Carsharing Market Size was valued at over USD 1 billion in 2015 and is expected to surpass USD 6.5 billion by 2024, growing at 24% CAGR up to 2024. Societal benefits of vehicle sharing and state of ownership will fuel revenue growth.
Companies rent out vehicles for specific period of time ranging from a few hours to a few months for an appropriate fee. These services are often complemented by websites to allow online reservations. These companies are generally located near airports or busy city areas. The carsharing market has found its niche in urban and rural environment especially for those who use public transport. In various cities, areas are being allocated to residents. This has led to a decrease in the number of automobile buyers, which is contributing to environment progress and decrease in pollutants. Point-to-point car sharing market presents a major growth avenue.
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Transportation industry penetration in diverse uses owing to presence of different car modal such as cab on request are potential factors to enhance demand. In addition, increase in number of air travelers, growth in business & leisure trip, increased population and internet users will improve growth. Consumer preference, technological breakthrough, and tightening CO2 regulations will add fundamental shift in the carsharing market.
Tourism industry expansion accompanied by rise in trend for public sharing transportation in order to promote environment sustainability are key reasons driving industry growth. Participant cost saving, convenience of location & use, and guarantee parking are major implementation benefits. One of the biggest innovations in is the rise of handling services such as Uber.
One time sign up free, annual subscription, time & distance base charges, timely availability, variety of option, decrease in traffic & noise pollution, service charges & cleaning are operators concern may positively affect carsharing market share. Tightening emission standards, crude oil price volatility, and high price are some restraints that may hinder growth. Electric and hybrid vehicle are growing opportunities for this industry. Recent trends include innovative consumer culture, demographic change and digitalization.
These easily connect with low income group, adults and teenagers which can add advantage to carsharing market. Number of environmental, transportation, social related benefits has been reported to boost the growth.
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Round-trip, peer to peer, Point-to-Point (P2P) free float and P2P station are key industry segments. Economy carsharing market size is the dominant segment, with high usage on account of cost effectiveness. Executive & luxury cars are widely used for corporate and leisure purpose. MUVs are expected to grow over the forecast timeframe owing to rising popularity. Per minute, per hour passenger, daily passenger, and insurance services for rental are industry activities. It is an essential conveyance mode for city usage, airport transportation services, and for nearby outstations. Airport segment dominated the market due to convenience that help them to commute easily.
Local usage services include travel within defined limits. In this, vehicles are used to travel local areas with define packages. This helps them to travel within the city to attend meetings, special occasion, sightseeing, shopping or to visit any location. Outstations may witness considerable growth over forecast period. Some other segments are event transport solutions, employee transport solutions and self-driven solutions. North America, driven by the U.S. carsharing market size and airport public transportation services is set to witness growth.
Asia Pacific, primarily driven by rising air pollution are promoting car sharing facilities; China and India are projected to be major contributing countries due to large population size and economy growth. As per transportation sustainability research center in California University in 2015, approximately 19,100 vehicles in the U.S. accommodate around 995,000 members.
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Increase consumer spending power and high net worth individuals will boost the demand in Latin America and Middle East. Carsharing market share comprises RelayRides, Whipcar, Wheelz, Getaround, Hertz, WeCar, Zipcar, StattAuto, GoGet, City Car share, Philly Car share, I-GO Chicago, Mint, CambioCar, Tamyca, Autonetzer, DriveNow, OrixAuto, TimePlus, and CaFoRe. Important participants are adopting strategies such as driver behavior monitoring (DBM), and on board diagnostics (OBD) in high end luxury & executive vehicles and smaller variants including hatchbacks to gain competitive advantage.
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