Pune, India, Feb. 03, 2021 (GLOBE NEWSWIRE) —
The global car sharing market is predicted to expand at a substantial growth rate during the forecast period as increasing concerns pertaining to pollution and protection of the environment have caused governments worldwide to execute stringent policies and regulations related to the use of vehicles. For instance, the U.S. motor vehicle emission program aims at reinforcing strict standards for vehicle emissions. Such initiatives lead to a reduction in the number of vehicles, thereby reducing carbon emissions.
Escalating taxi fares to drive demand for car sharing in Europe
Triggered by the increasing fares of taxi and private cabs, alongside the high costs of ownership of cars, the European car sharing industry has been collecting a substantial amount of revenue. Car sharing services are nearly four times cheaper than taxi services. Car sharing services also take care of maintenance, repair, and insurance charges. Numerous cars sharing companies are collaborating to offer vehicle sharing services that also include bus sharing.
The Europe carsharing market is anticipated to grow at a CAGR of more than 33.7% now that corporate car sharing segment is also expected to rise to prominence over the forecast period. A legion of corporate organizations in the region have been offering innovative mobility solutions to their employees, in order to prevent extra expenditure on employees’ vehicle insurance, maintenance, and fuel.
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Europe industry share to traverse $4 billion by 2024
The Europe car sharing market size was estimated to be worth more than $570 million in 2017. Growing rapidly by the end of the forecast timeframe, the Europe car sharing services is expected to collect over $4 billion. Technological breakthroughs in the automotive sector has led to a considerable adoption of electric and hybrid vehicles across Europe. To cite an example of the same, a US-based car sharing company Zipcar announced the addition of 325 e-golfs in partnership with Volkswagen, in order to address the rising demand for shared electric cars. Shared electric cars are presently receiving significant attention from customers as a result of the alarming degree of pollution caused by combustion in traditional vehicles.
CarUnity, Tamyca, DriveNow, Autolib, and Ubeeqo are some leading car sharing service providers in Europe.
North American carsharing industry to reach $4.8 billion by 2024
North America car sharing market held a valuation of $626 million in 2017 and is likely to witness further growth, rising at a CAGR of 35.1% through the forecast period.
By the end of 2024, the North America market for car sharing is projected to exceed $4.8 billion. The one-way car sharing segment will progress to a great extent in the coming times, driven by the high frequency of unforeseen and shorter trips made by customers. The remarkable rate of success of these services has led a number of market players into investing in car sharing services to up their game. Furthermore, the car sharing services also encourage regular usage of vehicles. Therefore, the demand for these services will rise considerably over the forecast period. Growing popularity of shared electric cars will also push expansion.
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Peer-to-peer segment to boost growth in North America
The rising degree of competition from alternative mobility solutions such as bicycle rentals, ride-hailing, ride sharing, car sharing services, and the like, might prove a hindrance to the growth of the North America car sharing market. These alternative transport systems are much cheaper and hence bring in a large amount of demand.
However, peer-to-peer (P2P) car sharing segment is expected to gain significant momentum during the forecast period as this is a cost-effective transport solution compared to station-based and free-floating models. Drivy, Getaround, and Turo are some companies that are offering payment systems that are not only direct but also transparent. Customers can also write user reviews and engage in live chats, garnering large-scale approval of the consumer-base.
The major players in the North American carsharing market are Getaround, Turo, CarSharing, The Hertz Corporation, Lyft, and Zipcar.
Asia Pacific to register 31.5% CAGR through the projected duration
In 2017, the Asia Pacific carsharing market was valued at $314.7 million and is expected to continue to grow at a high CAGR of about 31.5% between 2018 and 2024.
In the APAC car sharing market, the one-way segment is likely to draw in significant share in the revenue until 2024, rising at a stable pace. The high level of flexibility offered by this alternative is the main factor driving its growth. Customers often need to run errands to the market or reach workplace, and one-way trips are therefore convenient. Moreover, customers are combining the use of car sharing services with public transport systems. As a result, governments across this region have initiated collaborations with market players to provide more efficient alternatives to the citizens. This development will have a positive bearing on the growth of the market.
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P2P segment to augment growth of APAC market
The Asia Pacific car sharing market is anticipated to reach $2 billion by the end of 2024. The P2P segment is expected to expand at a rapid pace, by virtue of the widespread ownership of private vehicles across the region. In view of the unexplored potential presented by the developing economies, several market leaders are investing in the launch and development of car sharing services. They are targeting Singapore, Taiwan, and Malaysia. For example, a Singapore-based P2P car sharing company named iCarsclub has successfully garnered over $10 million in order to expand their footprint across the region.
The leading Asia Pacific car sharing companies include Locomute, Car2Go, WhizzCar, BleuSG, Tribecar, Car Club, Smove, and Zipcar.
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