coupled with several technological advancements that facilitate simplified access to shared mobility platforms, are positively influencing the demand for car sharing.
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The growing environmental concerns towards rising air pollution levels due to expanding vehicle fleet are augmenting the market for car sharing. The governments across several nations are undertaking numerous initiatives for promoting the benefits of car sharing pertaining to cost-effectiveness and reduction of carbon emissions, thereby propelling the market growth. Apart from this, the growing prevalence of peer-to-peer (P2P) lending services, which allow private car owners to rent their cars, is also augmenting the global market. Furthermore, various organizations are utilizing corporate car-sharing services as they enable employees to be punctual, lessen the fleet management costs of the company, and minimize the requirement for large parking spaces. Moreover, the increasing penetration of the Internet-of-Things (IoT)-based devices, along with the growing number of software-based mobile applications for ride-sharing will continue to drive the market growth in the coming years.
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global car sharing market report, along with forecasts for growth at the global, regional and country-level from 2020-2025. Our report has categorized the market based on region, car type, business model and application.
Breakup by Car Type:
Breakup by Business Model:
• Station Based
Breakup by Application:
Breakup by Region:
• North America
• Latin America
• Middle East and Africa
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The competitive landscape of the industry has also been examined along with the profiles of the key players being Autolib (Bollore), Cambio Mobilitätsservice GmbH & Co. KG, Car2Go Ltd., CarShare Australia Pty. Ltd., Cityhop Ltd., Communauto Inc., DriveNow GmbH & Co. KG (BMW AG), Ekar FZ LLC, Getaround Inc., HOURCAR, Locomute (Pty.) Ltd., Lyft Inc., Mobility Cooperative, Modo Co-operative, Turo Inc. (ICA) and Zipcar Inc. (Avis Budget Group).
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Topics: car sharing market