Global Market for Car Sharing is Anticipated to grow at a Moderate Pace i.e., USD 6.2 Billion during the Forecast Period 2021-2027

Published Date: Aug, 2021

The global car sharing market is expected to witness a CAGR of 20% during the forecast period. The rising prominence of car-sharing act as an affordable and convenient solution to travel short distances is boosting the growth of the global car-sharing market. Car sharing reduces car ownership, travel costs, and traffic congestion. Crowded public transportation facilities and increasing traffic congestion in urban areas are propelling the growth of the car-sharing market. The implementation of strict government regulations to control vehicle emissions has led to the adoption of urban transportation solutions, thereby promoting the development of the global car-sharing industry. Moreover, rising awareness about shared mobility among individuals is bolstering the growth of the global car-sharing market.  However, the lack of sufficient transportation infrastructure and technology are the factors hampering the growth of the car-sharing industry. Nevertheless, the growing importance of digital car keys is creating promising opportunities for industry players and new entrants.

The COVID-19 pandemic has adversely impacted the growth of the global car-sharing market owing to strict lockdown and stringent mobility restrictions, resulting in closing the operations by various industry players. Currently, the companies have started resuming their operations and following strict safety and sanitation protocols to overcome challenges during the pandemic. However, after the reopening of economic activities in various countries and robust vaccination drive, the car-sharing market is anticipated to have a steady growth.

Browse 71 market data Tables and 43 Figures spread through 194 Pages and in-depth TOC on " Car Sharing Market by Model (Free-Floating, P2P, and Station-Based), by Business Model (One Way and Round Trip), by Vehicle Class (Economy Class, Mid-Range Class, Executive Class, and Luxury Class), by Fuel Type (Battery Electric Vehicle, Hybrid Electric Vehicle, and Internal Combustion Engine Vehicle), by Application (Private and Business), and Region - Global Forecast to 2027"

By model, the P2P segment dominates the car sharing market during the forecast period.

Based on the model, the global car-sharing market is segmented into free-floating car sharing, P2P (peer-to-peer) car sharing, and station-based car sharing. The P2P model is gaining importance in the car-sharing market owing to its east access to private car rentals, and cost-effective transport solutions. It is a collaboration between car owners and car renters. The car owners can share their personal vehicles with other drivers via an online platform and rent the one that fits the requirement. The car owners can earn extra income, thus the car-sharing market is growing.

Global Car Sharing Market Segmentation Analysis

Segment

Categorization

Leading Category

Model

Free-Floating, P2P, and Station-Based

P2P (Largest)

Business Model

One Way and Round Trip

One Way (Largest)

Vehicle Class

Economy Class, Mid-Range Class, Executive Class, and Luxury Class

Luxury Class (Fastest)

Fuel Type

Battery Electric Vehicle, Hybrid Electric Vehicle, and Internal Combustion Engine Vehicles

Hybrid Electric Vehicle (Fastest)

Application

Private and Business

Business (Largest)

Region

North America, Europe, Asia-Pacific, and Rest of the World

Europe (Largest)

Asia-Pacific (Fastest)

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“Europe to hold the largest regional market share in 2020.”

The European car-sharing market is anticipated to grow rapidly during the forecast period owing to technological advancements in the automotive sector leading to the adoption of electric and hybrid vehicles across Europe. Moreover, companies in this region are providing innovative mobility solutions to their employees and prevent extra expense on employees’ vehicle insurance, maintenance, and fuel.

Some of the major players in the global car sharing market include Autolib, Hertz Corporation, Car2Go Ltd., Getaround, Inc, Mobility carsharing, Turo Inc., Daimer AG, Ekar Fz LLC, and Orix Corporation.

Scope of the Report

Report Metric

Details

Market Size Available for the Years in the Study

2015–2027

Historical Period

2015–2020

Base Year

2020

Forecast Period

2021–2027

Segments Covered in the Study

Model, Business Model, Vehicle Class, Fuel Type, Application, and Region

Geographies Covered in the Study

North America (U.S., Canada, Mexico), Europe (Germany, U.K., France, Italy, Spain, Russia), Asia-Pacific (China, Japan, India, South Korea), and Rest of the World (Brazil, Saudi Arabia, South Africa, U.A.E.)

Companies Covered in the Study

Autolib, Hertz Corporation, Car2Go Ltd., Getaround, Inc, Mobility carsharing, Turo Inc., Daimer AG, Ekar Fz LLC, and Orix Corporation

Global Car Sharing Market Coverage

Model Insight and Forecast 2015-2027

  • Free-Floating Car Sharing
  • P2P (peer-to-peer) Car Sharing
  • Station-Based Car Sharing

Business Model Insight and Forecast 2015-2027

  • One Way
  • Round Trips

Vehicle Class Insight and Forecast 2015-2027

  • Economy Class
  • Mid-Range Class
  • Executive Class
  • Luxury Class

Fuel Type Insight and Forecast 2015-2027

  • Battery Electric Vehicle
  • Hybrid Electric Vehicle
  • Internal Combustion Engine Vehicles

Application Insight and Forecast 2015-2027

  • Private
  • Business

Geographical Segmentation

Car Sharing Market by Region

North America

  • By Model
  • By Business Model
  • By Vehicle Class
  • By Fuel Type
  • By Application
  • By Country – U.S., Canada, and Mexico

Europe

  • By Model
  • By Business Model
  • By Vehicle Class
  • By Fuel Type
  • By Application 
  • By Country – Germany, U.K., France, Italy, Spain, Russia, and Rest of Europe

Asia-Pacific (APAC)

  • By Model
  • By Business Model
  • By Vehicle Class
  • By Fuel Type
  • By Application 
  • By Country – China, Japan, India, South Korea, and Rest of Asia-Pacific

Rest of the World (RoW)

  • By Model
  • By Business Model
  • By Vehicle Class
  • By Fuel Type
  • By Application 
  • By Country – Brazil, Saudi Arabia, South Africa, U.A.E., and Other Countries
Our Industry
Global Market for Car Sharing is Anticipated to grow at a Moderate Pace i.e., USD 6.2 Billion during the Forecast Period 2021-2027