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.
According to AMA, the market for Car-Sharing is expected to register a CAGR of 19.57% during the forecast period to 2026. This growth is primarily driven by Government Initiatives to Increase the Usage of the Services, Stringent Co2 Reduction Target and Cost Advantage In Car Sharing.
Globally, a noticeable market trend is evident Rise in Fuel Prices, Public Policy in Shared Mobility
. The Diversified Consumer Services sector in the Europe region has been increasing at a sustainable rate and further growth is expected to be witnessed over the forecast period, owing to the robust investments and expansion in production facilities in the region. Major Vendors, such as 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) etc have either set up their manufacturing facilities or are planning to start new provision in the dominated region in the upcoming years.
Key Developments in the Market:
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.
- 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 and Development of Autonomous Vehicles for Ride Sharing
Increasing Competition from Other Mobility Services and Profitability and Sustainability Model
AMA Research follow a focused and realistic research framework that provides the ability to study the crucial market dynamics in several regions across the world. Moreover, an in-depth assessment is mostly conducted by our analysts on geographical regions to provide clients and businesses the opportunity to dominate in niche markets and expand in emerging markets across the globe. This market research study also showcase the spontaneously changing Vendors landscape impacting the growth of the market. Furthermore, our market researchers extensively analyse the products and services offered by multiple players competing to increase their market share and presence.
Customization in the Report
AMA Research features not only specific market forecasts, but also include significant value-added commentary on:
- Market Trends
- Technological Trends and Innovations
- Market Maturity Indicators
- Growth Drivers and Constraints
- New Entrants into the Market & Entry/Exit Barriers
- To Seize Powerful Market Opportunities
- Identify Key Business Segments, Market Proposition & Gap Analysis
Against this Challenging Backdrop, Car-Sharing Study Sheds Light on
The Car-Sharing Market status quo and key characteristics. To end this, Analyst at AMA organize and took survey of the Car-Sharing industry Vendors. The resultant snapshot serves as a basis for understanding why and how the industry can be expected to change.
Where Car-Sharing industry is heading and what are the top priorities. Insights are drawn from financial analysis, the survey and interviews with key executives and industry experts.
How every company in this diverse set of Vendors can best navigate the emerging competition landscape and follow a strategy that helps them position to hold value they currently claim, or capture the new addressable opportunity.