The global car-sharing market is anticipated to grow from USD 1.92 billion in 2020 to USD 6.2 billion by 2027, thus growing at a CAGR of 20% during the forecast period 2021-2027. Car sharing refers to the practice of sharing a car for regular traveling or commuting. Its market is gaining importance among consumers owing to its flexibility of cars, easy accessibility, and comfortable rides. It is gaining importance in urban areas too due to the reduced transportation costs for a large proportion of the population in urban areas. The number of passenger cars on the road is also decreasing because consumers in the car-sharing market do not buy cars.
The growing environmental concerns, strict government regulations regarding the emission, crowded public transport facilities along with traffic congestion in urban cities, decreases personal vehicle ownership, reduction in traveling cost, monetary benefits for vehicle owners, and rising demand for cost-effective and convenient mobility services assisted with advanced technologies are the primary growth drivers for the car-sharing market.
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The industry players in the global car-sharing market are leveraging market growth by launching new products to provide urban mobility solutions. Globally, the manufacturing companies that are trying to enter the car-sharing market have to follow stringent regulatory standards. Thus, providing an edge to the established players in the industry.
Geographically, Asia-Pacific is anticipated to witness significant growth in the car-sharing market owing to the over congestion in public transport facilities, rising population base, shortage of parking space, and rise in pollution levels.
Daimler AG partnered with BMW to provide car-sharing services under a new brand, ShareNow. The companies together invested over USD 1.1 billion in the development and marketing of their car-sharing services that primarily operate in Europe.
Autolib, Hertz Corporation, Car2Go Ltd., Getaround, Inc, Mobility carsharing, Turo Inc., Daimer AG, Ekar Fz LLC, and Orix Corporation are the key players in the car sharing market.
Source: VynZ Research
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