In the light of the recent paradigm shift in the automotive sector, car sharing market is widening its horizon in sync with the latest automobility trend. The industry aims at providing a cost-effective solution to the vehicle owners to upgrade their mobility and daily commute. Efficient usage of parking space, better accessibility, improved travel choice and on top of it reduced carbon emissions are some of the attributing factors offered by these solutions. In this respect, some of the strict government regulatory bodies involved with the emission of hazardous air pollutants such as EPA, NESHAP will leave a positive impact on the overall market outlook.
As per Global Market Insights Inc., “ car sharing market is slated to record a massive double digit y-o-y growth (34.8%), with a projected revenue collection of more than USD 16.5 billion by 2024.”
One way and round trip are the basic two business models prevalent in the industry. One way car sharing industry is witnessing a huge adoption owing to its operational advantages and customer flexibility. Moreover, round trip car sharing market will also observe substantial growth trends in the coming years, attributed to the benefits associated with this business model such as less carbon dioxide emissions and cost effectiveness.
Germany Car Sharing Market Size, By Application, 2013-2024 (USD Million)
Car sharing industry share from business applications is anticipated to experience a significant upswing over the coming time frame. Increasing on-demand mobility among corporates is influencing its large-scale implementation in the global business space. Vehicle parking space which is a major problem faced by several leading corporate firms, can also be addressed by the incorporation of car sharing services in the business world. Corporate applications which held a major portion of industry share is past years, is forecast to continue its prominence in the application landscape. Driven by on time availability and dependability, car sharing market from private application will also grow substantially in the years ahead.
The growth trajectory of China market is tremendous. As per estimates, China car sharing market is slated to grow staggeringly at an annual rate of 40% over 2016-2024. Presence of a large number of established market players such as Park24 and Orix Auto, as well as startups is catering the industry growth in this region. Furthermore, numerous automotive manufacturers and vendors are investing in Chinese companies, which in a way is influencing the regional market dynamics. U.S. dominated the global car sharing industry in 2015, owing to the rapid regional technological advancements.
Improper transportation infrastructure especially in emerging economies, including China, Turkey, Mexico is posing a great threat to car sharing market. However, the increasing popularity of the car sharing services among younger population to avoid traffic hassles will provide a lucrative roadmap for the industry over the years ahead. Some of the prominent players in car sharing industry include DriveNow, AutoLiv, Zip Car, Car2go, and Uber.