Global Car Sharing Market Size By Business Models (Round-Trip Car Sharing, One-Way Car Sharing, Peer-to-Peer (P2P) Car Sharing, Corporate Car Sharing), By Vehicle Type (Fuel-Based, Electric Automobiles (EVs), Premium Or Luxury Cars, Shared Mobility Fleets), By Geographic Scope And Forecast

Car Sharing Market Size And Forecast

Car Sharing Market size was valued at USD 55.59 Billion in 2023 and is projected to reach USD 174.35 Billion by 2031, growing at a CAGR of 15.36% from 2024 to 2031.

• Car sharing is an innovative transportation service that allows individuals or businesses to rent vehicles on a short-term basis, offering a flexible and cost-effective alternative to traditional car ownership. This model provides users with access to a vehicle when needed, without the long-term financial and maintenance commitments associated with owning a car. As car sharing grows in popularity, it serves as a solution to urban mobility challenges, delivering convenience, cost savings, and environmental benefits.
• Peer-to-peer car sharing allows individuals to rent out their vehicles to others, with platforms like Turo and Zipcar connecting owners with potential renters. This model enables car owners to generate income from their unused vehicles while giving renters access to a wide range of cars for short-term use.
• In contrast, station-based car sharing involves vehicles parked at designated locations that can be rented by the hour or day. Companies such as Zipcar and Car2Go offer this service, providing users with the flexibility to reserve a vehicle from a specific spot and return it to the same location after use, making it ideal for errands or short trips.
• One-way car sharing offers even greater convenience, allowing users to pick up a vehicle at one location and drop it off at another, which is especially useful for short trips within a city where flexibility is key.
• Car sharing, in general, offers significant advantages, such as cost savings by eliminating expenses associated with car ownership, like maintenance, insurance, and parking fees, making it an economical choice for those who don’t drive often or only need a car occasionally. It also provides flexibility by allowing users to access vehicles when needed, without the long-term commitment of ownership.
• Additionally, car sharing has notable environmental benefits by reducing traffic congestion, lowering pollution levels, and minimizing greenhouse gas emissions through optimized vehicle usage, supporting more sustainable urban transportation.

>>> Get | Download Sample Report @ – https://www.verifiedmarketresearch.com/download-sample/?rid=180653

To Get Detailed Analysis: Download Report PDF

Global Car Sharing Market Dynamics

The key market dynamics that are shaping the global car sharing market include:

Key Market Drivers

• Rising Urbanization and Congestion in Cities: Urban populations are growing rapidly, leading to increased traffic congestion and limited parking spaces. This makes car sharing an attractive alternative to vehicle ownership in cities. According to the United Nations, 56.2% of the global population lived in urban areas in 2020, and this is projected to increase to 68% by 2050.
• Growing Environmental Awareness and Sustainability Concerns: Consumers are becoming more environmentally conscious, leading to increased interest in sustainable transportation options like car sharing. The International Energy Agency reported that in 2021, the transportation sector accounted for about 37% of CO2 emissions from end?use sectors.
• Increasing Adoption of Smartphone Technology and Digital Platforms: The widespread use of smartphones and digital platforms has made it easier for consumers to access and use car-sharing services. A 2022 McKinsey report on the sharing economy stated that 25% of consumers in the United States used a ride-sharing or car-sharing app in the past year.

Key Challenges

• Limited Infrastructure and Parking Availability in Some Areas: The car-sharing services require robust infrastructure, including dedicated parking spaces and maintenance facilities. Areas lacking this infrastructure may struggle to support effective car-sharing services. A 2021 study by the International Transport Forum found that on average, cars are parked 95% of the time, occupying valuable urban space. According to a 2022 report by the European Automobile Manufacturers Association, there were only 374,871 public charging points for electric vehicles in the EU, despite a target of 1 million by 2025.
• Security and Liability Concerns: Car-sharing services face challenges related to vehicle damage, theft, and user accountability, which can increase operational costs and liability risks. A 2021 survey by Statista found that 23% of respondents cited concerns about cleanliness and hygiene as a reason for not using car-sharing services. The National Insurance Crime Bureau reported a 13% increase in auto thefts in the United States in 2020 compared to 2019, highlighting potential risks for shared vehicle fleets.
• Regulatory Hurdles and Unclear Legal Frameworks: Car-sharing services often operate in a regulatory gray area, with varying rules across different jurisdictions. This can impede market growth and expansion. A 2022 report by the World Economic Forum identified that over 70% of countries lack a clear regulatory framework for new mobility services, including car sharing. In the European Union, a 2021 study by the European Parliamentary Research Service found that only 15 out of 27 member states had specific legislation addressing car-sharing services.

Key Trends

• Increasing Integration of Electric Vehicles in Car-Sharing Fleets: Car-sharing companies are increasingly adopting electric vehicles to reduce emissions and align with sustainability goals. According to a 2022 report by the International Energy Agency, the global electric car stock reached 16.5 million in 2021, a 55% increase from 2020. A 2023 study by Berg Insight found that the number of electric vehicles in car-sharing fleets in Europe and North America is expected to grow from 86,000 in 2021 to 787,000 by 2027, representing a compound annual growth rate (CAGR) of 44.6%.
• Growth of Peer-To-Peer (P2P) Car Sharing Platforms: P2P car sharing, where individuals rent out their vehicles, is gaining traction as an alternative to traditional car-sharing models. Turo, a leading P2P car-sharing platform, reported in 2021 that it had over 450,000 listed vehicles and 14 million members across the United States, Canada, and the UK.
• Integration of Advanced Technologies for Improved User Experience: Car-sharing services are increasingly incorporating technologies like mobile apps, keyless entry, and telematics to enhance convenience and efficiency. A 2021 McKinsey report on the future of mobility found that 45% of surveyed consumers were willing to switch mobility providers for a better digital experience. According to Verified Market Research, analyst Global Automotive Telematics Market is valued at USD 12.42 Billion in 2023 and is expected to reach a valuation of USD 44.22 Billion by 2031, growing at a CAGR of 17.20% from 2024 to 2031.

What's inside a VMR
industry report?

Our reports include actionable data and forward-looking analysis that help you craft pitches, create business plans, build presentations and write proposals.

>>> Ask For Discount @ – https://www.verifiedmarketresearch.com/ask-for-discount/?rid=180653

Global Car Sharing Market Regional Analysis

Here is a more detailed regional analysis of the global car sharing market:

Asia Pacific

• Asia Pacific substantially dominates the global car sharing market driven by the rapid urbanization and population density in major cities.
• The Asia Pacific region is experiencing fast-paced urbanization, leading to congested cities and limited parking spaces. This urban density makes car sharing an attractive alternative to personal vehicle ownership.
• According to the United Nations, the urban population in Asia is expected to grow from 2.2 billion in 2020 to 3.5 billion by 2050.
• A 2022 report by the Asian Development Bank stated that 17 of the world’s 33 megacities (cities with over 10 million inhabitants) are located in Asia.
• Many Asian governments are implementing policies to encourage shared mobility solutions as a way to address air quality issues and reduce traffic congestion in major cities.
• The World Air Quality Report 2022 by IQAir found that 39 of the 50 most polluted cities globally are located in Asia, with India and China hosting the majority.
• In 2021, the Beijing Municipal Government announced plans to have 60% of trips in the city made by green transportation modes, including car sharing, by 2025.
• The widespread adoption of smartphones and improved internet connectivity in the Asia Pacific region is facilitating easier access to car-sharing services through mobile apps.
• GSMA Intelligence reported that mobile internet penetration in Asia Pacific reached 68% in 2022, with an additional 760 million people expected to become mobile internet users by 2025.

North America

• North America is anticipated to witness the fastest growth in the global car sharing market owing to the stringent environmental regulations and emission reduction targets.
• The government regulations aimed at reducing emissions are driving the adoption of more sustainable transportation options, including car sharing.
• The U.S. Environmental Protection Agency (EPA) set a goal to reduce greenhouse gas emissions from the transportation sector by 50-52% below 2005 levels by 2030.
• In 2021, the Canadian government announced its Enhanced Climate Plan, aiming to reduce emissions from the transportation sector by 22% below 2005 levels by 2030.
• The concentration of population in urban areas is leading to increased traffic congestion and parking scarcity, making car sharing an attractive alternative.
• According to the U.S. Census Bureau, 83% of the U.S. population lived in urban areas as of 2020.
• A 2021 report by INRIX found that drivers in New York City lost an average of 102 hours per year due to traffic congestion, while those in Los Angeles lost 62 hours.
• The shift towards electric vehicles in car-sharing services aligns with both environmental goals and consumer preferences for sustainable options.
• The U.S. Department of Energy reported that the number of electric vehicle charging stations in the country increased from about 78,500 in 2020 to over 128,000 by the end of 2022.
• A 2022 study by BloombergNEF projected that electric vehicles will account for 53% of all passenger car sales in North America by 2030.

Global Car Sharing Market: Segmentation Analysis

The Global Car Sharing Market is segmented based on Business Models, Vehicle Type, And Geography.

Car Sharing Market, By Business Models

• Round-Trip Car Sharing
• One-way Car Sharing
• Peer-to-Peer (P2P) Car Sharing
• Corporate Car Sharing

Based on Business Models, the Global Car Sharing Market is bifurcated into Round-Trip Car Sharing, One-Way Car Sharing, Peer-to-Peer (P2P) Car Sharing, and Corporate Car Sharing. The round-trip car sharing segment dominates the global car sharing market, with vehicles being picked up and returned to the same location. Leading players in this segment include Zipcar, Car2Go (now part of Mobility as a Service), and Hertz 24/7. Historically, round-trip car sharing has held a significant market share due to its simplicity and ease of use.

Car Sharing Market, By Vehicle Type

• Fuel-based
• Electric Automobiles (EVs)
• Premium or Luxury Cars
• Shared Mobility Fleets

Based on the Vehicle Type, the Global Car Sharing Market is bifurcated into Fuel-based, Electric Automobiles (EVs), Premium or Luxury Cars, and Shared Mobility Fleets. The Fuel-based segment dominates the global car sharing market, with vehicles powered by traditional fuels like gasoline or diesel. Leading companies, including Zipcar, Car2Go, and Turo, initially focused on this segment, which continues to hold a significant market share, particularly in regions with limited electric vehicle (EV) infrastructure or where fuel costs are relatively low.

Key Players

The “Global Car Sharing Market” study report will provide valuable insight with an emphasis on the global market. The major players in the market are Turo, Zipcar, Getaround, Car2go (Daimler AG), Hertz (The Hertz Corporation), Avis Budget Group, Maven (General Motors), Enjoy (Groupe Renault), BlaBlaCar, Moov (Groupe PSA).

This section offers in-depth analysis through a company overview, position analysis, the regional and industrial footprint of the company, and the ACE matrix for insightful competitive analysis. The section also provides an exhaustive analysis of the financial performances of mentioned players in the given market.

Our market analysis also entails a section solely dedicated to such major players wherein our analysts provide an insight into the financial statements of all the major players, along with product benchmarking and SWOT analysis. The competitive landscape section also includes key development strategies, market share, and market ranking analysis of the above-mentioned players globally.

Global Car Sharing Market Key Developments

• In March 2023, Uber Technologies, Inc. announced that it would significantly expand its car-sharing business, Uber Carshare (previously Car Next Door), in Australia. The corporation intends to triple its fleet size in the country by the end of 2023, stepping up rivalry with local players.
• In January 2023, the Stellantis Group fully announced the acquisition of SHARE NOW, a joint venture between BMW and Mercedes-Benz. This acquisition will help Stellantis enhance its position in the European car-sharing sector and extend its Free2move service.
• In November 2022, Zipcar, an Avis Budget Group subsidiary, announced a collaboration with the city of Philadelphia to create a pilot program that provides cheap memberships to low-income people, intending to increase access to car-sharing services.

Report Scope

Research Methodology of Verified Market Research:

To know more about the Research Methodology and other aspects of the research study, kindly get in touch with our sales team at Verified Market Research.

Reasons to Purchase this Report:

• Qualitative and quantitative analysis of the market based on segmentation involving both economic as well as non-economic factors
• Provision of market value (USD Billion) data for each segment and sub-segment
• Indicates the region and segment that is expected to witness the fastest growth as well as to dominate the market
• Analysis by geography highlighting the consumption of the product/service in the region as well as indicating the factors that are affecting the market within each region
• Competitive landscape which incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions and acquisitions in the past five years of companies profiled
• Extensive company profiles comprising of company overview, company insights, product benchmarking and SWOT analysis for the major market players
• The current as well as the future market outlook of the industry with respect to recent developments (which involve growth opportunities and drivers as well as challenges and restraints of both emerging as well as developed regions
• Includes an in-depth analysis of the market of various perspectives through Porter’s five forces analysis
• Provides insight into the market through Value Chain
• Market dynamics scenario, along with growth opportunities of the market in the years to come
• 6-month post-sales analyst support

Customization of the Report

• In case of any Queries or Customization Requirements please connect with our sales team, who will ensure that your requirements are met.