About Car-Sharing
Car-sharing, also known as car clubs, is a model of vehicle rental where people share access to a fleet of cars for short periods of time, often by the hour. . Over the past few years, car sharing has grown from base to organization to widely recognized, transformative urban transportation services. It valuable alternative to car ownership for many individuals and contributes to a more sustainable and efficient transportation system. Whether it's the right choice for you depends on your individual needs and preferences. 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.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Billion) |
CAGR | 19.57% |
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. Analyst at AMA Research estimates that United States Vendors will contribute the maximum growth to Global Car-Sharing market throughout the forecasted period. Established and emerging Vendors should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
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) and Car2Go (Germany) are some of the key players that are part of study coverage. Additionally, the Vendors which are also part of the research coverage are City Hop (New Zealand), GoGet Car Share (Australia), Mobility CarSharing (Switzerland) and DriveNow (Germany).
Segmentation Overview
AMA Research has segmented the market of Global Car-Sharing market by Type (Roundtrip car sharing, One-way station-based, One-way free floating and Peer-to-Peer (P2P) Car sharing), Application (Business and Private) and Region.
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 2023. North America, on the other hand, stood as the second largest market due to the presence of key companies in 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.
Influencing Trend:
Rise in Fuel Prices, Public Policy in Shared Mobility and Rising Market Consolidation and Corporate Car Sharing
Market Growth Drivers:
Government Initiatives to Increase the Usage of the Services, Stringent Co2 Reduction Target and Cost Advantage In Car Sharing
Challenges:
Increasing Competition from Other Mobility Services and Profitability and Sustainability Model
Restraints:
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 and High Capital Investment
Opportunities:
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
Market Leaders and their expansionary development strategies
In November 2023, Lyft teams up with Citi Bike for integrated rideshare-bike-share service: This partnership allowed users to seamlessly switch between Lyft rides and Citi Bike rentals, promoting multi-modal transportation solutions.
In October 2023, Getaround unveils 'Getaround Connect' car-sharing marketplace: This platform connected private car owners with renters, opening up a wider range of vehicles and fostering community-driven sharing.
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.
Key Target Audience
Potential Investors, Government Bodies, Market Research and Counsultancy Firm and Others
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.