Global Car-Sharing Market Overview:
Over the past few years, car sharing has grown from base to organization to widely recognized, transformative urban transportation services. Car sharing refers to the practice of sharing a vehicle for travelling for a period of time. It is a mode of transport where vehicles are owned by a separate firm or organization or individual who shares the vehicle. Increasing population and traffic congestion is propelling the car-sharing market. Some of the key players profiled in the study are Hertz Corporation (United States), Getaround, Inc. (United States), Modo - The Car Co-op (United States), Zipcar, Inc. (United States), Communauto (Canada), eHi (China), Orix Corporation (Japan), Autolib (France), Zoom car (India), Car2Go (Germany) and DriveNow (Germany). According to Market Analyst at AMA, the Global Car-Sharing market may see a growth rate of 19.57% and would reach the market size of USD218.25 Billion by 2025.
On the basis of geography, the market of Car-Sharing has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). Europe region held largest market share in the year 2018. North America on the other hand stood as second largest market due to the presence of key companies into the region and high technological advancement. If we see Market by Model, the sub-segment i.e. P2P will boost the Car-Sharing market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
- Government Initiatives to Increase the Usage of the Services
- Stringent Co2 Reduction Target
- Cost Advantage In Car Sharing
- Rise in Fuel Prices, Public Policy in Shared Mobility
- Rising Market Consolidation and Corporate Car Sharing
- Stringent Government Regulations and Norms Associated With the Emissions of Greenhouse Gases
- Resistance From Traditional Transport Services
- Difficult To Reach Certain Level of Operational Scale
- High Capital Investment
- Development of Autonomous Vehicles for Ride Sharing
- Public Transport System Improvement
- Increasing User Base Among Millennials and Potential Generation Z
- Development of Autonomous Vehicles for Ride Sharing
- Increasing Competition from Other Mobility Services
- Profitability and Sustainability Model
Major Market Developments:
In Jan 2018, Daimler, BMW Reportedly Merging Car-Sharing Services. Daimler and BMW are set to merge their car-sharing services, Car2Go and Drive Now, into one, independently run company. In addition to that In January 2017, Europcar Group announced the acquisition of GuidaMi, a station-based car sharing company to expand its business in Milan. In November 2016, Getaround acquired stakes of City CarShare to strengthen its position in the market.
In September 2018, Uber revved up its Canadian operations with a new engineering hub in Toronto and the expansion of its self-driving vehicle center in the city. The company said the engineering hub—Uber’s eighth outside the US—will be complete by early 2019 and will form the “building blocks” for stronger and faster global deployment of new offerings such as jump bikes and e-scooter rentals.
Car Sharing Act has the authority to give priority to shared vehicles with regard to parking fees and parking spaces on public road for the benefits of the end users. The benefits will be given to those who have registered and identified as car sharing vehicles with the authorities. The Car Sharing Act also allows car sharing providers to apply for compound sites on federal town roads. Such sites can only be requested by providers offering pre-bookable vehicles at specific collection and return points. According to the American Association of Automobiles (AAA), the average annual costs to own and operate vehicles are about USD 8,698.
Car sharing has been a key component of any transition away from a dependence on private cars. There are various changes in the design to make the concept of sharing easier. P2P market has been designed primarily where the cars that come with an app connects the owner to the vehicles to their phones enabling them to list their car on rent.
Major Objectives Focused through this Study
To define, describe, and forecast the Global Car-Sharing market on the basis of product [Roundtrip car sharing, One-way station-based, One-way free floating and Peer-to-Peer (P2P) Car sharing] , application [Business and Private], key regions and end user
To provide in-depth information regarding major influencing factors affecting the growth of the market (trends, drivers, restraints, opportunities, and industry-centric and regional challenges)
To strategically analyse the micro-markets and important business segments with respect to individual growth drivers , market trends and potential, and historical contributions to the total market
Identifying the opportunities in the market for key stakeholders and detailing the competitive landscape for market leaders
To provide market size for various segments of the Car-Sharing market with respect to major geographies, namely, South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico)
To strategically profile the key players and analyzing their market shares and core competencies in the Car-Sharing industry
To track key developments such as product launches, expansions, agreements, partnerships, mergers & acquisitions, and R&D activities that are key factors in shaping the market
Data related to EXIM [Export- Import], production & consumption by country or regional level break-up can be provided based on client request**. Additionally, the Vendors which are also part of the research are City Hop (New Zealand), GoGet Car Share (Australia) and Mobility CarSharing (Switzerland).
** Confirmation on availability of data would be informed prior purchase
While framing the research framework, major and emerging players operating in the Car-Sharing market in various regions have been profiled, and their offerings, geographic footprints, and distribution/sales channels have been analysed through in-depth discussions. Top-down and bottom-up approaches have been used to determine the overall market size. Sizes of the other individual markets have been estimated using the percentage splits obtained through secondary sources such as Hoovers, Bloomberg BusinessWeek, and Dow Jones (Factiva), along with primary respondents. The complete methodology includes the study of the annual and financial reports of the key market players and extensive interviews with industry experts such as CEOs, VPs, directors, and marketing executives for key insights (both qualitative and quantitative) related to the market.