(MENAFN- Ameliorate Digital Consultancy)
The North American car sharing market is expected to showcase a significant growth through 2027 owing to a rising number of car-sharing providers and high demand in the region. According to the Transportation Sustainability Research Center of the University of California, in 2018, around 21 operators provided various models of car-sharing services in the U.S.
Key players operating in the market include Car Next Door, Ekar Fz LLC, Regina Car Share Co-operative, Zipcar, Inc., Turo, Inc., Communauto Inc., BlueSG, Hertz Corporation, ShareNow, and Lyft, Inc. These market leaders are focusing on partnerships and collaborations to boost the car sharing market. Companies are also focusing on the development of online platforms and mobile applications to market their services.
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Car sharing market size is expected to exceed USD 6.5 billion by 2027. The market is anticipated to witness a significant growth rate over the forecast timeline owing to the increasing awareness of shared mobility among individuals. The establishment of stringent government regulations to reduce carbon emissions is expected to drive the car sharing market.
The car sharing industry was negatively impacted in 2020 owing to the spread of COVID-19. Several car-sharing service providers including Zoomcar, Gett, and others had to close their operations owing to the strict lockdown and stringent mobility restrictions, which impacted the market growth. Companies are resuming their operations and are following strict safety & sanitizing protocols to overcome the challenges during the pandemic.
The free-floating model allows the customers to pick and drop the cars from any location across the city, thus making transportation easy. The free-floating segment will witness an upward market trend owing to the rising popularity among millennials. To provide facilities, companies are partnering with car manufacturers for built-in GPS systems. For instance, in June 2018, Zity collaborated with Renault in Madrid to provide 650 Renault ZOEs for floating car-sharing services.
Rising digitalization across the globe and the development of mobile applications for booking & selecting cars are influencing the market growth positively
Increasing government regulations on clean transportation are encouraging market players to adopt electric vehicles in their fleet
The availability of several car models including high-end & luxury cars with low rental charges, thus influencing the demand for car-sharing services
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Partial Chapter of the Table of Content
Chapter 6 Car Sharing Market, By Model
6.1 Key trends by model
6.2 P2P
6.2.1 Market estimates and forecast, 2016 – 2027
6.3 Station-based
6.3.1 Market estimates and forecast, 2016 – 2027
6.4 Free-floating
6.4.1 Market estimates and forecast, 2016 – 2027
Chapter 7 Car Sharing Market, By Application
7.1 Key trends by application
7.2 Business
7.2.1 Market estimates and forecast, 2016 – 2027
7.3 Private
7.3.1 Market estimates and forecast, 2016 – 2027
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