Car Sharing Market, Global Analysis 2023-2032
Provided By: Global Market Insights Inc.
Car Sharing Market, Global Analysis 2023-2032
Provided By: Global Market Insights Inc.
The car sharing market participants include Zipcar, Inc., Getaround, Inc., EKAR FZ LLC, Lyft, Inc., Cambio Mobilitäts Service GmbH & Co., Evo Car Share, Free2Move, GreenwheelsHertz Global Holdings, Inc., KGCommunauto Inc., BlueSG, GoGet (CarShare) Carshare Australia Pty. Ltd, and Mobility CarsharingTuro, Inc.
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Overview
The latest study conducted by Global Market Insights Inc. claims that the global car sharing market size could exceed USD 20 billion by 2032. Car-sharing companies are constantly striving to broaden their presence in untapped regions through service expansion initiatives to meet the strong demand for vehicle access options. To cite an instance, Free2move, a mobility service company owned by Stellantis, announced plans to extend its automobile sharing, rental, and subscription services in the U.S. from 2023, with a target of adding 200 additional mobility markets internationally by 2030.
Furthermore, automakers are exploring new revenue streams while meeting consumers' evolving needs. As a result, the car-sharing business is projected to expand further as more automakers engage in this field. For instance, in November 2022, Volkswagen partnered with MILES Mobility to extend its car-sharing portfolio.
Some of the fields available in report -
| Required Fields | Format |
|---|---|
| Market Size in 2022 | USD 2.9 Billion |
| Value Projection by 2032 | USD 20 Billion |
| Compound Annual Growth Rate (CAGR) | 20% |
| Round Trip Segment CAGR | 15% |
| One-way Car Sharing Members Segment CAGR | 16% |
| Station-based segment in 2032 | USD 4 Billion |
| CPU segment size in 2032 | USD 75 Billion |
| Europe Market in 2032 | USD 9 Billion |
| No. Of Tables | 267 |
| Figures & Charts | 33 |
| No. Of Report Pages | 230 |
| Countries covered in the report | U.S., Canada, UK, France, Italy, Germany, Spain, Turkey, Netherlands, China, India, Japan, South Korea, Australia, Singapore, Mexico, Brazil, GCC, South Africa. |
| Segments covered | Application, Business Model, Model |
| Companies covered in the report | Zipcar, Inc., Getaround, Inc., EKAR FZ LLC, Lyft, Inc., Cambio Mobilitäts Service GmbH & Co., Evo Car Share, Free2Move, GreenwheelsHertz Global Holdings, Inc., KGCommunauto Inc., BlueSG, GoGet (CarShare) Carshare Australia Pty. Ltd, and Mobility CarsharingTuro, Inc. |
Highlighting some of the major trends streamlining car sharing industry growth through 2032
One-way car sharing segment to witness high uptake One-way car sharing members will grow at over 16% CAGR through 2032 attributed to the enhanced flexibility and consumer convenience provided by the one-way business model in the car-sharing industry. Users of one-way car-sharing can pick up automobiles from one location and drop them off at another. The growing preference for one-way car sharing services by customers who do not require a return trip is projected to propel market expansion.
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Station-based model to gain popularity among businesses
As per model, the car sharing market size from the station-based segment will surpass USD 4 billion by 2032. The station-based car sharing model is in high demand among businesses owing to its significant advantages since it is the least technologically sophisticated and does not necessitate the use of extra monitoring and payment software. It allows the consumer to rent and collect the car at a predetermined place. Additionally, businesses are attempting to improve user convenience by offering one-way and round-trip alternatives to pick up and drop off the car, which is likely to support segment growth.
Asia Pacific to emerge as a pivotal revenue hub
Asia Pacific car sharing market will be worth over USD 8 billion by the end of 2032. The high population density and congestion of public transit, notably across India and China, are expected to drive APAC market growth. Rapid development and urbanization have resulted in increased traffic congestion, pollution, and expensive car ownership costs throughout the APAC, which has prompted local governments to implement strict fuel pollution guidelines and vehicle density regulations, thereby increasing demand for car sharing services.
Car Sharing Industry News
• In November 2022, Avail, an Allstate-protected car-sharing network, and LAZ Parking, the country's second-largest parking firm, collaborated to alter the way people utilize parking garages while making the car-sharing trip easier.
• In January 2023, Statiq, an EV charging services provider, announced its partnership with car-sharing marketplace Zoomcar to expedite EV-based travel in India.
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About Global Market Insights
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
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