According to IMARC Group, the global car sharing market size reached US$ 7.0 Billion in 2022. Looking forward, the market is expected to reach US$ 15.4 Billion by 2028, exhibiting a growth rate (CAGR) of 13.4% during 2023-2028.

The report has segmented the market by car type (economy, executive, luxury, others), business model (P2P, station based, free-floating), application (business, private), and region.

Factors Affecting the Growth of the Car Sharing Industry:  

  • Urbanization and Congestion:

The rapid pace of urbanization has led to increased congestion in cities worldwide. As more people move to urban areas, traffic congestion and limited parking space have become significant challenges. Car sharing offers a practical solution for urban dwellers who may not need a personal vehicle on a daily basis. The convenience of accessing a shared car when needed, without the hassles of ownership, appeals to city residents. This trend is driving the growth of the car-sharing market, particularly in densely populated urban centers.

  • Environmental Concerns and Sustainability:

Growing environmental awareness and concerns about air quality and greenhouse gas emissions have prompted individuals and governments to seek eco-friendly transportation options. Car sharing, especially when electric or hybrid vehicles are incorporated into the fleet, aligns with sustainability goals. It reduces the overall number of vehicles on the road, promoting reduced emissions and a smaller carbon footprint. Government incentives, such as tax breaks and preferential parking for eco-friendly car-sharing services, further boost their adoption, contributing to the growth of the market.

  • Technological Advancements and Mobility as a Service (MaaS):

Advancements in technology and the rise of Mobility as a Service (MaaS) platforms have transformed the car-sharing landscape. Smartphone apps and real-time vehicle tracking systems have made it easier for users to find, reserve, and unlock shared vehicles. Integration with public transportation options, like buses and trains, provides seamless multi-modal journeys, making car sharing an attractive and convenient alternative. The convergence of technology and transportation services is a key driver in expanding the reach and appeal of the car-sharing market.

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Car Sharing Market Report Segmentation:  

The report is organized into distinct sections as follows:

Breakup by Car Type:

  • Economy
  • Executive
  • Luxury
  • Others

Economy cars are typically preferred in car sharing due to their cost-effectiveness and fuel efficiency.

Breakup by Business Model:

  • P2P
  • Station Based
  • Free-Floating

Peer-to-peer (P2P) models dominate as they offer greater flexibility and accessibility to a wide range of vehicles for users.

Breakup by Application:

  • Business
  • Private

Businesses often utilize car sharing services for their cost efficiency and convenience, leading to a larger segment in this area.

Regional Insights:

  • North America
    • United States
    • Canada
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Australia
    • Indonesia
    • Others
  • Europe
    • Germany
    • France
    • United Kingdom
    • Italy
    • Spain
    • Others
  • Latin America
    • Brazil
    • Mexico
    • Others
  • Middle East and Africa

Europe's strong infrastructure for car sharing, environmental regulations, and high population density contribute to it being the largest market.

Global Car Sharing Market Trends: 

The increasing urbanization trend represents one of the key factors driving the growth of the market. Moreover, people are majorly living in densely populated cities, owning a personal vehicle becomes less practical, making car sharing an attractive alternative. Besides this, the demand for swift and convenient transportation solutions is pushing the growth of car sharing market. Car sharing also aligns with the global shift away from cash-based transactions, promoting seamless booking and payment processes. Moreover, the awareness of car sharing's benefits, like reduced congestion and environmental impact, is  fueling its adoption in various urban transportation networks.

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Leading Companies Operating in the Global Seeding Industry:

  • Autolib (Bollore)
  • Cambio Mobilitätsservice GmbH & Co. KG
  • Car2Go Ltd.
  • CarShare Australia Pty. Ltd.
  • Cityhop Ltd.
  • Communauto Inc.
  • DriveNow GmbH & Co. KG (BMW AG)
  • Ekar FZ LLC
  • Getaround Inc.
  • HOURCAR
  • Locomute (Pty.) Ltd.
  • Lyft Inc.
  • Mobility Cooperative
  • Modo Co-operative
  • Turo Inc. (ICA)
  • Zipcar Inc. (Avis Budget Group)

Other Key Points Covered in the Report:

  • COVID-19 Impact
  • Porters Five Forces Analysis
  • Value Chain Analysis
  • Strategic Recommendations

If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.

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